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Business Exit

Business Exit Planning in Utah

There is much to plan for and consider when the right time comes to sell a business in Utah. The amount of energy, work, sacrifice and capital that is emitted in the journey of building a business is indescribable. Just the thought of when to sell the business, to whom and for how much can take up an overwhelming amount of head-space. However, this is also an exciting time and one that can provide a great sense of accomplishment.

The advisors at Tencap Wealth Coaching, your local business exit planners in Utah, can help you talk through and navigate those emotions. We coach you through the process of completing a successful and efficient business sale.

There are factors that should be considered as you approach the decision to sell your business. We have seen the process be extremely smooth, and we have also seen the effects of difficult sales, when the proper planning steps are overlooked.

Our Approach

You don’t get a dress rehearsal with the sale of your business. It needs to be done right the first time. Proper professional guidance makes all of the difference. Having a circle of qualified people involved ensures you get a great price, excellent terms, and you pay no more in taxes than is necessary – literally not one penny more. We coach you on how to coordinate those three factors as you approach selling your business.

What is my business worth?

There are multiple ways to approach this question. Ultimately, that question will be answered with data. Here is a list of things you may need to assemble as you calculate the answer:

  • Three – five years of profit and loss statements
  • 3 years of federal income tax returns
  • Summary of assets.
  • Copy of your lease
  • A summary of the debts against the business, including amounts and payment schedules.
  • Details of any equipment leases
  • Franchise agreements (If applicable)
  • Estimate of the inventory owned by the business

We recommend you assemble this data and find a way to present the analytics to a prospective buyer that is organized. This is one of those “first impression” moments you will want to spend some time on. Lastly, here are some final questions to think through as you approach selling your business:

  • What is motivating you to sell?
  • When do you tell staff?
  • Who will be a part of the transition planning?
  • Who is leading your income tax and accompanying estate planning?
  • This sale is likely going to take much of your time. Who will run the business while you work on the sale?

Let the leaders at Tencap Wealth Coaching help you create a plan that will benefit you. We have discovered that those who strategically and methodically approach the sale of their business well ahead of time end up with significantly more money in their hands after the sale.

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