Business Exit

Business Exit Planning in Salt Lake City, Utah

There is much to plan for and consider when the right time comes to sell a business. 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.

Most people have an emotional attachment to their business. The advisors at Tencap Wealth Coaching 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.

Disclosure

All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication of future results.

Opinions expressed herein are solely those of Tencap Wealth Coaching and our editorial staff. The information contained in this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. All information and ideas should be discussed in detail with your individual adviser prior to implementation. Advisory services are offered by Tencap Wealth Coaching, an Investment Advisor in the State of Utah. Being registered as an investment adviser does not imply a certain level of skill or training.

Tencap Wealth Coaching is not affiliated with or endorsed by the Social Security Administration or any other government agency.

Insurance products and services may be offered through Tencap Wealth Coaching.

The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the State of Utah or where otherwise legally permitted.

Images and photographs are included for the sole purpose of visually enhancing the website. None of them are photographs of current or former Clients. They should not be construed as an endorsement or testimonial from any of the persons in the photograph.

Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.

Links to Other Sites

The inclusion of any link is not an endorsement of any products or services by Tencap Wealth Coaching. All links have been provided only as a convenience. These include links to websites operated by other government agencies, nonprofit organizations and private businesses. When you use one of these links, you are no longer on this site and this Privacy Notice will not apply. When you link to another website, you are subject to the privacy of that new site.

When you follow a link to one of these sites neither Tencap Wealth Coaching, nor any agency, officer, or employee of Tencap Wealth Coaching warrants the accuracy, reliability or timeliness of any information published by these external sites, nor endorses any content, viewpoints, products, or services linked from these systems, and cannot be held liable for any losses caused by reliance on the accuracy, reliability or timeliness of their information. Portions of such information may be incorrect or not current. Any person or entity that relies on any information obtained from these systems does so at her or his own risk.