10: Tax Law Changes and What it Means to the Business Owner’s Decision on Buy-Sell Transactions – A CPA Perspective with Martha Sullivan
Do you know what to do and what not to do in the next six months due to the proposed tax law changes? If you don’t, this week’s Build Value By Choice will tell you everything you need to know as Nana is joined by expert guest Martha Sullivan. Find out about how a Certified Value Builder or Exit Planning Advisor could be vital to your plans moving forward.
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KEY TAKEAWAYS
Wall Street Investment banking firm Goldman Sachs sponsored a survey four months ago in which they found that only 13% of small business owners say that the proposed tax policy changes debated by Congress will have a positive impact on their business.
Estate tax is now an issue for more people as the tax threshold has lowered significantly.
Business Owners should get a Certified Value Builder or Exit Planning Advisor to lead a board of advisors to help them ask the right questions re: tax law changes and collaborate to form a holistic perspective that the owner can make and implement the right decisions on.
It would be a foolish idea to try and push a transaction through before the capital gains tax changes if negotiations haven’t already been started, it will take months to properly negotiate and structure a deal.
Always keep tax issues in mind as it will have vast implications on the nature of the negotiations and structure of any buy-sell deals. But don’t let the tax lead the deal.
BEST MOMENTS
‘If you don’t have an estate planner in place then I don’t care what your wealth levels are, do it as a gift to your family’
‘It’s prudent to pause and think about the long-term bigger implications’
‘Don’t let the tail wag the dog’
EPISODE RESOURCES
Examples of some of Martha’s work can be found in Forbes – “At Tokyo Olympics, Simone Biles Provides 7 Lessons For Business Executives” and “Royal Family’s Crisis Has Lessons For All Family Businesses,”
Martha’s blog can be found at In Business Magazine
She was recently featured in the Exit Planning Institute’s Whitepaper “A Look Inside the Unique World of – Value Creation” and The Authentic Business Adventures podcast.
ABOUT THE GUEST
A one-time information systems consultant turned her most brilliant act of rebellion into a career as a CPA, CFO, COO, and profit & value growth strategist, consulting to hundreds of clients and colleagues over the past three decades.
Martha Sullivan, President of Provenance Hill Consulting, LLC, founded her firm with one purpose: to help business owners build, buy and sell strong, profitable companies that are attractive enough for someone to want to buy it when the owner decides to chase their next adventure. It’s not just a transaction at that point; it’s a transformation.
Maximizing the value and transferability of a company requires finding that right balance between its rewards and risks. Profitability isn’t enough.
It doesn’t happen overnight. It demands a conscious, disciplined effort to integrate the needs of the business, the family, and the individual.
It’s not exit planning. It’s strategic life planning.
Provenance Hill Consulting: Where Business Transformations Begin.
PODCAST DESCRIPTION
This show aims to serve small business owners who want to grow their businesses while reducing their own personal involvement. We do this through a combination of interviews with industry leaders, and host presentations. We are a certified value builder advisors and leverage a statistically proven methodology to help clients such as you scale or transition their business to the next chapter.
We care for our listeners and see their dreams as our own. We aim to foster a community that embraces freedom, generosity, and integrity. This is a show by entrepreneurs and business owners for entrepreneurs and business owners.
ABOUT THE HOST
“I am an entrepreneur and ex-Corporate Executive who’s applying his experience and knowledge from working in various to pursue my passion of helping small business owners increase their choices in life by leveraging my knowledge and experience, their employees, systems and money. I help small business owners transform their business and increase value through action-oriented education and implementation of strategies and tactics to make their business sellable even if they are not planning on selling. Known for establishing an environment for personal growth and development. My multicultural background equips me with the intuitive understanding of different cultures and how they impact business owners.”
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