The Business Transition Advisors' sold out event "Time for Taxes" event was last Thursday, Several people asked me if I would share my notes. It is difficult to share everything with you in such a limited space, but I will do my best.
First and foremost, I want to thank our events committee for stepping up and making things happen. Their efforts made all the difference. We have been doing panelist events for about a year and many people said this was the best event to date.
Time for Taxes: What we learned
With a panel of experts, we focused on ways to plan for capital gains taxes after the sale.
Our panel of experts included:
It was clear that an accountant is necessary to develop the sale. The attorneys develop the leverage for the owner and help reduce accounting costs. Working with the accountant to develop a strategy early helps with controlling long term costs and building a better deal. Both the Thomas and Susan agreed that if some specific things are done as much as five years before the sale, they can provide more leverage, which improves the position of a seller.
The was a murmur in the room about one question. Apparently, many owners like to save money and do much of the transition work themselves. It seemed to be an indication that this idea is common among owners. Susan offers a good suggestion to her client owners:
"...this is your first sale. We have done ten transactions so far this this year. That experience is going to put you way ahead, whether you are the buyer or the seller."
The attendees seemed to agree. Enthusiasm plus 10,000 hours of experience will always beat enthusiasm plus 0 hours of experience. I imagine this questions brought many horror stories to minds of the experts in the room about enthusiastic owners who got in too deep before hiring a professional at the last minute.
The event went very well. It was a very cozy room. There was a buzz as people at the tables began networking together from the beginning. The network and buzz in the room continued after the meeting. I saw many cards passed and picked up many of my own.
Again, I would like to say how much I appreciate the efforts by the events committee. The committee came through with flying colors. The events committee worked together on everything from writing the copy, preparing the emails, reaching out to networks and planning and execution on the day of the event.
As was mentioned in the meeting, we are building a new membership committee. There are several volunteers we will be meeting with as we begin building and planning the new committee. If you would like to be part of the early stages of forming a new committee to support the Business Transition Advisors, please reach out to me. This committee will be working on supporting our members, finding new members and developing the member benefits for the organization.
If you were unable to attend, know that we missed you . I realize the event was sold out. We look forward to seeing you at the next event. Once the event is planned and posted, we will update the website and let you know.
From the board, we would like to thank you for your time,
Business Transition Advisors