Small Business Tax Savings Podcast | Jetro And Associates

Send us a textDo you know why every owner exit their business and how can you prepare for this? On this episode of the Small Business Tax Savings Podcast, we welcome Stuart H. Sorkin from Business and Legal Advisors to discuss the ins and outs of exiting a business. This is part one of a two-part series geared towards educating people on what an exit plan looks like and what to consider when leaving their business. Stewart explains that there are six different ways an owner can exit their business: selling to family, management, a third party, becoming an absentee owner, having it liquidated or dying. He also encourages creating a strategic plan from day one in order to ensure that all partners have the same goals in mind.  Stewart dives into important topics such as the importance of finding a trusted employee to run the business until it is ready to be sold, aligning the goals of key employees with those of the owner, building a due diligence library as part of preparation for potential sale and accounting