As I travel this country. I am amazed at the people I meet. Today I met with an electric contractor and family.
62 and 58 year old partners in life, they met when they where 20 and 17. They have been married 40 years.
They have become best friends. They have raised a family, business and a great marriage. They play, laugh, cry and work together. They love fishing, riding a Harley and family time.
As they approach retirement, they face what most of us face. Do I have enough? Should I pass it on to a family member? Should I sell it out right? What will be my TTI. ( transactional tax impact) and what is my company worth?
How is it after 24 years in business we are not sure if we are ready or not.
Simple, we all typically do not plan. So let’s change that. Take an hour to at least get the info. To make the right choices, we need the right information.
Each decision has a different plan and impact, to not only the owner but the buyer.
The family had a lot of questions. Like if I pass it to a family member what is the best way?
What type of valuation should i have?
What corporate structure should they be?
So they decided to get an exit strategy, tax and corporate structure illustration.
I’m looking forward to the results to help this family continue their amazing life.
You can find information about the importance of planning on my website biztaxinfo.com