The coronavirus pandemic has altered the business landscape and given business owners a new perspective on the most effective and strategic ways to operate their company. While some businesses have excelled by pivoting and incorporating new technologies, others have experienced extreme disruptions, causing their business to shutter.
Business owners probably think of retirement as a time to let go of all business stresses and to finally begin relaxing. Surprise—according to a recent study, more than 70% of former owners regret selling their companies less than a year after the sale. What causes so many to regret their decision? The culprit seems to be the lack of preparation on the part of the business owner.
Most people think of due diligence from the point of view of a prospective buyer. While that is typical, it is now becoming more common for business owners to conduct their own due diligence to fix any weaknesses within their company in advance of a potential sale.
Exit planning for business owners is not only about the numbers – the value of your business and your personal financial plan. It is also about planning for that next chapter in your life.
Favorable economic conditions alongside baby boomers looking to exit their businesses over the next ten years have resulted in an active M&A market. While there are many exit options, business owners should consider a recapitalization using a private equity firm.
Baby Boomers are retiring in record numbers and many baby boomer business owners will be looking to exit their businesses over the next ten years
Bennett Thrasher LLP, one of the top 100, full-service public accounting and consulting firms in the country, announced today the formation of a new practice group: Value Acceleration and Exit Planning Services, providing comprehensive exit planning consulting that includes valuation, corporate tax, personal tax, wealth advisory, transaction advisory, audit and assurance consulting, and operational support for business owners planning to transition out of their businesses.
On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act (“TCJA”) into law. It is the most comprehensive tax reform seen in the United States since President Ronald Reagan’s 1986 Tax Reform Act.
In an effort to simplify accounting, the Financial Accounting Standards Board (FASB) has eliminated Step 2 from the goodwill impairment test, according to a statement issued on January 26, 2017.
In the recent case of Estate of Adell v. Commissioner, the Tax Court addressed the proper valuation method of an operating company and the issue of personal goodwill.
The bar for appraisal reports in the estate and gift tax area that will withstand IRS scrutiny continues to rise according to a webinar presented by Michael Gregory, a former IRS executive with over 28 years of experience in this area.