Are you ready to learn the In’s and Out’s of selling a small business? On this episode of the Small Business Tax Savings Podcast, we welcome back Stuart H. Sorkin from Business and Legal Advisors to discuss how to eventually exit from your business. This is part two of a two-part series where he discusses why owners exit their business and how to best prepare for it.
Stuart H. Sorkin discuss how to best prepare for an exit from a business. He tackles topics such as separating lifestyle businesses from other types of businesses, creating a management team, and handcuffing key employees to ensure the success of the M&A process.
This conversation provides insight into the due diligence process for selling or buying a business and the importance of finding a professional with experience in mergers and acquisitions. He discusses the important of an LOI when negotiating an acquisition and some key points for sellers to consider, such as warranties, taxes, liabilities, and post-acquisition services Tune in now to learn more about planning for your eventual exit from your business!
[00:01] Critical Considerations For A Successful Acquisition
[05:15] Navigating The Complexities Of The Due Diligence Process In Business Deals
[11:16] Maximize Your Return And Minimize Risk
[15:03] Understanding The M&A Process
[17:59] Closing Segment
“The point is that you're going to negotiate… There's usually an exclusivity clause that says you can't sell while I'm doing due diligence. You can't even talk to anyone else during due diligence. So, if the deal falls apart, you got to be ready. You've also been off the market for a period of time.” – Stuart H. Sorkin
Connect with Stuart:
Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax
IncSight Packages: https://incsight.net/pricing/
Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale
Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com