Thursday, June 1, 2023

Three to-do’s before selling your business – Part 1

Glen D. Smith

You started with an idea, added equal parts of hard work, resilience, persistence, and commitment, and over the years grew it into a viable, profitable, sustainable venture.

Now it’s time to cash out, and everything is about to change.

To ensure you get through the sale of your business with as little anxiety as possible and in position for whatever comes next—anything from starting another enterprise to retiring—here are three things to consider before you sell your business.

1. Put a financial advisor on your transition team.

Lawyers do law. Tax practitioners do taxes. You won’t get very far without that kind of expertise as you make plans to sell your business.

But an independent, entrepreneurial financial planner brings an entirely different—and equally important—set of skills, experience and resources to the table.

Working with you and the other members of the transition team, your financial advisor will structure a custom-designed post-sale financial plan based on the lifestyle you envision, how you intend to use the proceeds of the sale, and contingencies if tradeoffs are necessary.

2. Have a plan for the proceeds before you have them.

You don’t want your money sitting idly by, especially if you’re planning to retire.

Fact: People are living longer, more active lives now. That means the lump-sum pay-out or investments from the sale will have to stretch farther.

What concerns you about that? What strategies can help alleviate those concerns? What lifestyle changes do anticipate in the next five years? The next 10?

These are the types of questions you and your financial planner will discuss so your comprehensive, customized retirement plan can be in place before you close the sale.

3. Consider philanthropy.

Creating a legacy creates positive change in people, institutions and communities. It sustains a multitude of worthwhile organizations. It launches innovative new programs and services.

This is a unique and personally and professionally rewarding way to use proceeds from the sale, and the next issue I’ll explain a simple, effective way to achieve it.

Contact Glen D. Smith & Associates at 469-212-8072 or

Any opinions are those of Glen D. Smith and not necessarily those of RJFS or Raymond James. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. “Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC, Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Glen D. Smith and Associates is not a registered broker/dealer and is independent of Raymond James Financial Services

Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Contributions to a DAF are irrevocable. Raymond James does not provide legal or tax advice. Taxpayers should seek advice based from an independent legal or tax professional prior to opening account.

CTG Staff
CTG Staff
The Cross Timbers Gazette News Department

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