Saturday, September 30, 2023

Three to-do’s before selling your business – Part 2

Glen D. Smith

Last week, I covered two important milestones that will ease some of the anxiety that might arise in the run-up to selling your business and position for whatever comes next—anything from starting another enterprise to retiring.

The first two goals I recommend to clients before they sell a business are:

1. Put a financial advisor on your 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. You and your financial planner will discuss what your wants and needs are in the years ahead and develop a comprehensive, customized retirement plan before you close the sale.

3. Finally, c
onsider 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.

Plus it makes us feel good and it gives us cause to celebrate.

But even the simple act of giving can get complicated. There are tax implications, and you could lose control of your gift if the charity changes policies.

There is a solution, however.

A Raymond James Charitable Donor Advised Fund, for instance, provides an easy way to make significant charitable gifts with immediate tax benefits and deductions. The benefits include:

  • Easy to set up and requires little administrative maintenance
  • Assets donated are no longer part of the estate value
  • Carries on your legacy

A Charitable Donor Advised Fund provides an immediate full tax benefit and can be an effective alternative to making direct contributions to organizations or creating a private foundation.

First, it simplifies giving by making grants to charitable organizations on your behalf, so that you enjoy giving without the hassle of timing, tax concerns, expenses and recordkeeping.

Moreover, unlike many other donor advised funds, it invests in mutual funds other than those offered by a sponsoring firm, providing you with greater choice of investment options. Assets contributed to the fund are invested tax free.

If you’d like to learn more about a Raymond James Charitable Donor Advised Fund, I invited you to call me at (469) 212-8072 to discuss the impact and satisfaction of creating a lasting legacy.


Glen D. Smith & Associates, Raymond James is located at 1029 Long Prairie Road, Suite C, Flower Mound, TX 75022. (469) 212-8072.


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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