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Have you ever thought about succession planning for your business? Do you need to plan for a business exit or business liquidity event? Today we sat down with a financial planner to discuss what happens when you need to exit (or transition) out of your business, whether that is for retirement or because your business has done so well. On this episode of The Self Made Strategies Podcast, we sat down with Justin Kohler, of The Sharp Financial Group. (https://www.sharpllc.com/)Here is what you will learn about on this podcast episode:• Succession planning and tax planning.• If you are selling your business, what can you do with the money?• How can you save on taxes, or maximize your tax deferrals?• How to maximize compounding growth.• When is the best time to potentially sell your business (end of the year versus beginning of the year)?• Is it beneficial to split the buyout across several payments to maximize your tax savings, and the “time value of money?”• How can we protect our assets against potential creditors?• Now, what if you are a sole proprietor, how can you plan for the succession of your business?• What about succession planning for your children?• How can you plan for important family discussions, for example, equity vs equality?• And a lot more!Go to SelfMadeStrategies.com for more information about our show, exclusive content and to contact the Self Made Strategies hosts.Are you wanting even more awesome Self Made Strategies content? Follow @SelfMadeStrategies on Instagram.
