Wills and Powers of Attorney – Why You Need Both
I think it’s time we talked about estate planning. Because no matter how old or young you are, you have a legacy – and at least some tangible property. A will is a legally binding document that allows you to determine how your estate will be handled upon your death. Without a will, there is […]
When a Change of Scene Brings a Change of Perspective
Some of you already know that I have effectively relocated my family to Park City, Utah, for a four-month stretch. Park City has long been one of my favorite places for a getaway, and we’ve spent a good many days and weeks up here, but never this long at one time. Of course, we are […]
You’ve Sold Your Business – Sunset, or Sunrise? Your Call!
We recently discussed the transitioning-out phase of selling your closely-held business. Now, it’s time to talk about what life looks like once you’re no longer involved in the business you spent so much time building and running. The sun has set on one phase of your life, it’s true, and after selling their businesses, many […]
Passing the Baton: After-Sale Transitions
Congratulations! You and your buyer have successfully navigated your way through the process, and have closed the sale. Now what? Well, for one thing, you’re not quite done yet. Prior-owner involvement post-sale can mean the difference between success and failure for the new owner(s). That’s one reason to consider staying involved for at least a […]
When Should You Start Planning to Exit Your Business?
The best time to start planning your exit from your business is when you start it up. However, this is the real world, and even if you do start planning that far in advance, you have to realize that your plans may change. Any altered circumstance affecting you or your business may have an impact […]
Independence Day
Yesterday, the United States of America – and we, its people – celebrated her 247th birthday. And I got to thinking about the day of our actual birth as a nation, and what has gone into our founding and maintenance. In penning the Declaration of Independence, Thomas Jefferson raised an idea few if any in […]
Explained – Goodwill in Business Sales
In a recent post, we discussed taxation on sales of a business’ assets. This time, we’re addressing one of the intangible assets – goodwill. The first thing you need to know is that there are two separate types of goodwill – business goodwill, which is a corporate asset, and personal goodwill, which belongs to the […]
Opportunity Knocks – RFG is Seeking One Great Tax Manager
Rigby Financial Group, a Virtual CFO firm for privately owned companies, wants to ask you some questions. Do you love your work environment? Are you working overtime and not enjoying it? Are you tired of feeling like you just fight fires and check boxes on work programs? Are you overworked, underappreciated and underpaid? Would you […]
C Corp to S Corp Conversion – is it Right for Your Business?
We’ve discussed the differences between taxation on stock sales and asset sales, and the differing respective tax consequences to C Corporations as tax paying entities and S Corporations as tax reporting entities. As we have noted, some C Corporations may consider converting to S Corporations in advance of a sale of the business (or for […]
Selling Your Business – Taxation of Asset Sales
We last discussed the taxation on the sale of a closely held business structured as a stock sale. This week, we discuss taxation on the sale of your closely held business’ assets. In an asset sale, the buyer purchases only the agreed-upon assets (and perhaps some of the liabilities, though buyers often do not want […]