A need to know about Selling your Business
Episode 37 of the Simplifying Tax and Accounting from I Hate Numbers: podcast, hosted by I Hate Numbers, titled "A need to know about Selling your Business" was published on November 8, 2020 and runs 13 minutes.
November 8, 2020 ·13m · Simplifying Tax and Accounting from I Hate Numbers:
Episode Description
Today's podcast is about A need to know about selling your business. For many of us selling our business at some point in the future could be us cashing in our pension scheme. It may be a way that we can set up while we're at the top, move on for other different challenges in our life.
In this podcast we are going to look at
What we are selling
The choices between selling the assets in your business or the shares
- Figuring out how much your business is worth.
- Goodwill. What exactly is that? And does badwill exist? spoiler alert, it does!
- Options to sell
Options when you sell your business.
You either sell the shares that you own in that business
Sell the underlying trade of the business or the assets.
How do you choose which one? Well there are several things to consider, not just tax and how much money you get.
Listen to find out more
Valuation and Goodwill
How do you come up with a number, a value for your business? Goodwill plays a big part. Goodwill is what you are buying - Badwill also exists
The money you want, and what you get may not be the same. One thing you need to do is to come up with a value. Psychology also plays a part.
Listen to find out more
Planning points and due diligence
Let’s talk about both buyer and seller
You can’t get away from tax, tax planners step forward.
Due diligence, being careful and grown is about reducing the risk of things going wrong. Make sure that you're not picking up a hot potato, and you're very conscious of what you're buying into.
Listen to find out more
Seek help
Make sure that when you're selling, your business you seek professional help, I don’t mean the medical kind! Professional people, like accountants and lawyers need to play their part. They will help you come up with the right numbers, and make sure you get the protection you need. This podcast is A need to know about Selling your Business
In This Episode
- Understanding the options available when you sell your business
- Appreciate the reasons a buyer wants to buy
- What Goodwill is
- Learn more about the things to consider when selling your business
- Developing your own Numbers confidence and decisions
- Take more control of your numbers to help make you money, survive and thrive
Links
https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288
https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers
https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins
https://www.stitcher.com/podcast/proactiveresolutionss-podcast
https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/
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