In the process of conversation with an owner who’s thinking of putting their business on the market, they’ll often ask our opinions on legal matters or the tax ramifications of selling. We have opinions on almost everything that’s business-based and could provide them, but we choose not to. “Call your lawyer” or “Call your accountant” are our two fallback responses. We’re strong believers in letting experts answer those concerns.
Before we bought our own business, we had neither lawyer nor accountant. We hadn’t needed one. We’re not litigious people and were still able to do our personal taxes sitting at the dining room table using a 1040 short form. Ah, for those days! But when we jumped into the world of ownership, we knew that we needed help and went to friends for their suggestions. Thirty plus years later, we’re still using the same accountant and lawyer that we’ve had since the beginning of our journey.
In fact, number 1 on our “Thinking of Selling?” list is
- Contact your accountant and your lawyer, and if you don’t have an accountant or a lawyer, get one.
That’s how important we believe it is. You can find the rest of our suggestions on this website.