Selling Your Business – Plan Well, with a Tax Benefit When You Retire


The reasons why a business owner might decide to sell their business are many – perhaps to pursue a new or more exciting business opportunity, relocation, health reasons or retirement. Selling a business to family, to the other partners, to a loyal employee or a group of employees could also be part of a succession plan; or the business owner’s exit strategy may involve selling to an outside buyer, perhaps a competitor, a supplier, or a customer, or even an investor. 

Whatever the reason for selling, a smooth transition requires:

  • Planning well and in advance,
  • Determining a fair value for the business,
  • Getting books, accounting records and financial reports in order,
  • Collating the required paperwork, 
  • Managing stakeholder relations, and
  • Exercising a legal duty of care. 

The outcome of this approach is a business sale to the right buyer at the right price, with little to no disruption to business operations and no negative impact on staff morale or other stakeholder relationships. 

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