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Getting Out of Your Business Selling Your Business Initial Issues in Selling Out Assembling Your Expert Team Selling Out: Tax Expert's Role
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PrintSelling Out: Tax Expert's Role
It is absolutely essential that at least one of the members of your team be an expert in dealing with the tax aspects of business sales and acquisitions. This person may be your accountant, your lawyer, or even your mergers and acquisitions consultant. You may also decide to hire a specialist solely for this purpose, most likely a lawyer associated with or recommended by the lawyer who is handling your sale.
Depending on how your deal is structured, you may face an enormous tax bill upon the sale of your business, or next to none. There are a lot of opportunities to save money here; unfortunately, the IRS has set up an almost infinite number of hoops you must jump through in order to take advantage of them. What's more, the tax laws, regulations, and IRS interpretations are constantly changing, so those hoops are moving targets.
Taking advantage of tax-saving opportunities requires planning well in advance of signing the sales documents, so be sure to read our discussion of tax aspects of the sale and consult with your own tax expert before you begin serious negotiations with any buyer.
