Most people intuitively know what a “community bank” is, even if it can be hard to define one financially. They are typically the smaller banks just down the street—locally owned, locally operated, and locally involved.
Community banks are the financial equivalent of the cozy diner that knows your order as soon as you walk in the door…a place where the teller you’ve known for years will greet you by your first name. Your kids may even play on the same little league team (sponsored by that very bank, of course). They are the bank where business is done based on relationships as much as a rule book.
Disclaimer: This article is for general information purposes only. Do not pass away thinking that this is all you need to know regarding gift and estate tax valuation. Contact your CPA or attorney for official advice before then.
Death and taxes are inevitable. They are also inseparable; when the first happens, you can be certain the second isn’t far behind.
When anyone passes away, there are always plenty of financial loose ends to tie up. However, for business owners, it can be absolutely overwhelming. That’s when you definitely want solid professionals on your side. Especially when you consider how much Estate Taxes can significantly affect property that you wish to transfer at your death.
Over the past couple of months, we’ve been taking a deep dive into the process of selling your business, ending with today’s post on how to close the deal. We’re pulling back the curtain on exactly how we at Southard Financial help you find a qualified buyer for the company you’ve built.
Note: In case you’re just joining us, this is Part Two of a series on how to sell your business. Before reading this post on marketing your business, take a couple of minutes and read Part One: Getting a Valuation if you missed it.
After securing an accurate valuation, the next step is to begin letting potential buyers know that your business is available. No one can buy your business if they don’t know it is for sale. There are several simple and direct ways to do this:
Welcome to the first post in a 3-part series on How to Sell Your Business.
So, you’ve got a business that you want to sell and you want to get the best possible price for your business. How do you get that price? How do you know what your business is worth? You need a solid valuation!