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Financially Simple Bizcast

The Financially Simple podcast is your one-stop resource for small business owners. Gain unique insights into growing, refining, and selling businesses. You will hear ways business owners have reduced their tax liabilities, increased their income, improved office morale, saved for the retirement of their dreams, and more.
Host Justin Goodbread is a serial entrepreneur, award-winning CFP® (Certified Financial Planning professional), CEPA® (Certified Exit Planning Advisor), and CVGA® (Certified Value Growth Advisor) with years of experience guiding business owners from start to exit in their business.

Feb 27, 2018

In episode 30 of Financially Simple, Justin looks at how to go about reducing your tax bill when you sell so that you’re not left feeling short-changed.

When you sell your Business, the taxman takes a portion of the proceeds. Fortunately, there are ways and means to minimize his cut. Justin goes over some of the tactics that Business owners can use to save as much of the money from the sale of their business as possible.

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TRANSCRIPT: Minimizing Negative Tax Implications When Selling a Business – Post #30



00:31 - How to minimize taxes when we sell our Business

02:59 - It starts with the Purchase Agreement

04:05 - Kim’s story

05:01 - Major pitfalls to beware of

05:07 - An Asset Sale

08:08 - A Stock Sale

09:03 - The Stupid Tax: C-Corp

09:56 - Start planning ahead

11:42 - Making adjustments during the time of sale

13:59 - Phantom Income

15:18 - The Attorney, the CFP, and the CPA

For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale 




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Neither Financially Simple, LLC nor its affiliates offer tax or legal advice. Interested parties are strongly encouraged to seek advice from qualified tax and/or legal experts regarding the best options for your particular circumstances. Justin Goodbread, CEO of Heritage Investors, LLC, a Registered Investment Advisor, is an Investment Advisor Representative who offers advisory services through Heritage Investors. The information contained within the podcast is for informational purposes only and not considered investment advice. Seek help from a competent Financial Advisor.