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Nov
18
Creative Ways to Reduce Taxes on a Business Sale
wall-st-journal
Originally published on 07/21/2014 in The Wall Street Journal by Kelly Kearsley. The business owner was approaching retirement and wanted to sell her manufacturing company. Although she didn't need the proceeds of the sale to fund her retirement, she had other goals she wanted to achieve from the transaction. "She was a smart lady, and she had saved a substantial amount of money," says Scott Thompson, president of Thompson Wealth Advisors. She wanted to exit her business and use the money to generate supplemental income. And she wanted to minimize any taxes incurred in the process. Working with her certified public accountant, attorney and business broker, Mr. Thompson devised a strategy that achieved both his client's goals......
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Apr
14
How to Potentially Reduce Your “Tax Bite” When Selling Your Business (November 25th, 2013)
People hire financial advisors for their wide breadth of knowledge. Very often, advisors can find obscure provisions that could be perfect for you. The collective expertise on my team, for example, helped save a business owner $400,000 in taxes and still guarantee a lifetime income. I recently met with a prospective client who wanted to sell her truck tire distribution business. Her three main concerns were avoiding tax on the sale, preserving a lifetime stream of income and making sure her employees retain their jobs going forward. With the help of our expert team, including a wealth manager, accountant, business attorney, business appraisal expert and a business broker, we concluded that the owner could meet her three objectives using...
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Apr
14
Taxes and Selling a Business (November 12th, 2013)
People hire financial advisors for their wide breadth of knowledge. Very often, advisors can find obscure provisions that could be perfect for you. The collective expertise on my team, for example, helped save a business owner $400,000 in taxes and still guarantee a lifetime income. I recently met with a prospective client who wanted to sell her truck tire distribution business. Her three main concerns were avoiding tax on the sale, preserving a lifetime stream of income and making sure her employees retain their jobs going forward. With the help of our expert team, including a wealth manager, accountant, business attorney, business appraisal expert and a business broker, we concluded that the owner could meet her three objectives using two...
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Apr
14
Family Business Survival Guide (October 10th, 2013)
Too often, a family business gets frittered away when it passes to the next generation. Once a founder is gone, one solution is for the descendants to bring in a team of experts to handle matters like management succession, taxes and asset protection. (This is the first of two articles looking at succession planning in small businesses.) My grandfather sold his patented cleaning solution door-to-door to business owners. His solution could clean anything: floors, cabinets, machinery, carpet, even a car. The cleaner was even environmentally friendly long before this was a buzz word; my grandfather cleaned his teeth with the solution to prove this to buyers. Through the 1960s and 1970s he was a successful entrepreneur. Then a car killed him...
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Thompson Wealth Advisors
Scott Thompson, CSRP
Business & Estate Consultant
704-878-6112

scott@thompsonwealthadvisors.com

 

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