Biggest Exit Mistakes #financialplanning #financialadvice

One of the biggest mistakes business owners make when exiting their business is not planning early enough or not speaking with the right professionals before they transition out.

If you have owned a business for a long time, there may be capital gains tax concessions available that can significantly reduce, or in some cases eliminate, the tax payable on the sale. This is important because many owners have built substantial value in their business over the years, which can result in a large capital gain when they sell.

Planning ahead allows you to structure the exit in a way that makes the most of these concessions and avoids unnecessary tax.

It is also just as important to have a clear plan for what happens after the sale. Once that capital is realised, understanding where to invest, why you are investing there and the costs involved can help ensure that the proceeds from your business continue working for you for the rest of your life.

For many people, this may be the largest financial event they ever experience, so having a strategy to generate income, support lifestyle goals and provide long-term financial security is essential.

General advice only.
Amy Lehmann is an Authorised Representative (No. 1292710) of Consortium Private Wealth Pty Ltd (AFS Licence 495401).

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