Managing Your Business

With the midterm elections approaching and global tax reform initiatives gaining attention, the viability of passing new tax legislation appears to be in limbo. Nevertheless, it is beneficial to understand how current tax law proposals contained in the 2023 budget proposal (The Green Book) could affect privately held business owners.

It is estimated that one lawsuit is filed every thirty seconds in the US, and about one in every ten adults are sued each year.

It’s commonly held that three out of four private business owners will want to transact in the next decade. Yet of the 20-30% who do, three-quarters regret their decision. Why?

With a focus primarily on charitable gifts, our article How Late Is Too Late? When Is It Too Late to Implement Pre-Sale Tax-Saving Strategies? sorts through the timing requirements that must be met for you to gain substantial tax advantages.

Family Wealth Strategist Carey Spencer hosts this fast-paced discussion with Managing Director of Family Wealth Consulting Jeff Getty and Consulting Director Joel Redmond as they outline the disruptors and misconceptions swirling around business transition options.

As Managing Director of Family Wealth Consulting, Jeffrey Getty, boils down the complexity of possible Congressional tax laws into simple, proactive, actionable moves you can make now to be prepared for an uncertain future.

So, you were approached, spontaneous and unsolicited, with a compelling offer for your business. Maybe it was more than you expected. What comes next? Should it be considered more than you expected?

Tax planning is essential when a small business owner contemplates a future sale of stock in the business. If the owner hasn’t prepared for the sale ahead of the sale, taxes may take a big bite out of the profit.

COVID-19's impact on the course of US economics and business remains foundational. According to the most recent quarterly report released by the US Commerce Department, the US economy contracted by a record 32.9% in the second quarter.

Managing Director of Family Wealth Consulting Jeffrey Getty and Directors of Family Wealth Consulting Michael Ella and Francis Brown walk through the defining characteristics of businesses that are seeing success in the COVID-19 era.

If you’re thinking about selling your business, it’s important to understand how your financial statements impact the valuation a prospective buyer places on your company. Your reports—in terms of depth, breadth, and quality—deliver a message about how you run your company. If there are shortcomings, a sale can be delayed, value discounted, or broken off if a prospective buyer has trouble gaining confidence in the numbers.

Our experience at Key Private Bank is that approximately 50% of business owners will choose to sell their business to a third party. And just as most homeowners use an expert (a real-estate agent) to sell their house, many transitioning business owners will hire an expert in the form of an investment bank to sell their companies.