You can’t escape business taxes, even when you’re getting out of business. In fact, selling your Houston transportation business can potentially create the most complicated tax situated you’ve faced in your career. The good news is that a transaction tax specialist can handle the tax requirements associated with your business sale for you, so you can worry about more important things like closing the deal.
You may have a great relationship with your CPA, but the reality is that ordinary accountants don’t specialize in the complexities of selling a business – transaction tax specialists do. A specialist knows how to best structure a deal to save you money and can advise you of the best timing for minimizing capital gains taxes. Best of all, he or she can help prevent unpleasant tax surprises later down the road so you can accurately plan for your post-sale future. Depending on the size of the Houston business for sale, getting taxes right the first time can ultimately save hundreds of thousands of dollars, not to mention headaches and heartache.
Taxes are one of the biggest disruptors of deals that were previously on the right track. Often times, two companies will be on the verge of reaching a mutually beneficial agreement when the seller suddenly realizes there was a misunderstanding regarding tax implications. Understandably, unexpected tax complications can cause a serious hardship for a seller, particularly when that seller was planning on retiring after getting out of the market. Frustrated with this newfound obstacle, the buyer may walk away from the deal. Now, instead of a reduced sales price, the seller faces the possibility of receiving no price at all. A tax specialist and an expert Houston business broker could have worked together to diffuse emotions on both sides of the table and come up with creative solutions to minimize tax liability.
Peace of Mind
Selling your business is stressful enough as it is. Why add the uncertainty of complicated taxes to the mix? The best deals are made when both buyers and sellers have accurate information upfront, whether it’s an appropriate business valuation, liability information, or complete disclosure of a company’s tax situation. Knowing all the rules beforehand can prevent unnecessary surprises during the negotiation process. If and when unexpected events do arise, a professional transaction tax specialist can quickly develop solutions, avoiding wasted time, disagreements, and unfavorable taxes.
The Tenney Group is built to make your transportation business sale as rewarding as possible and the best sale experience. Part of that includes providing you access to our network of independent transaction tax specialists. For more information, please contact a transaction advisor from The Tenney Group.
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Charles Tenney is managing partner of The Tenney Group, a firm of industry specialized business brokers and transaction advisors exclusively focused on transportation business sales, acquisitions, and business valuations.
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