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by webbie917
3164 days ago
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Whew... I can think of a long list of reasons to sell a business. Many sell simply because of life events - wanting to spend more time with family, travel, buy a new house, deal with personal health. Running a small business is a 24/7/365 job and you can't just take a month off because you have got a honeymoon or a newborn in the plans. Accounting (consult your own accountant please0: when you make salary/profit from your small biz you get taxed at ordinary tax rate (up to 40% in the US) where is when you sell biz as assets you may be taxed at capital gain tax rate (0%-20%) which is a financial advantage - like you get paid 3-4 years ahead. Again, consult a professional on this. You could have other ideas or projects you want to work on, but unable to because your business is your 100% priority and has been for too long. You might not want to deal with hiring a team because that's the stage your business is at - too big for you to handle on your own or you don't want to work 60-hour weeks anymore. I could just go on and on, but a combo of 2-3 of these will certainly make the thought of selling quite appealing to many. |
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