As a small business owner, you probably take calculated risks every day to grow and expand your business. However, there come times when you need guidance for your business decisions. Whether you are thinking about selling your rental property, adding/removing partners & owners, purchasing a new home, or starting a second business, you need a trusted advisor in your corner. Consulting with a professional can help you avoid costly mistakes down the road and can save you time and energy. In this blog post, we discuss why planning ahead and consulting with a strategic business growth partner can benefit your business.
Selling Your Rental Property
Selling your rental property may seem like an easy way to get a quick payout, but it requires careful planning and consideration. The sale of a rental property can generate a significant amount of taxable income, and the taxes may be even higher if you have owned the property for a long time. Additionally, you may need to deal with potential capital gains taxes and recapture of depreciation.
Adding/Removing Partners & Owners
When adding or removing partners and owners from your business, there are legal and financial implications that should be considered. For instance, the partnership or ownership agreement will need to be amended to reflect the changes accurately. Additionally, you may have to buy out shares from departing partners, or they may receive a portion of the business profits even after leaving.
Starting a Second Business
Starting a second business can be both exciting and daunting. If you already have a successful business, you may feel confident in branching out into a new venture. However, it’s essential to remember that different businesses have different risks, and not all business models are the same.
Navigating complex financial and legal decisions involves a lot of planning, time, and knowledge. Choosing to consult with a professional advisor can make the process much smoother, helping you make informed decisions, and avoiding costly mistakes down the road. Whether you’re thinking about selling your rental property or starting a second business, we are here to help. So plan ahead and consult with us for a successful outcome.Book a Call Learn More