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Selling a small business is one of the most significant events in a business owner's life. It is a financial transaction and a personal transition. Owners often expect the business sale process to be hard from a legal and operational perspective, but what surprises many owners is how hard it can be emotionally. Here are common psychological challenges owners face during a sale. Feeling a Loss of Identity Many owners define themselves through their business. They have spent ye

Owners of certain businesses might hear the phrase “personal goodwill” during the sale of their business, usually from a CPA or M&A lawyer. When used properly, selling personal goodwill can be a powerful planning tool for a seller. This post explains what personal goodwill is, which types of business owners may be able to separate personal goodwill from enterprise goodwill, how a portion of the purchase price can be allocated to personal goodwill, and the pros and cons of doi

Selling a business is one of the most significant financial events in an owner’s life. It's not only a legal and operational transaction, it's also a major personal wealth event that requires thoughtful planning before the sale and disciplined management of the proceeds afterward. Adding a skilled financial advisor to your deal team can help a business owner extract the wealth they have created for their next phase in life. The right advisor helps the owner prepare for the sa

Receiving a draft Letter of Intent ("LOI") from a prospective buyer of your business can feel like a major milestone, but an LOI is more than a simple expression of intent. It is the blueprint for the entire deal that follows. The terms in the LOI will guide the purchase price and payment, due diligence, the drafting of the purchase agreement, the transaction structure, the closing timeline, post-closing transition, and the obligations each party must satisfy along the way. S