For many entrepreneurs, their business is their biggest asset. So when retirement starts creeping up, many are already thinking about how to get the most from it, especially if they are not be passing it on to a family member.
If selling your business to an unrelated party is likely in your future, don’t delay planning. Taxes on the sale of a business can take a big slice out of the proceeds so it’s important to lay the groundwork well in advance and keep as many options open as possible in structuring a divestiture.
This first column in a series about selling a business explains how you can prepare.
Simon Chen is partner of KPMG’s tax practice in Vancouver.