Jun 14, 2021
So, you sold your business, now what are you going to do? Have you thought about what you would do with the proceeds from the sale? If you have considered selling your business you won’t want to miss this episode. I’ll walk you through the steps I took with my clients, Lloyd and Elaine, as they sold their business. I helped them make sure that they were using the money to further their financial goals. Learn how to maximize the funds to ensure that you stay on track to achieve your financial goals so that you can live the life you want.
You will want to hear this episode if you are interested in...
- Lloyd and Elaine’s story [2:22]
- Learning how to keep updating your goals [5:14]
- Creating a plan for the proceeds of your business [9:00]
Lloyd and Elaine came to me with a goal
Lloyd and Elaine hired me about ten years ago to help them create a plan to achieve financial freedom so that they could live the life of their dreams. Initially, they came to me with more debt than assets. They were sick of working too much and having nothing to show for it. So I helped them create a plan to pay off their debt, create an emergency fund, and build up their assets.
What came next after achieving their objectives?
Every year I met with Lloyd and Elaine to revisit their plan and make sure they were on track. It took them 4 years to achieve their goals and once they did they wondered what they should do next. After ensuring that they were financially secure, they turned their focus to preparing for retirement. We planned this by creating a simple IRA and a Roth IRA for both of them. Then we set up a process so that they could set a pace to retire when they wanted.
They sold their business, now what?
When Lloyd called me this year to tell me he sold his business I was thrilled for them. He wanted to know what he should do next. We discussed the sale structure so that we could best figure out how to reduce their taxes and ensure the proceeds would further their goals. Listen in to learn how Lloyd and Elaine were able to keep their S-Corp open for the year to utilize tax savings strategies and max out their IRAs. You’ll also learn what you could do with the rest of the proceeds from the sale of your own business.
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