Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences, especially with the changes brought by the Tax Cut and Jobs Act. This newsletter article outlines the steps you’ll want to consider.

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The first step is to consult your tax professional who will help you get your financials in order, obtain an accurate business valuation to determine how much your business is worth (and what the listing price might be) and develop a tax planning strategy to minimize capital gains and other taxes to maximize your profits from the sale. They will also help you plan the disposal of depreciable property and explain the impact of your business structure on the sale. Even if you don’t plan to sell for a few years, it’s never too early to gather your facts.  Call your tax advisor at Sharrard, McGee & Co., PA at (336) 884-0410 in High Point and (336) 272-9777 in Greensboro.