Selling Your Business: Do's and Don'ts
In this episode of the GPS to Your Business Success podcast, Nick Papakyrikos shares essential strategies for successfully selling a business. The episode begins with a special acknowledgment of entrepreneurs, including auto repair shop owners, and highlights the valuable training offered by Auto Shop Answers. The discussion then shifts to the critical final stage in the business lifecycle: selling an established business. Key topics covered include preparing for the sale, understanding lease agreements, crafting non-disclosure agreements, assembling a trusted team of advisors, navigating asset vs. stock sales, evaluating tax implications, and structuring the deal to avoid financial pitfalls. With an emphasis on careful planning, this episode offers actionable insights to ensure a smooth and profitable sale.
Episode Breakdown:
- 02:02 Shoutouts to Auto Repair Shop Owners
- 02:46 Ad Segment (Auto Shop Answers, Papakyrikos CPA, Steer CRM)
- 05:56 Selling Your Business: Initial Steps
- 08:44 Franchise and Lease Considerations
- 11:35 Non-Disclosure Agreements and Building Your Dream Team
- 16:44 Asset vs. Stock Sale
- 19:38 Purchase Price Allocation and Tax Implications
- 29:55 Installment Sales and Tax Strategies
- 37:01 Final Tips and Conclusion
Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers
Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at steercrm.com.
Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at autoshopanswers.com.
Connect with Papakyrikos, CPA: The GPS to Your Business Success
- Visit us online: www.papakyrikoscpa.com
- Email us: Podcast@papakyrikoscpa.com
