Troy Blog Post

We’d like to highlight one of the partners in our firm this week. Troy specializes in helping business owners. Today he talks about how he helps them with possibly selling their business.

Imagine you've spent the past 30 or 40 years building a successful local business in the trades, but now you're ready to move on to the next phase of your life. What do you do if the next generation isn't interested in taking over? How do you maximize the value of the brand and company you've worked so hard to create? How can you turn this intangible asset into a financial payout that allows you to pursue your next venture or invest actively in the market?

Troy specializes in guiding clients through exactly this scenario. He assembles a team of professionals to manage every aspect of the process and help his clients pursue their goals. For instance, the first crucial step is partnering with a business broker. Our network of specialists helps identify the most suitable broker to assist. These brokers assist Troy's clients in creating a marketing package, determining the business's value, specifying the seller's role post-sale, and structuring the deal terms.

Over subsequent weeks, numerous potential buyers are evaluated until the right match is found. This buyer undergoes a rigorous due diligence process, examining financial records and structuring the transaction for optimal tax efficiency. This requires collaboration with a CPA. Again, leveraging our network, we connect clients with the most appropriate CPA.

While business brokers typically provide a standard asset purchase agreement, Troy advises clients to engage a contract attorney to ensure transparency and mitigate any unforeseen liabilities post-transaction. Our network identifies local legal counsel to support his clients through this critical review.

The transaction often involves real estate used for equipment storage, offices, and investment properties. To minimize capital gains, Troy's clients consider employing a 1031 exchange consultant. This strategy allows proceeds from real estate sales to be reinvested, deferring capital gains taxes and potentially generating significant tax savings. Troy facilitates this connection to ensure his clients benefit from experienced guidance.

Ultimately, Troy's clients aim to transition from operating a trade business to focusing on real estate investment and development. The challenge lies in transforming an illiquid asset into liquid capital that fuels their next endeavor. Troy's ability to successfully navigate these life transitions distinguishes him as a proactive advisor, strengthening his boutique brand known for hands-on, personalized service.

Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.