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What can you do to reduce your tax burden when you sell your business?

We hear this question often from founders looking to sell, so we talked with Matt Camrud, a Certified Financial Planner at Brighton Jones, about how to develop your own tax strategy – so you end up with more money in the bank.

Prefer the podcast version?

Here’s the podcast version of our conversation. If you’d rather listen and not watch, this version is for you. It’s the same interview, audio-only:

How to save on taxes when you sell your business

In this interview, we discussed why planning in advance is so important, one move some founders make to save big on taxes, and other ideas for financial planning that should be on your radar as you prepare to sell your business.

Camrud’s a Senior Lead Advisor and Partner at Brighton Jones, a wealth management firm that understands the specific needs of entrepreneurs.

Here’s what you’ll learn in this conversation:

  • [1:15] The big-picture financial considerations that are important when you sell a business
  • [5:25] How you can work with a financial planner even if you’re in the early stages of accumulating wealth
  • [6:30] Why you should plan ahead to bank the most from your sale
  • [6:55] One move some founders make to avoid paying state tax
  • [10:10] What a Qualified Opportunity Zone Fund is and how you might use it
  • [16:25] How leaning on QSBS (Qualified Small Business Stock) can help you save money
  • [19:10] How much you can expect to pay to work with a wealth management firm
  • [22:45] Why you should prepare mentally to shift your source of cash flow
  • [25:00] An example of what one founder did ahead of the sale to save on taxes
  • [29:35] The most important thing you should do once you sell

Want support from a financial planner so you can maximize your sale?

If you’re considering selling your business in the next year or two, now’s the time to start planning.

As Camrud mentioned in this conversation, Brighton Jones works with entrepreneurs across the wealth spectrum.

Even if you’re still what he calls a “wealth accumulator” – in other words, you might not have a big sum in the bank and/or have a lot of your net worth tied up in your business – you should still work with a financial planner to optimize for your future sale. Brighton Jones will tailor a support package to your needs.

Get in touch with Brighton Jones to talk about how to make the most of your sale:

Request a Call with Brighton Jones