Could You Retire If You Sold Your Business Today?

If you own a business in Canada, you may already have a number in your head: the price you think it has to sell for before you can walk away. It’s usually been sitting there for years, and it’s worth asking where it came from. In this video, Kris Dureau of Green Private Wealth at Harbourfront Wealth Management walks through how we work backwards from the life you want after the business to figure out what the sale actually needs to provide. Sometimes the number that comes out of that is lower than the one in your head. Sometimes it’s higher, which is a harder conversation, but a much better one to have years before a sale than in the middle of one. The part that matters is finding out while you still have time to do something about it. ─────────────── CHAPTERS 0:00 The Number in Your Head 0:21 Where That Number Comes From 1:09 Working Backwards From the Life You Want 2:23 When You Need Less Than You Thought 3:16 The Cost of Holding Out 4:19 When the Number Isn’t Enough 5:58 The Price Isn’t What You Keep 7:19 Where to Start ─────────────── WHAT’S COVERED • How to work out what you actually need from a business sale • Where the number in your head usually comes from • The risk of having most of your net worth tied up in one business • What to do if the sale won’t fund the retirement you want • Why a business that can run without you may be more attractive to a buyer • The difference between the sale price and what you keep • How the Lifetime Capital Gains Exemption can affect a qualifying share sale • Why exit and tax planning should start before a buyer is at the table ─────────────── MENTIONED IN THIS VIDEO The Lifetime Capital Gains Exemption, explained    • Business Owners: Why Selling Could Cost Yo...   ─────────────── THINKING ABOUT SELLING YOUR BUSINESS? Download our guide, Preparing Your Business for a Future Sale. It covers business readiness, what buyers look at, and the questions worth working through before a sale. → https://www.greenprivatewealth.com/bu... Have a question about your own business exit or retirement plan? Start here. → https://www.greenprivatewealth.com/start ─────────────── ABOUT Kris Dureau is a Certified Exit Planning Advisor (CEPA) with Green Private Wealth at Harbourfront Wealth Management. We work with families and business owners on retirement planning, tax-efficient planning, estate planning, and business exit and succession planning. Offices in Woodstock and Burlington, Ontario. ─────────────── The $10 million and $6 million figures in this video are a hypothetical illustration, not a client example. This video is general information, not tax, legal, or financial advice specific to your situation. ─────────────── SOCIAL LINKS: LinkedIn: https://www.linkedin.com/company/gree... Facebook:   / greenprivatewealth   Instagram:   / greenprivatewealth   Disclaimer - All comments are of a general nature and should not be relied upon as individual advice. The views and opinions expressed in this commentary may not necessarily reflect those of Harbourfront Wealth Management. While every attempt is made to ensure accuracy, facts, and figures are not guaranteed, the content is not intended to be a substitute for professional investing or tax advice. Please seek advice from your accountant regarding anything raised in the content of the podcast regarding your Individual tax situation. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning. #SellingYourBusiness #BusinessExitPlanning #CanadianBusinessOwners