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What Is An “Offer In Compromise?”

February 22, 2019 By wrlaw

IRS tax debts can be a source of frustration, uncertainty and stress. If you’re facing a tax burden that you can’t pay, an Offer in Compromise may be one way to settle your debts. When the IRS accepts your offer, the Offer in Compromise is one way that you can resolve your overdue taxes with the IRS and get a fresh start.

What is an Offer in Compromise?

An Officer in Compromise is a tax relief program of the Internal Revenue Service that resolves an outstanding tax liability for less than the entire amount due. The IRS allows qualifying taxpayers to make an offer to settle their entire tax debt for a fraction of the total debt. The goal of the Offer in Compromise program is to collect at least some of the outstanding tax debts while giving the taxpayer the opportunity to become current on their obligations to the United States government.

How does an Offer in Compromise work?

An Officer in Compromise occurs when a tax debtor makes an offer to the IRS to pay a portion of their outstanding tax debt. IRS representatives decide whether to accept the offer or reject it. There are requirements for all offers and guidelines for whether the IRS can accept the offer. If the IRS accepts the offer, the debtor pays the taxes according to the settlement agreement. The remaining debts are discharged and the debtor once again returns to paying taxes according to U.S. tax law.

Is an Offer in Compromise right for me?

Whether an Offer in Compromise is right for you depends on your tax liabilities, the likelihood of the IRS accepting your offer and your ability to pay according to the terms of the offer. The IRS accepts about 40 percent of the offers they receive. Because there’s a downpayment that goes along with making an offer, it’s critical to make an offer that the IRS is likely to accept. An Offer in Compromise may be right for you if you’re unable to pay your tax liability and you can make a reasonable offer according to IRS guidelines.

Why would the IRS accept an Offer in Compromise?

It may seem like the Offer in Compromise program isn’t a good deal for the government. If the taxpayer owes the entire tax debt, it may seem more logical for IRS agents to continue to try and collect the debt. There are several reasons why the IRS participates in the OIC program.

It’s more advantageous for the IRS to collect the debt quickly. Even if they collect a lower amount, it may be worth it to the IRS to have the money now instead of later. The longer the debt drags on, the less likely the government is to collect anything at all. In some circumstances, IRS agents believe that it’s better to get less now than risk collecting nothing at all.

Why should I make an Offer in Compromise?

An Offer in Compromise can help you in multiple ways. If you’re unable to pay your tax debt, an OIC can help you resolve the issue with the IRS for an affordable amount. Also, while an OIC is under consideration with the IRS, the IRS stops garnishments and temporarily ceases asset seizure proceedings. It may be advantageous to you as a debtor to stop garnishments and make payments under the terms of the OIC. An experienced tax attorney can help you determine if it’s in your best interests to make an offer.

How do I make an Offer in Compromise?

There are two ways to make an Offer in Compromise. The first way is to make a lump sum payment. With a lump sum payment, you pay 100 percent of the offered amount within five months. You must also make a 20 percent down payment when you make the offer.

The other type of OIC is an offer for periodic payments. If you offer to make periodic payments, you must pay within 24 months of the IRS accepting the offer. You must make the first payment with the application.

To determine what amount you have to pay, the IRS looks at how much they’re likely to collect if they continue to try and collect the entire tax liability. If the IRS finds that you can pay your debt in full, they’re unlikely to agree to a settlement. The amount that the IRS believes you can pay depends on your assets and your disposable income.

The IRS calculates the value of your assets based on what they’re worth if they’re sold quickly. They also factor in your disposable income to determine what’s called your net realizable value. If you make an offer that’s at least as much as your net realizable value, there’s a good chance that the IRS is going to approve the offer.

Am I eligible to make an Offer in Compromise?

You’re eligible to make an offer in compromise if several conditions are true:

There’s an outstanding tax bill
It’s an economic hardship to require you to pay the full amount or there’s a doubt about the validity of the full amount
You file all of the required tax returns
Estimated tax payments are up to date if you’re self-employed or own a business
If you’re a business owner, payments are up to date for employees
There’s not a pending bankruptcy proceeding

How can I make an Offer in Compromise successful?

If you’re considering making an Offer in Compromise, it’s critical to make a payment that’s realistic based on IRS guidelines. You want your offer to be the lowest amount that the IRS is going to accept. An experienced estate planning attorney can help you determine if an Officer in Compromise is in your best interests. They can also help you understand how it can benefit you and what steps you need to take to make your offer successful.

What Is Medicaid Estate Recovery?

February 8, 2019 By wrlaw

If you have a loved one that receives Medicaid or if you have a loved one who needs special care, how you structure their finances is critical to ensuring that your loved one receives of the resources available to them. In some cases, the state may try to recoup the cost of Medicaid benefits from a beneficiary’s estate. Fortunately, how you structure your loved one’s finances can protect them and protect your entire family. Here’s what you need to know about Medicaid Estate Recovery:

What is Medicaid Estate Recovery?

Medicaid estate recovery is a process that the state can use in order to seize assets from the estate of a Medicaid recipient. When a person receives Medicaid, the state may try to recoup the costs of their care from the person’s estate. When a qualifying Medicaid recipient passes away, the state may look to the items in their estate in order to provide reimbursement for Medicaid payments made during the person’s lifetime.

Why does Medicaid Estate Recovery matter if a loved one receives Medicaid?

If you have a loved one who receives Medicaid benefits, Medicaid Estate Recovery matters because it may impact your loved one’s estate distribution. When the Medicaid recipient has an estate, the process of Medicaid Estate Recovery may prevent them from leaving the estate to their heirs. Estate planning is critically important for all Medicaid recipients in order to structure the estate both to receive Medicaid benefits and leave their estate to their heirs.

How does Medicaid Estate Recovery work?

Medicaid Estate Recovery works by looking at the Medicaid recipient’s estate after they pass away. If a person has items in their estate like real property, bank accounts or even personal property, state agents may try to seize those assets from the person’s estate. The process may stop heirs of the Medicaid recipient from receiving a distribution from the recipient’s estate.

What types of assets are subject to seizure in Medicaid Estate Recovery?

Medicaid Estate Recovery may apply to any items in a person’s estate including:

Real property, including the recipient’s home
Vehicles, including primary vehicles, motorcycles or recreational vehicles
Home furnishings like furniture and electronics
Personal items of value
Annuities
Bank accounts
Cash
Investments

Any asset may be subject to seizure. However, there may be exceptions and ways to structure resources in order to prevent Medicaid agents from attempting to seize the assets.

When does Medicaid Estate Recovery apply?

There are two circumstances where Medicaid Estate Recovery applies. First, when a Medicaid recipient is over age 55, the estate recovery process applies.

Second, anyone who is permanently institutionalized who gets Medicaid at any age is subject to the recovery program. Because Medicaid is a program for lower-income and disabled people, there are many people who do not leave assets that are subject to seizure. However, special needs Medicaid recipients may structure their resources in a way that both allows them to receive Medicaid and protect their resources.

Protecting the family home from Medicaid Estate Recovery

For surviving family members, Medicaid Estate Recovery may create doubt surrounding the family home. If there is a spouse or child living in the home, it’s important to protect the home from seizure. You can work with your Medicaid planning attorney in order to structure your finances in a way that prevents seizure. For example, it may make sense for a trust to hold title to the home, or it may make more sense to have a family member hold title to the home.

There are some exceptions in the home seizure laws for family members. Although a home falls under estate recovery laws if it is owned as tenants by the entirety, you may be able to secure an exception if you are the surviving spouse and still living in the home. Children under 21 may also qualify for an exception. There is also a generic exception that covers situations creating an undue hardship.

The best option is to carefully plan the estate of the loved one as soon as you realize that they need may special care. Estate planning is not just for the wealthy. In fact, it is especially important if you need to carefully manage limited resources. By carefully structuring your loved one’s assets, you can ensure that they qualify for Medicaid benefits and that their resources survive their estate for distribution to their heirs. The goal of estate planning is to restructure the Medicaid recipient’s assets so that they qualify for Medicaid and so that their assets are exempt from the seizure process.

Where do Medicaid Estate Recovery laws come from?

Medicaid Estate Recovery laws come from both state and federal sources. The U.S. federal government requires each state to have a program for Medicaid Estate Recovery. However, the federal government leaves it up to each state to decide how to implement its program. The rules may vary by state, and a state may change its procedures for recovery over time. For example, North Carolina’s program is administered by the North Carolina Division of Medical Assistance. It’s critical to work with an experienced Medicaid planning attorney in your state in order to ensure that they apply the appropriate law when creating the best estate plan for your loved one.

How can an estate planning attorney help me?

An estate planning attorney can help you manage every aspect of your finances or a loved one’s finances. Estate planning can help you qualify for government programs for you or for your loved one without penalizing you for dutifully saving for the future. Structuring your finances through estate planning helps you keep the money that you save while allowing you to tap the government resources that you depend on for your loved one’s care. If you or a loved one receives Medicaid or has special needs, contact Wilson Ratledge today to talk about your case.

Why You Need A Business Succession Plan

January 25, 2019 By wrlaw

If you’re a small business owner, you may have had a conversation with a loved one about business succession planning. Your loved one asks you if you’ve thought about your plan for the business and business succession. You make a joke that you don’t plan on going anywhere any time soon. If you’re one of the many small business owners who has had this conversation, you’re not alone.

There are lots of reasons that small business and family-owned business owners don’t like to talk about business succession planning. Maybe you think it’s too far off in the future. Maybe you’ve put your life’s work into your business and talking about succession is just too painful. There are lots of great reasons that you should have a business succession plan. Here are our top eight:

1. Unexpected life events can happen at any age

Major life events can happen to you or a loved one at any age. No matter how much you plan for the future, you just never know what might happen tomorrow.

Creating a business succession plan can protect you if you or a loved one has a life event that leaves you unable to tend to your business. Succession planning before you need it puts you in the driver’s seat. You don’t have to worry about an event that leaves you unable to control your business’ destiny. Instead, you’re prepared for any possibility.

2. Your business can continue smooth operation

When you have a business succession plan, you’re able to ensure that your business doesn’t have any hiccups during the transition. As part of your planning, you gather financial records, valuation data, inventory and even client lists. Even information for day-to-day operations can be critical to gather in order to keep your business running smoothly in the future.

For example, passwords, bank account information and even IT information can all be critical to prevent business disruptions in the future. Succession planning helps you think of all of these details as part of the planning process.

3. Business succession planning ensures a fair transition on your terms

You can get a better deal as you exit your business if you have time to plan. With business succession planning, you can use buy-sell agreements to establish prices, purchase terms, the value of each share and even who can purchase an ownership interest in the business. It can take time to find a buyer willing to pay. Planning ahead gives you time to consider how much retirement income you need and what your goals are in retirement.

4. You ensure the right people inherit your business

Your business is personal. It may be your life’s work. Pre-planning for business succession gives you time to step back and think about who you want to inherit your business.

If you expect family members to take over, it’s important to start having those conversations now. You should speak with family members in depth about their commitment and their goals for the business. Your loved ones may have different interests and priorities. They may need the training to run the business successfully.

The sooner you have these tough conversations, the more time you have to ensure that the right person takes over and continues to make your business thrive.

5. There’s time to make a deal

A successful business deal takes time to negotiate. Even if an option looks great, when you start to iron out the details, the deal can fall through. It may take several tries to get the right deal in place.

Business succession planning gives you time to try again if the first plan doesn’t work out. It gives you time to explore contingencies and make sure that you’re getting a fair deal and fair terms for your business.

6. Due diligence can help you get a better deal

When you start to look at the details of your business, there may be things that potential buyers don’t find flattering. There might be changes to make, issues to address and things to put in order in order to make your business more attractive to potential buyers.

Starting your business succession plan now gives you time to make adjustments to ensure that you get every dollar that you need and deserve when it’s time for retirement.

7. Planning can minimize tax burdens

Planning for business succession now can help you avoid surprising and burdensome taxes on down the road. A professional business and estate planning attorney can help you look at business succession planning as part of an overall estate planning strategy.

There are things that you can do now that can reduce your tax burden later on, as well as things that you can do that make the transition logistically easier when it’s time to transfer ownership of the business.

Thoughtful planning can make things so much easier on down the road. Qualified legal advice can help ensure that you look at all the important considerations in your planning.

8. You have peace of mind that you’re leaving a legacy

Your business is your life’s work. You want to leave it in the right hands and look back on it with pride. Business succession planning at any stage gives you the peace of mind to know that your business is in good hands. In addition, succession planning helps the ones that depend on you also have the confidence to know that their future is in good hands.

Business succession planning

Business succession planning doesn’t mean announcing a retirement date. Instead, it means taking steps to protect you and your loved ones as well as establishing an exit strategy that’s on your terms and for a fair price when the day comes.

Taking steps for business succession planning now can keep you in control and protect your family. Our experienced team can make business succession planning a key part of your overall retirement and estate planning strategy.

2019 Changes To Retirement Plan Contributions

January 12, 2019 By wrlaw

There are some key retirement plan contribution changes going into effect in 2019. While major tax reform went into effect last year, there are some changes that hit retirement contributions in 2019. Looking at the changes and making adjustments now can help you make the most of the coming year – most workers can save more across all income levels. Here’s what’s changing for 2019 401k contribution limits and other 2019 retirement contribution changes:

How much can you put in a 401k in 2019?

You can put up to $19,000 in a 401k in 2019. That’s up from $500 from last year’s limits. While it’s only a slight increase, for workers who want to make the most of their retirement savings or get caught up, every little bit makes a difference. In addition, lower-income earners can claim a savings tax credit in addition to the tax deduction that everyone gets for contributing to a 401k.

The contribution changes apply not only to 401ks, but also to 403b plans, many 457 plans and the Thrift Savings Plan for government workers. You can adjust your monthly contributions to add another $500, or you can make the additional contribution all at once. If you make the contributions monthly, it’s an extra $42 per month.

401k catch-up contributions for older workers

While the contribution limits for general 401k contributions have gone up a little bit, the 401k catch-up limit has not changed. Employees 50 and older can contribute more to their 401k than the annual limit. The extra contribution is called a catch-up contribution, but it’s really just a higher limit for older workers.

The 401k catch-up contribution in 2019 is $6,000. That means if you’re 50 or older, you can contribute an extra $6,000 to your 401k account. If you’re 50 or older, you can contribute a total of $25,000 to your 401k in 2019.

What is the IRA contribution limit in 2019?

In addition to 401k contribution limit changes in 2019, there are also changes to IRA contribution limits. An IRA allows you to save for retirement on a tax-free or tax-deferred basis. Like the 401k contribution limit, the IRA limit is also inching up by $500 in 2019. It’s the first time the IRA contribution limit has gone up since 2013. There’s also an IRA catch-up contribution limit, but it’s unchanged for 2019 at $1,000.

Income limits for retirement savings in 2019

In 2019, there are limits to IRA contributions based on your income. There are a few things to keep in mind when you’re sorting out whether the income limits apply to you. First, if you don’t get a 401k through your employer, you can contribute to the IRA no matter how much you earn. Even if you earn over the income limits, the limits don’t apply to you because you can’t do an employer-sponsored plan. Your filing status matters, too, so if you’re filing joint, you may have a higher income limit than if you file single.

Even if you can’t deduct your IRA contributions from your income, there may be benefits to you of contributing to an IRA. Your contributions may still grow with tax-deferred status. You can still come out ahead even if you can’t take the tax deduction on your 2019 taxes.

There are a lot of moving parts when it comes to determining whether you qualify to contribute to an IRA and whether you can take a 2019 tax deduction for your contribution. Your income and whether you have an employer-sponsored 401k are both factors that might change your IRA tax deductions. If you have an employer-sponsored 401k, you can still take tax deductions in 2019 for an IRA if you earn $74,000 or less as an individual. The joint income cut-off for IRA contributions in 2019 is $123,000. These limits represent a $1,000 and $2,000 increase from 2018. There are also phase-outs which start at $64,000 for a single and $103,000 for a couple. There are different phase-out limits that apply if one spouse can do a 401k through work and the other spouse can’t.

2019 Roth IRA contribution income limits

In 2019, the income limits are going up for Roth IRA contributions. A Roth IRA is a special kind of IRA where you pay the taxes up front when you make the deposits. Later on, you get to withdraw your contributions tax-free. The income limit for Roth contributions goes up $2,000 for singles in 2019 and $4,000 for couples.

The cut-off in 2019 is $203,000 for a married couple and $137,000 for a single. If you make over these amounts, you can’t contribute to a Roth at all. If you make $122,000 as a single or $193,000 as a couple, you can still contribute some to a Roth account, but there are phase-outs that apply to what you can contribute. Because withdraws in retirement aren’t taxed from a Roth account, a Roth can be a fantastic savings vehicle for people who qualify.

Saver’s credits in 2019

In addition to other 2019 retirement contribution changes, there are also increases to saving tax credits for lower-income workers. Workers who earn $32,000 or less as individuals and $64,000 as married couples get an additional 10-50 percent deduction from their 2019 taxes for 401k and IRA contributions. The limit is up to a $2,000 credit for singles and $4,000 for couples.

Retirement savers with the lowest incomes are eligible for the biggest tax credit which can be worth as much as $1,000 for individuals and $2,000 for couples. The saver’s credit can be claimed in addition to the tax deferral for saving in a traditional retirement account. The workers with the lowest incomes get to claim the highest percent deductions.

Retirement contributions and estate planning in 2019

Addressing retirement contributions should be part of your estate planning in 2019. Estate planning is so much more than just drafting a will. As you plan for your future and for your loved ones, maximizing tax benefits and determining optimum retirement contributions is an important consideration. One of our experienced estate planning attorneys can help people of all income levels maximize their retirement benefits and overall estate planning strategy in 2019.

4 Steps To Take After Being Injured At Work

December 28, 2018 By wrlaw

No one plans on getting injured at work. But when an injury occurs, all of a sudden, you need to know what to do. The steps that you take after a work injury are very important to not only your physical recovery, but also to making sure that you get the financial relief that you need to get your life back in order. Here are four steps to take after being injured at work:

1. Make an accident report

Your ability to recover after an accident may depend on making a report as soon as you can after an accident. If your case falls under workers compensation laws in your state, you may need to make an accident report within a very short time after the accident occurs in order to state your claim. You make your report directly to your employer. Your employer should have a form, and they should be able to help you with the procedures for how to file your report.

It’s not enough to make an oral report to a co-worker or a supervisor. A written report is what’s required in order to start the ball rolling with your claim. When you make the report, you should include the basics of your accident. You should include when, where and how the injury occurred. Don’t worry too much about getting every last bit of punctuation perfect and don’t stress too much over details. You just need to document that the accident occurred and give the basic information.

The time window for filing your report may be very short. The sooner you can get a report filed, the better. It’s important to be skeptical of any attempts to dissuade you or otherwise stop you from filing a written report. Your employer should be able to guide you through the process, and it should be quite simple to file your report. When you get your report filed, you’ve taken the first important step in ensuring that you get the compensation that you deserve for your injuries.

2. Get appropriate medical care

The next step to take after being injured at work is to get immediate medical care. You might need to call emergency services to take you to the hospital. If your injuries are severe, you may be incapacitated and rely on others to summon the care that you need. Whether you leave the scene in an ambulance or you’re able to travel to the doctor on your own, you need to seek medical care immediately.

There are several reasons that it’s critical to seek medical attention as soon as you can after you’re injured at work. First, seeking medical care may be critical to your health. You want to address your injuries so they don’t get worse. Knowing what you need to do in order to care for your injuries is critical to making sure that you begin to heal as soon as possible.

It’s important to follow your medical treatment plan. You don’t want your employer claiming that your injuries aren’t serious because you aren’t following your doctor’s recommendations. You also don’t want your employer to claim that the costs of your injury may have been lower if only you had followed your medical care plan. Following your treatment plan is critical to preserving your right to fair compensation for your work injury.

There’s another reason that it’s crucial to seek medical attention right away. A significant part of getting fair, financial compensation after a work injury is documenting exactly what your injuries are. Your injuries may be far more serious than you realize. You may not be able to appreciate exactly what your prognosis is without a full medical evaluation. Your medical treatment team can not only get to the bottom of your diagnosis, but they can also verify and document your injuries in case there are any disputes about them later on.

3. Take photos of the scene of the injury

Even though you’re not a professional investigator, there are things that you can do to gather the evidence that’s available at the scene of your injury. The more evidence you can gather, the stronger your claim is going to be right off the bat. One of the things that can help you get off to a great start when it comes to building your case after being injured at work is taking photos of the accident scene.

You don’t need to be a photographer to get helpful photos of the accident scene. Snapping photos up close and also of the overall scene can show machinery, slippery surfaces and other things that may have contributed to the accident. It’s always better to over-document than under-document, so don’t be shy about taking a lot of photos.

Even if you don’t know what’s the most important, having photographs of the scene can help you establish facts that are critical later on. Witnesses may not be honest, and they can be mistaken. If you have photographs, you have helpful proof of facts that may be critical to proving your claim.

4. Learn about workers compensation and negligence laws

The best way to ensure that you get the recovery that you deserve and find satisfaction in the recovery process is to educate yourself about the laws that apply to your case. Many work injuries fall under workers compensation law. Even though workers compensation laws generally compensate injured employees for their out of pocket losses after an accident at work, there are still steps to take in order to assert your claim and get a recovery that you deserve. The more that you know about the laws that apply, the more confidence that you can have that your case is moving in the right direction.

Wilson Ratledge can help you understand the law that applies to the case. Workers compensation laws may apply, but traditional negligence laws may also apply in some cases. We can advocate on your behalf, and can empower you to understand the law and know that it’s working on your behalf to arrive at the right result after an injury at work.

Taking the right steps after a work accident

An injury at work is a serious matter. You may not be able to return to work immediately, and you may have medical bills and other losses. When you know what to do after a work injury, you can take the right steps to get the compensation that you deserve. Seeking medical care, making the right reports, taking photographs of the scene and empowering yourself to learn about the law can help you recover physically and financially as you move forward after an injury at work.

Preparing To Sell Your Business In 2019

December 14, 2018 By wrlaw

A new year often brings change. If you’re a business owner, 2019 might mean selling your business. If you want to sell your business in 2019, there are things that you should do in order to protect your interests and go about it in the best possible way. Doing the right things can help you get top dollar for your business and make the sale as smooth as possible. Here are 10 things that you should know about preparing to sell your business in 2019:

1. Prepare the paperwork for your business sale

Smart buyers want to see the paperwork for your business. They rely on the paperwork when they first make the decision to explore buying the business. They also rely on your documents when they make the final decision to close the sale.

One of the first things that you should do when you decide to sell your business in 2019 is put your business paperwork in order. The sooner you get started, the more time you have to address any questions that might arise. Having your paperwork prepared and orderly is the first step to finding enthusiastic buyers and getting a great sale price.

This generally includes several years of statements for all your bank accounts, credit cards, copies of customer contracts, and more.

2. Learn how to value your business for the sale

To get a fair price, you need to know what your business is worth. Different types of businesses use different valuation methods. You need to learn about the various business valuation methods like profit, assets and cashflow. The more that you know about how to value your business, the better you can justify your asking price.

Also, research the different types of business sale (asset vs stock), know the differences and how they affect your valuation.

3. Perfect your sales pitch

You need to be prepared to market your business. It’s important to think through how you’re going to communicate to potential buyers that your business is a great investment. Even if your business is sound and a great opportunity, you still need to convince buyers that they should jump in with both feet. Use the start of 2019 to think through how you’re going to market your business to potential buyers and convince them to buy your company.

4. Pick your team

At least some of your employees are going to know about the possible sale of the business. You’re going to rely on them to help you prepare documents at the least. Think through who you want to know about the sale of the business and why.

Think through who’s best suited to help you work on selling the business. Remember that your employees may have strong opinions about you selling the business, and they may have lots of reasons to want a particular outcome. Decide who’s best to help you prepare documents and work towards your goals.

5. Prepare employees for your business sale

There are some important considerations for employees when you sell your business. The buyer may want them to have non-compete and non-disclosure agreements so that they can’t jump ship as soon as you sell. Your attorney can help you prepare the agreements that you need to make sure that your team can continue to help your business now and into the future.

6. Think through answers to tough questions

Your potential buyers are going to ask you difficult questions. Now is your chance to think through your answers. Preparing to sell your business in 2019 means thinking through how you’ll address unflattering points and weaknesses in your business.

7. Be prepared to open up about lawsuits

One of the things your potential buyers want to know about is outstanding litigation. They want to know if you’re suing anyone and if you’re being sued. A lawsuit isn’t necessarily a bad thing, but you’re going to need to explain what’s going on and what your position is in each matter.

8. Gather specifics about top clients and vendors

If your business depends on one client or a few top clients, you can expect extra scrutiny from potential buyers about the business relationship. They want to know that your relationship with your top client is solid. They want to know that your top client is still going to be there after you sell the business.

Be prepared to open up about the nature of your relationship with your top clients. Potential buyers are going to ask a lot of questions about the business you do with major clients and how secure your business relationships are with clients that are make-or-break for your business. Having this information ready to go for potential buyers can show that you’re knowledgeable about your client base and confident in your business relationships.

9. Be patient and wait for the right opportunity

The right buyer likely won’t come along in the first week of the new year. To do it right, it might take the entire all of 2019 to sell your business. Remember that selling your business is a marathon. Gathering the financials, finding the right buyer and preparing the perfect pitch all take time. If you’re in too much of a hurry to sell, you’re not going to get the sale price and terms that you deserve. While you wait, you can get your paperwork and other affairs in order.

Usually, the best time to sell your business is during the busy season. You should sell your business while you’re at a high point. Selling at a low point can mean not getting a fair price for your business. Be ready to wait for the right time to sell so that you’re in a good position to negotiate the right price.

10. Seek expert advice for your business sale

As you prepare to sell your business in 2019, expert advice from an experienced mergers & acquisitions attorney can be crucial to help you arrive at the right agreement. Wilson Ratledge can help you understand what you need to do in order to structure your paperwork in order to make a great showing. In addition, there are important legal agreements that should go into place even as you begin to negotiate the sale.

We can help you identify areas that you can work on in order to make your sale go smoothly, and can help you think through how you’re going to respond to points that might be unflattering. When it’s time to prepare preliminary documents, final documents or employee agreements, we’re ready to provide you with the expert advice that you deserve.

Selling your business in 2019

Selling your business can make 2019 an exciting year. Making sure that you’re prepared can help you command top dollar for the sale. It can help you avoid road bumps that may make the sale difficult. Ultimately, the right preparation can make your business sale the highlight of 2019.