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|How to Ensure a Successful Business Or Property Sale in 2014|
|News Releases - Business & Economy|
|Written by Ginny Grimsley|
|Wednesday, 08 January 2014 11:13|
Surprise, It’s Not Only About The Price!
Corporations are holding record levels of cash, interest rates are low and the housing market is rebounding. The result? Merger and acquisitions professionals are buying more businesses and high-end homes are selling faster -- Silicon Valley had a 26 percent increase in sales of $1.5 million-and-up houses in the first half of last year.
If you’re considering selling a business or property in 2014 – while business is good and before mortgage rates climb – keep in mind: Focusing only on the price can short-change you in the long run.
“A lot of sellers are rushing to close the deal because they’re worried about what may be around the corner,” says attorney John Hartog of Hartog & Baer Trust and Estate Law (www.hartogbaer.com). “My first rule: Sell smart, not fast.”
Sales of commercial properties were up 11 percent in the third quarter of last year, notes wealth management advisor Haitham “Hutch” Ashoo, CEO of Pillar Wealth Management (www.pillarwm.com).
“These sales can constitute a significant money event, so you have to consider how they may impact your future lifestyle needs,” he says.
Adds CPA Jim Kohles, chairman of RINA accountancy corporation (www.rina.com):
“And you have to factor in how the transaction will affect your tax position. A great sales price doesn’t look so good if it costs you more in taxes.”
The three offer these tips for a successful business or residential property sale:
About John Hartog, Haitham “Hutch” Ashoo & Jim Kohles: John Hartog is a partner at Hartog & Baer Trust and Estate Law in Orinda, Calif. He is a certified specialist in estate planning, trust and probate law, and taxation law. Haitham “Hutch” Ashoo is the CEO of Pillar Wealth Management, LLC, in Walnut Creek, Calif., specializing in client-centered wealth management. Jim Kohles is chairman of the board of RINA accountancy corporation of Walnut Creek, Calif. He is a certified public accountant specializing in business consulting, succession and retirement planning, and insurance. All three advise ultra affluent families.
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