Hi folks. I'm in the process of retiring and selling a decently successful small family business built over the past 20+ years. It was officially appraised for $850K this fall. The best offer I've received so far is for $125K/yr guaranteed payments for 10 years under a 'consulting agreement', plus 5% commission on sales exceeding $500K (not banking on this). Currently, the business generates about $300K/yr in profit.
I'm no tax specialist, but I'm in touch with one as well as my accountant, but curious the larger community's thoughts here. I plan to invest my earnings conservatively, initially just with a HYSA, as I don't need the money to grow quickly, just safely.
Thanks in advance for everyone's time.
Submitted December 01, 2023 at 11:20PM by NoStepOnWing https://ift.tt/UFSIDYo
