[MBV Playbook] Ch. 63 — Understand Taxation, Working Capital Mechanics, and Post-Close Liabilities (#223)

 In this week’s episode of Maximize Business Value, Tom explores the benefits of becoming an avid reader and how reading business books can be just as valuable as getting an MBA. He shares his personal reading habits, how he integrates audiobooks into his daily routine, and why learning from the experiences of others can accelerate your success. Tune in to discover how reading can transform your business knowledge and personal growth! CONNECT WITH TOMFacebook: https://www.facebook.com/masterypartnersLinkedIn: https://www.linkedin.com/in/tom-bronson/Website: https://www.masterypartners.com/Please be sure to like and follow for more great content to help YOU maximize YOUR business value!Tom Bronson is a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon. ...

 In this week’s episode of Maximize Business Value, Tom encourages business owners not to be frugal when it comes to investing in their business's future. From business coaches to exit strategists, surrounding yourself with the right people can help uncover blind spots and boost your business’s value. Tune in to hear why making these investments is essential and how they can pay off in the long run. CONNECT WITH TOMFacebook: https://www.facebook.com/masterypartnersLinkedIn: https://www.linkedin.com/in/tom-bronson/Website: https://www.masterypartners.com/Please be sure to like and follow for more great content to help YOU maximize YOUR business value!Tom Bronson is a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon. ...

 In this week’s episode of Maximize Business Value, Tom dives into the complexities of taxation, working capital mechanics, and post-close liabilities during a business transition. Learn why it's essential to start planning for taxes far in advance, how working capital requirements work, and why post-close liabilities often stay with the owner. Tom also highlights the importance of involving a skilled CPA, financial planner, and attorney to ensure a smooth transaction. Tune in to gain a better understanding of these crucial elements! CONNECT WITH TOMFacebook: https://www.facebook.com/masterypartnersLinkedIn: https://www.linkedin.com/in/tom-bronson/Website: https://www.masterypartners.com/Please be sure to like and follow for more great content to help YOU maximize YOUR business value!Tom Bronson is a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon. ...

 In this week’s episode of Maximize Business Value, Tom shares why you should never try to hide issues when selling your business. He explains the importance of full disclosure, using a real-life example of how being upfront about a negative Net Promoter Score saved his company millions of dollars during a sale. Tune in to learn why dealing with the “elephant in the room” can lead to a more successful transaction and higher business value. CONNECT WITH TOMFacebook: https://www.facebook.com/masterypartnersLinkedIn: https://www.linkedin.com/in/tom-bronson/Website: https://www.masterypartners.com/Please be sure to like and follow for more great content to help YOU maximize YOUR business value!Tom Bronson is a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon. ...

 In this week's episode of "Maximize Business Value," Tom dives into the importance of making a great first impression, especially when preparing your business for sale. Learn how the appearance of your facilities and the organization of your data can impact the perceived value of your business. A well-maintained environment doesn’t just attract buyers—it also boosts employee morale and reflects the culture of your business. Tune in for tips on how to make that first impression count! CONNECT WITH TOMFacebook: https://www.facebook.com/masterypartnersLinkedIn: https://www.linkedin.com/in/tom-bronson/Website: https://www.masterypartners.com/Please be sure to like and follow for more great content to help YOU maximize YOUR business value!Tom Bronson is a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon. ...

 In this week's episode of "Maximize Business Value," Tom addresses the difficult but essential task of documenting and sharing your business living-will. What would happen to your business if something unexpected happened to you? Tom introduces the concept of the "Green Box exercise," a practical approach to ensuring that your business and family are prepared in case of an emergency. Tune in to learn why having a business living-will is crucial and how to start the process of documenting and sharing it with the right people. CONNECT WITH TOMFacebook: https://www.facebook.com/masterypartnersLinkedIn: https://www.linkedin.com/in/tom-bronson/Website: https://www.masterypartners.com/Please be sure to like and follow for more great content to help YOU maximize YOUR business value!Tom Bronson is a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon. ...

In this week's episode of "Maximize Business Value," Tom discusses the importance of hiring a financial advisor or wealth management firm. Discover why waiting until after you sell your business is too late, and learn how these professionals can help you plan for your future, minimize tax consequences, and preserve your wealth. Tom also highlights the importance of choosing a fiduciary to ensure you receive the best advice and support. Tune in to understand why every business owner needs a financial planner.CONNECT WITH TOMFacebook: https://www.facebook.com/masterypartnersLinkedIn: https://www.linkedin.com/in/tom-bronson/Website: https://www.masterypartners.com/Please be sure to like and follow for more great content to help YOU maximize YOUR business value!Tom Bronson is a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon. ...

In this week's episode of "Maximize Business Value," Tom discusses the importance of finding the right M&A advisor, whether it be a broker or an investment banker. He explains their roles in selling a business, compares them to real estate agents, and emphasizes the necessity of thorough research to select a good advisor. Tune in to learn how the right M&A advisor can make a significant difference in the success of your business transaction.CONNECT WITH TOMFacebook: https://www.facebook.com/masterypartnersLinkedIn: https://www.linkedin.com/in/tom-bronson/Website: https://www.masterypartners.com/Please be sure to like and follow for more great content to help YOU maximize YOUR business value!Tom Bronson is a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon. ...

In this week's episode of "Maximize Business Value," Tom discusses Chapter 57: "Leverage the Knowledge of Your External CPA." Many business owners make the mistake of only consulting their accountants at tax time. However, a great CPA can serve as a surrogate CFO, offering invaluable advice on tax planning, exit planning, cost savings, and financial issues like cash flow and budgeting. Tom shares key questions to ask when hiring a CPA to ensure you get the proactive, comprehensive advice your business needs to thrive. Tune in to learn how to make the most of your CPA's expertise and elevate your business strategy.CONNECT WITH TOMFacebook: https://www.facebook.com/masterypartnersLinkedIn: https://www.linkedin.com/in/tom-bronson/Website: https://www.masterypartners.com/Please be sure to like and follow for more great content to help YOU maximize YOUR business value!Tom Bronson is a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon. ...

In this week's episode of "Maximize Business Value," Tom discusses the importance of forming a board of advisors or joining an informal board organization. Being a business owner can be isolating, but having a group of trusted advisors can provide invaluable support and insights. Learn how an advisory board differs from a board of directors, the benefits it offers, and the various professional groups available to business owners seeking peer support. Tune in to discover how you can build a network that helps you navigate the complexities of running a business.CONNECT WITH TOMFacebook: https://www.facebook.com/masterypartnersLinkedIn: https://www.linkedin.com/in/tom-bronson/Website: https://www.masterypartners.com/Please be sure to like and follow for more great content to help YOU maximize YOUR business value!Tom Bronson is a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon. ...