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In this video below, Top Business Broker Adrianna Smith discusses the different costs that sellers should consider when selling a business.
The costs include:
• Capital Gains Tax – on sale of business. It is best to consult your accountant to understand the tax impact of the sale.
• Other Tax Liability – state, county, city taxes will be due prior to or at the time of sale .
• Landlord Fees – for repairs and back rent as applicable.
• Escrow Fees – For example, for a business that is sold for $200,000, escrow fees can vary from $1,500 to $3,000 depending on escrow companies used and services rendered.
• Broker Commission - for services rendered. The commission is typically a percentage of the purchase price.
• Advisor Fees – Fees related to a CPA, attorney, or wealth manager.
Contact us today for a free consultation on your business!