In this episode of “Show Me The Way,” Dave sits down with Ross Brannon, Tax-Shelter & Private Equity Consultant at CoastalOne, to tax planning before the sale of a business. They also discuss the spike in sales of dental practices to private equity, and expectations around the sale of your business and moving towards retirement.

Dave asks Ross to discuss his background and early career.

• Ross runs through his history playing college football, and how he began his career in real estate.

Dave asks him to go more in depth about doing business with dental clients.

• Ross begins by describing two different types of dental practices and their business owners.

Dave recalls pieces from Dan Sullivan’s Strategic Coach, and relates it to the dentists that Ross works with.

• Ross explains Dan Sullivan’s take on retirement, and expounds on his view of what retirement should look like.

Dave says that people’s expectations for succession planning is generally the same, and asks Ross how he walks people through that process.

• Ross explains the ‘wealth gap’ and how to figure out if selling the business will be enough to maintain a certain lifestyle.

Dave asks what part of the financial planning process Ross is involved in around the sale of businesses.

• Ross discusses how private equity will use deal fatigue against people in the process of selling a business.

Dave asks Ross to share some of the successes of business sales that he has seen and lessons learned.

• Ross says that he thinks too many people are selling too early, and explains his reasoning behind it.

Dave asks to discuss the markets now versus years prior, specifically around dental practice sales.

• Ross says that the markets have dramatically shifted over the last few years.

Dave requests for any final pieces of advice from Ross.

• Ross says that if you are going to sell your business, make sure you have a good reason and have your second act planned out.

To learn more about Ross, call him at 850-566-7999 or www.rossbrannon.com

To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at [email protected]

Disclosure

This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.