#562 How to Sell Your Business and Save on Taxes

Mark outlines four strategies that wealthy individuals use when exiting their businesses.

Emphasizes the importance of deciding who will buy the business, whether it's family or a third party.

The complexities of family succession, including the need for succession planning and business consultants.

Introduction to the concept of systemization, developing people, and understanding EBITDA for third-party sales.

Real-world examples of clients who initially wanted to sell but later decided against it due to the success of their systemized business.

The potential for staying on with the new buyer for a transition period, which could increase the sale price.

Mark urges caution when considering elaborate tax structures and emphasizes the need for second and third opinions.

Mark warns against high-risk, high-cost tax strategies and the potential for IRS audit risks.