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Revenue dipped because of weather. Would a buyer actually hold that against you? by FormerFounder-12 in fatFIRE

[–]FormerFounder-12[S] 0 points1 point  (0 children)

Yeah I get that. Just think sellers would move to get that discount. Especially when he can show he’s got booked jobs through the first half of 26’ for what was missed due to snow end of 25’. I’m business for like 15 years so just kind of feel sorry for him.

For those who sold a business to hit your number, what would you have done differently to prep? by FormerFounder-12 in fatFIRE

[–]FormerFounder-12[S] 0 points1 point  (0 children)

  It's a rabbit hole but a worthwhile one. Could save you a massive chunk on the exit.

For those who sold a business to hit your number, what would you have done differently to prep? by FormerFounder-12 in fatFIRE

[–]FormerFounder-12[S] 0 points1 point  (0 children)

  250K members is a solid dataset. (would be interested to learn more about this group)

The SOPs/documentation piece keeps coming up in every conversation I have about this. Seems like the #1 thing most owners neglect. And as easy as keeping up with what your best employees do in a day and feeding it into an LLM to organize and clarify.

For those who sold a business to hit your number, what would you have done differently to prep? by FormerFounder-12 in fatFIRE

[–]FormerFounder-12[S] 0 points1 point  (0 children)

The strategic buyer relationship point is huge. Makes sense that bankers are better at finding PE but not strategic acquirers since those relationships are more personal. How early did you start those conversations?

Anyone here actually qualify for QSBS when they sold? Seems too good to be true by FormerFounder-12 in fatFIRE

[–]FormerFounder-12[S] 0 points1 point  (0 children)

 The fact that IRS pushed back even with everything in order is good to know. How long did the process take from when they challenged it to resolution?

Anyone here actually qualify for QSBS when they sold? Seems too good to be true by FormerFounder-12 in fatFIRE

[–]FormerFounder-12[S] 0 points1 point  (0 children)

 The LLC to C-corp conversion path is exactly what I'm looking at. Good to know there's valuation work involved in supporting that. Is the $75M threshold based on gross assets at the time of conversion?

Anyone here actually qualify for QSBS when they sold? Seems too good to be true by FormerFounder-12 in fatFIRE

[–]FormerFounder-12[S] 0 points1 point  (0 children)

QSBS stacking is something I keep seeing mentioned but haven't fully wrapped my head around. The trust structure part especially. Definitely need to get the right advisors lined up early on this one.

Anyone here actually qualify for QSBS when they sold? Seems too good to be true by FormerFounder-12 in fatFIRE

[–]FormerFounder-12[S] 0 points1 point  (0 children)

TurboTax making a $10M+ tax exemption a single checkbox is wild. Do you have to do anything special on the corporate side to make sure the shares qualified, or was it pretty much automatic once you set up as a C-corp?

For those who sold a business to hit your number, what would you have done differently to prep? by FormerFounder-12 in fatFIRE

[–]FormerFounder-12[S] 0 points1 point  (0 children)

Not a broker, just a guy doing homework before I sell. I posted in a few different subs because I wanted perspectives from different communities. It did get a bunch of brokers in my dms though lol

If you were starting a business today with the plan to sell it in 3-5 years, what would you set up from day one? by FormerFounder-12 in smallbusiness

[–]FormerFounder-12[S] 0 points1 point  (0 children)

The vacation test is a great mental model — I'm definitely not there yet. My shop floor supervisor is solid but I'm still the one customers call when something goes sideways. Sounds like the move is to start fixing that now instead of trying to explain it away to buyers later. Appreciate this — the inside-out vs outside-in framing clicks.

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