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Five Essential Tips for Donating Your Business Before You Exit
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As business owners approach the end of their careers, they often consider a variety of exit strategies. Well, on the latest episode of Lessons by the Lake, we're exploring a strategy that doesn't receive as much attention as a traditional sale of the business.
We're joined by Bob Mumford, Area Director at the National Christian Foundation Northwest, to discuss Bob's experience within charitable giving and how business owners have been leaning towards donating their business more and more.
This strategy has numerous benefits and we'll be exploring these throughout today's episode!
Timecodes:
0:06 - Introduction and overview on the topic of the day
2:14 - Welcoming Bob Mumford to the show
2:30 - How Bob got involved with charitable giving efforts
4:05 - The benefits that a business owner should be considering around donating their business
5:51 - Stories of Bob's clients that have donated elements of their business
8:16 - When should the planning efforts for this strategy begin?
14:05 - Start your business donation efforts earlier than you think
15:50 - The team of professionals you should have involved in this process
18:30 - The different strategies available to business owners within this realm
22:11 - You can gift shares of your S-Corp to charity as well
24:38 - How you can get in touch with Bob and his team
26:05 - Closing remarks
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