Ep. 17 — Financial Flossing with Ross Brannon

Welcome to the "Show Me The Way" podcast with David Seitter

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.

Ep. 17 — Financial Flossing with Ross Brannon

Introducing Ross Brannon

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.
• He says after he got burned out on real estate, Ross explains how he began working at a financial services firm.
• He adds that he often worked with dental practice owners.

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.
• He says that over the last 5-6 years, private equity firms have decided to get involved in the dental market.

Succession Planning and Retirement

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.
• He explains a story that he shared on his podcast, that tells how people regret selling their business, rather than working on growing it.
• Dave and Ross dig into their views on retirement, and how you have to be prepared for whatever that next stage in life looks like for you.

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.
• He adds that many people are close, while others are not able to close that wealth gap.

Financial Planning for Sale of Business

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.
• He adds that there are ways to reduce your tax liability when it comes to the final sale of the 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 and Ross go back and forth on different sales tactics, and how they impact the multiple at which the business might end up selling.

Current Markets and Business Advice

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.
• He reiterates his views on not selling too young, and adds that regardless of when you sell, you should be doing tax planning.
• After prompting from Dave, Ross explains how long it takes dental practices to sell.
• They continue to dig into how finances in businesses and deals around businesses have changed in the rapidly shifting marketplace.

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.
• He also stresses, once again, the importance of pre-sale tax planning.

 

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 dseitter@spencerfane.com

 

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.