Chattyfool
Junior Member
What is the name of your state?What is the name of your state? Oklahoma
I am the sole employee of a machine shop business. The owner is getting ready to retire and wants me to take it over. This seemingly simple task just gets more complicated at every turn. Today we were informed by our CPA that there would be significant transfer taxes to be paid. What's up with this? We are looking for someone to guide us in the process. It seems there are many options. From the owner closing the doors and me starting from scratch buying his assets and starting my own business to some sort of attorney assisted transfer. the business is not as healthy as it could be /should be with an asset to debt ratio of about 2:1. But new equipment was recently purchased and has not proved its potential yet. The owner is getting tired and frustrated with the situation and is getting closer to just giving up. I see the potential in the business and am confident it can be made to work for everyone involved. I guess what I am looking for at this website is some direction. Can you help?
I am the sole employee of a machine shop business. The owner is getting ready to retire and wants me to take it over. This seemingly simple task just gets more complicated at every turn. Today we were informed by our CPA that there would be significant transfer taxes to be paid. What's up with this? We are looking for someone to guide us in the process. It seems there are many options. From the owner closing the doors and me starting from scratch buying his assets and starting my own business to some sort of attorney assisted transfer. the business is not as healthy as it could be /should be with an asset to debt ratio of about 2:1. But new equipment was recently purchased and has not proved its potential yet. The owner is getting tired and frustrated with the situation and is getting closer to just giving up. I see the potential in the business and am confident it can be made to work for everyone involved. I guess what I am looking for at this website is some direction. Can you help?