I'm guessing that we'll also have to factor in things like estate planning and tax planning?

Yeah, and I think this is one of those pieces where I find generally People sometimes wait too long to do this.

In my experience, these are really important, but to do it before the sale, because before the sale, the owner still possesses an asset, right? Their business, which can allow for important planning opportunities that become unavailable or even just less effective once that business has been sold.

So these planning opportunities we utilize for our clients are, of course, highly dependent on each owner's unique circumstances.

But pre-planning may provide more effective opportunities to accomplish goals around transferring wealth to family members or charitable objectives and, of course, tax and estate issues.

One real quick example, before the sale of the business is effectively locked in, the owner may be able to transfer a portion of the business to children or an irrevocable trust or When that transfer is done, assuming the business will continue to appreciate and value, and then later when it's sold, that future realized appreciation from those transfers occurs outside the owner's taxable estate, which can enable for significant tax savings.

That's why we always strongly recommend that owners should wait until the purchase agreement is ready to start planning.

Do you see these types of business owners also saving outside of the company for retirement?