Blue Sky would like to send a heartfelt thank you to Scott Snider, president of the Exit Planning Institute, for his recent senate testimony and continuing to spread awareness on behalf of business owners: We at Blue Sky Advisory Services extend our deepest gratitude to Scott Snider for his illuminating testimony before the U.S. Senate committee on “Succession Planning: Opportunities to Build Wealth and Keep Jobs in Local Communities” held on January 24, 2024. As the Presiden

As global business increases with technology, so does the reach and rate of business scams. As you consider selling your business  you are particularly vulnerable to attempts of being scammed. If the sale of your business is your plan for funding your retirement, approach a sale with an abundance of caution. Preparing your business for sale while running the day to day business can lead to distraction, exhaustion and the potential for missing subtle signs that something is wr

How do I sell my business? Such a simple question. Unfortunately there is no simple answer. When it comes to selling a business, one size does not fit all. The answer is a series of additional questions that need to be addressed first: Have you considered what you will do once you are no longer working 50+ hour weeks? Do you have a REALISTIC idea of what the business is worth? Have you updated your financial plan and Estate Plan to understand the impact of the net after tax p

We have all heard of the impending silver tsunami. The crashing sound of the baby boomers rushing to the exits to enter the world of...

We all know that every day is a gift; none of us know what tomorrow holds in store for us.  As a business owner, one of the most important things you can do to preserve your business, your legacy and protect your family in the event of an unforeseen event is to have a detailed and up-to-date contingency plan.  What is a contingency plan? Simply put, a contingency plan is a written set of instructions of who, should do what, when, in the event of your incapacitation or death.

Death taxes and selling your business. As 2020 has thankfully ended and you continue to plan for 2021, one of the most important questions you need to ask yourself is: Am I and my business prepared for the unplanned?   As we all learned in 2020, the unplanned will pop up suddenly. A global pandemic, an economic shutdown, and even a workforce suddenly working remotely.   What should I look out for when selling my business? On a microlevel, as business owners, we have had to de

What is my business worth? Ultimately, the person writing you a check for your business is the ultimate arbiter of the value of your business. Unfortunately, that is not the time you want to understand what someone is willing to pay for your business and why. Having a realistic understanding of the value of your business , why it is valued at that amount, and what that value means to your overall personal financial goals is critical. The price that someone is going to pay for

Major league batting champions work with club-provided and personally hired hitting coaches. PGA tournament winners have swing coaches.