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Howdy, this is David Groce, your Texas Tax & Law Man. Today we begin a new series that highlights the importance of preparing your business for a successful transition. If you’re a small business owner that plans to retire or sell your business one day, this conversation will help you gain perspective on key aspects of this process. I'll be speaking with Garry Krum, the Founder and Chairman of Agora Strategic Consulting Group. He is passionate about helping businesses and organizations thrive. Garry has over 42 years of experience in mergers, acquisitions and strengthening businesses, helping businesses all over the globe achieve significant success. Be sure to check out the rest of this 6-part series as we discuss things you'll need to consider when preparing your business for transition. Part 1: How do I start preparing my business for transition? What does it mean to be “Exit Ready?” Part 2: How do I find the right buyer for my business? When should I start preparing for a potential sale? Part 3: Taxes, Bookkeeping, and the Importance of Transparency What would you expect if you were the buyer? (Honesty & Transparency) What are the tax consequences of selling a business? Part 4: What makes a business attractive to a buyer? How does passion play a role in success? Part 5: Why is it important to know your strengths and weaknesses? What does it take to succeed? Part 6: What Should I Do Next? What will I do after I sell my business? Until next time, Adios!