Myers: Personal Goodwill Allocation Saved Hundreds of Thousands in Taxes
Jay Myers · The Audit That Saved Me Hundreds of Thousands When I Sold · Apr 16, 2021 · at 28:02
Jay Myers, entrepreneur and former CEO who sold his business in 2018, explains the tax advantages of earmarking acquisition proceeds for personal goodwill.
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“In our case, it saved hundreds of thousands of dollars in taxes because the tax rate was that much different. And I don't remember the exact percentages off the top of my head, but they were significant.”
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“In our case, we did that, and what could have been a 12 or 18 month process was shrunk down to whatever, four or five months.”
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“I guess it was a, 2011, we went from whatever those millions of dollars to twenty-five million in sales, and then we really started getting the calls, and I still blew them off.”
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