If your business has prospered in the last year, then you have a powerful engine to fund your charitable goals.
With the increased value, you may even be considering a potential sale. Or you may be thinking about the increased taxes that come along with higher profits.
Here are a couple of ideas that may help you use your business for generosity.
Give a portion of your business before you sell it
If you are contemplating a liquidity event this season, this could be your opportunity of a lifetime to give more than you ever imagined. By making a gift of an interest in your business before the sale, you may receive a substantial tax deduction, reduce or eliminate future capital gains taxes on the gifted interest, and convert those tax dollars into more giving to your favorite charities.
Give a portion of your business while you still own it
To unlock more for charity without waiting for a liquidity event, consider giving a portion of your business now. You can donate a portion of your business, receive a substantial tax deduction, improve your cash flow, and still maintain management oversight of your business.
If you’d like to explore these two strategies or others, reach out to your local NCF team. They’d be glad to come alongside you to help you think through a personalized plan for your giving.