Plan for Philanthropy in the Sale of Your Business

Presenter: John Bankson, National Director Business Advisory Services, Wells Fargo Private Bank
Guest Speaker: Beth Renner, National Director Philanthropic Services, Wells Fargo Private Bank

John: Hi, I am John Bankson from the Business Advisory Services team at Wells Fargo. And today, I am joined by Beth Renner, National Director of Wells Fargo Philanthropic Services. Welcome Beth.

Beth: Hello, John.

John: Beth, in our Business Advisory Services, we often have business owners who are ready to sell their business and want to share some of their success by donating to causes that matter to them most. How easy is it to include philanthropy as part of the sale of a business?

Beth: It is easy John, but it takes some planning. Having a well-developed giving strategy ahead of the sale of a business is one key to becoming a successful philanthropist.

John: How can business sellers prepare? What are key priorities?

Beth: When it comes to donating proceeds from the sale of their business, clients usually have 2 priorities: to do it quickly and do it smartly. Let me explain:

Number 1: they want to donate in a timely fashion so they can quickly receive the tax deduction they may be eligible for in the year they make their donation

Number 2: they generally want their personal values to be reflected in their giving

John: What options can they consider to do so?

Beth: One option is to gift the proceeds of the sale to a donor-advised fund. The Wells Fargo Philanthropy Fund, for example, can make it simple to donate cash, securities or other assets to qualified charities and it can help maximize the impact of giving. Once a donor advised fund account is set up with a tax deductible contribution, the donor can choose to make a donation immediately or let their contribution grow tax free in different investment options available through the fund. This gives the donor time to identify the causes they are passionate about and when they are ready, recommend grants to qualified charitable organizations.

John: That really piqued my interest. Who do I call if I would like to talk more about my philanthropy giving options?

Beth: Contact your Wells Fargo relationship manager who will introduce you to a philanthropic specialist. Our experienced professionals across the country would love to show you how the Wells Fargo Philanthropy fund works, both for you, your family, and for the causes you care about.

John: These are some great insights Beth and I want to thank you for joining us. And special thank you to our audience as well.