In every enterprise, I have created jobs and investment in the community. When the time came for me to sell, I provided a great opportunity for the next owner to succeed and be a productive member of society. In every case I was able to reinvest the proceeds of the sale into my next small business. Also, in virtually every sale, I have had to finance the purchase by taking back a note, a situation my accountant tells me would be financially prohibitive under the recent change in the law. If this law were previously enacted, most if not all of my arrangements to sell would have been financially impossible.
Buyers only have so much money to put down on a purchase.
Brokers want their money at the time of settlement and I need a certain amount of cash to live on and reinvest in my next venture. Ladies and Gentlemen, it is grossly unfair for the government to require me to come up with cash in order to sell my business to pay taxes on money I have not yet received. I have labored many years and reinvested a lot of taxed dollars in order to build equity in my enterprises. The current law will have a chilling effect on the transfer of small business ownership denying many people like myself from enjoying the fruits of small business ownership. I do understand that the consequences of this legislation were unintended.