Motivation by Listening

Listening skills are a very powerful motivation factor.

Hardly any people are actually good at listening, being more interested in what they are going to say next. When you think about how many people you have met who can remember your name or what you said, you’ll find it is very few indeed. That generally seems to be the norm so when you do meet people who you think are good listeners, your feelings towards these particular people are usually more positive.

By that I mean you likely would place more trust and confidence in them. So because most of us find it very hard to listen, we are surprised by somebody who does listen and we tend to endow them with greater capabilities than they may possess.

This is the secret of motivation by listening. If we can learn to listen well, the people we listen to will be motivated and inspired by our attention.

Most salespeople consider themselves to be good talkers instead of listeners. You hear people saying: “He is a born salesman, he’s got the gift of the gab”. Many people believe that the speaker holds the power and that the listener is meek or docile. Actually you will find that the good listener has much more power in any conversation. The listener is able to gather more information than the talker and armed with information can then produce the desired result.

When two people are conversing, the one who really dominates the conversation is the person who is asking questions and listening carefully to the answers. When we want to motivate somebody to give their best effort, or to follow our direction, we will do so more effectively by listening to their responses to the situation.

Therefore the real job of the salesman is to listen carefully to his customers and understand their needs and concerns. Although they might ask you a few questions first, most successful salespeople will agree with this.

So what steps should you follow to create motivation by listening?

1. Repeat or rephrase so you can clarify the information given

2. Give useful information in return.

3. Listen for the emotions. Selling especially is often based on emotional factors more that objective facts.

4. Look people in the eye and make some reassuring gestures or tones to encourage the speaker.

5. Be careful not to distract the speaker – give them your full attention while they are talking.

6. Show that the discussion is important to you too.

Listening is an essential skill for making and keeping relationships. When you are acknowledged as a good listener people confide in you and trust you; as a manager of people or as a salesperson this is your route to success.

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How to Win the Financial Battle Vs Your Automobile

Think in the Long Term (for Models)

Buy the car you want – but only after it is at least two years old, and three would be better. By doing this, you automatically save hundreds of thousands of dollars over your lifetime.

When I was 23, I wanted to buy a nice four-door sedan, and I was drawn to the Cadillac STS. The new model had a base price of more $50,000, and with any kind of little extras the sticker was almost $55,000. I was doing very well at a young age, but I wasn’t doing that well to blow 50 grand on a new car.

I was thumbing through my local paper (yes, this was before the Internet changed everything) and saw an ad for a 2½ year old Cadillac STS for $19,500. The car had less than 40,000 miles on it and came with an extended warranty to 90,000 miles. It was gorgeous, shiny and just serviced.

It was an attractive price since the first owner was eating the depreciation.

According to the average car will lose 11 percent of its value the second you roll it off the lot and an additional 15 percent to 20 percent the first year you own it. The second-year depreciation (loss) is another 15 percent, for a loss of at least 45 percent over the first two years.

Depreciation is usually calculated off of the base price, not the extras. This could be the sport package that raises the price $10,000 but only gives you $2,000 back after the first year or two. So it’s quite possible to find beautiful cars with manufacturer warranties still in place and pay 35 percent to 50 percent less than the first owner did when purchased new.

I drove that car for four years, had very few out-of-pocket repairs, and sold it for $3,500.

So what kind of deal could you get today? When I was young, one of the dream cars was a Ferrari Testarossa, and its price was around $200,000. You can buy one now for around $50,000, and most don’t have that many miles on them because they’re babied by the owners.

Think in the Short Term (for Loans)

If you finance your auto purchase, you can save a lot of money by keeping the term to no more than 36 months. This builds equity in the car faster and saves on interest.

This might be difficult because the monthly payment is higher than if you finance over six years, and it’s higher than a monthly lease. If you finance $25,000 at 5 percent interest for three years, your monthly payment will be $749.27, and your total payout will be $26,974. If you extend that loan out to six years, your monthly payment drops to $402.62, but your total payout rises to $28,989. That’s $2,015 more out of your pocket to own the car.

Assuming you buy the car with a small down payment, by financing it for six years, your loan pay-down is going at a much slower pace than the depreciation on the vehicle, creating an “underwater” situation on the car almost from the get-go. During the three-year program, you’re paying down the car faster than it’s depreciating, giving you options if you have to sell the vehicle.

If you truly can’t afford that three-year payment, take out a five-year option and send a little extra every month toward the principal to pay it off sooner.

Leasing a newer model looks attractive because the monthly payment is less, but you might not want to do that. I’ll explain why next post, when I offer several other ways to save loads of money when purchasing an automobile.

Believe it or not you might be better off buying your own car rather than funding your 401k or IRA!

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It's a Doozie – The History of the Duisenberg Automobile Classic Motor Car

It can be said that many of the greatest things in life start off with humble beginnings. So is it with the Duisenberg Motor car. You may have heard the expression off times – "That's a Doozie" or "It's a Doozie". These are all references to a great car and car automaker of renown – the Duisenberg.

The Duisenberg began its life as the Auburn-Cord-Duisenberg. Ernest Lobban Cord began his career in the automobile industry in a most humble manner – as a simple repairer of model T Ford cars. It could be said that this start of the Duisenberg line met with even fairly mixed fortunes. – Mr. Cord said to have become a millionaire three separate times even before he reached the ripe and experienced age of 21 – losing his entire fortune fully each of the three times. Finally at the ripe old age of 30 years and with lasting and real wealth ,, Mr. Cord joined the failing Auburn company as its "general manager"., Bought a substantial share in the company and proceeded to bring Auburn back onto the path of financial security and wealth.

Aside from being obviously a clever engineer himself, Cord had the greatest ability and abilities to spot great talents and talents in others. As a result he spotted, hired and employed such classic notables and famous legends in the automobile trades as Gordon Buehrig, Harry Miller and Count Alexis de Sakhnoffsky. Next Mr. Cord promptly bought control of the Lycoming engine plant and the Duisenberg Company itself.

The Deisenberg brothers, Fred and August had originally begun by actually making bicycles in their adopted "home town" of Des Moines Iowa, before going into the sport of motor racing, building their first racing car in 1903. The Duisenberg Company itself was formed in 1912 to build race cars, and their success led inevitably to the manufacture of standard road cars. The first of the Duisenberg line of standard motor cars for the road and non-racing a driver was the Model A tourer. The Model A "Tourer" has been dated for the year 1920. It can be rightly said with truthfulness as well as knowledge that the Duisenberg road cars were more than heavily based on the knowledge and expertise gained from auto racing itself and were excellent examples of advanced engineering and automotive mechanical technologies of the time. The Duisenberg automotive product line quickly established a more than solid and well earned reputation on the roads just as the Duisenberg racing cars had collected a bevy of speed and racing records. Amazingly the Duisenberg racing group had taken the venerable race wins of Indianapolis in the years 1924, 1925 and 1927.

It can be said that Mr. Cord's tough leadership and empire-building ambitions had brought a most vital had brought a most effective combine into being and Auburn-Cord -Duisenberg proceeded to flourish in no uncertain terms. Unfortunately Cord's timing was particularly bad and all of his projects reached fruition in the same fateful year – 1929, the same year as the great stock market "crash". Miller, himself, patented his version of "Front Wheel Drive"

The following year – 1929 – in which for the first time the Cord nameplate itself was used – the L29 was introduced and released for sale. Designed by Carl van Ranst, it carried Miller's front axle setup. Next in line were such speedy and flighty cars as the Auburn Speedster which was had the distinction of being the first car line that stated and guaranteed that each car had been individually been speed tested to 100 miles per hour.

Hence the Duisenberg reputation as fine motor cars of great speed as well as beauty was born, cultured and maintained. It's no accident that the name Duisenberg carries such a reputation and notoriety among car aficionados.

The expression "It's a Doozie" has been well earned.

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Automobile and Car Locksmith Services

Many people think of a car locksmith when they lock their keys in the car and cannot get in it. A car locksmith can provide many additional services if you have locked the keys inside of the car. These services include rekeying the doors, ignition, emergency vehicle and trunk opening, key extraction, and much more.

Some people drive high security vehicles today that have transponder chips in them. You can start your car by the press of a button. Losing a transponder like this could seem devastating and if you call the manufacturer of your vehicle, they will charge you an arm and a leg. A car locksmith can actually help you with installing an entirely new system if you lose your keyless entry system.

The most common reason people call a locksmith is to get inside a locked car with the keys inside of it. Many women will put their purse and keys in the front seat, children in the back seat, and the groceries in the trunk, and realize they have locked their children in the car. This is extremely common, except it can be very dangerous on a hot summer day and the windows are up. A locksmith can pop the lock of the car and get you inside of it. However, a car locksmith can also open a trunk if you have locked your keys in the trunk. If you have lost your keys, no matter the type, a locksmith can help by rekeying the ignition and the doors.

A car locksmith is available 24 hours a day to assist people locked out of their vehicles. In most cases, it is usually cheaper to pay a locksmith than to call your insurance company to assist you. Most people have a deductible with their insurance company much higher than what the locksmith is going to charge you. Not all locksmiths accept vehicle insurance but most do. Any type of emergency lock service you need for a vehicle, it is best to call a locksmith.

Many people get into cars themselves when they lock their keys in it. The problem is that doing this can cause damage to the paint, the interior of the door, and even cause problems with the window. A car locksmith has the appropriate equipment to open a door quickly and gain you access. There is no reason to spend hours causing damage to a lock when a locksmith can take care of it.

Always call a car locksmith if you have troubles with a lock in a vehicle. If you have locked your keys in the car, if you cannot get in a locked trunk, if you need to rekey the ignition, and if you have lost an auto starting mechanism for a keyless vehicle, call a locksmith.

http://car-locksmiths.com/

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The Importance of Technical Knowledge in Modern Auto Sales Training

Technical knowledge is becoming increasingly more important in modern auto sales training. In the past it was sufficient for salesmen and women to be able to explain to customers how their cars should be serviced and answer general everyday questions such as what the carburetor does.

In fact, even these questions were few and far between because cars driven by gas (petroleum) powered internal combustion engine had not changed much since Karl Benz’s invention in 1885. Yes, various aspects of car design had changed significantly but not the way they were powered. Today we have alternatives.

Staff selling automobiles today must be trained in the differences between the various fuel types: gas, diesel, electric, LPG and whatever else is developed. The days are gone when new developments in automobiles and other vehicles take years to come into production, let alone become available to regular customers.

Potential Questions on Modern Automobile Technology

Here are some of the technical aspects of automobiles about which your sales staff are liable to be asked, and for which they will be expected to have expert knowledge.

  • What’s the difference between diesel and gas?
  • Is diesel cheaper than gas and are diesel cars harder to maintain that regular cars?
  • What’s a hybrid?
  • How do hybrid running costs compare to diesel and gas?
  • How do I change from gas to electric in a hybrid?
  • Where is the nearest electric car charging point to me?
  • Will an electric car get me to my work every day for less cost than another fuel?
  • What’s a hydrogen cell?
  • Are hybrids/electric/hydrogen cell cars easy to maintain – can I fix faults myself?

If you sell vehicles that use any of the above alternative energy sources then visitors to your dealership or car lot will expect you to be able to answer these questions – or questions like them. You can likely think of several more – perhaps through experience!

Importance of a Car Sales Course

Do you have a training course that helps your staff find out where to get this information? Do you teach your staff – or even yourself – these basic fundamentals of modern car technology? Or do you expect them to teach themselves? It is extremely important that your auto sales personnel are aware of each of the above auto fuel options and are able to answer questions about them. But that’s not all they must know!

Another aspect of auto sales knowledge that has changed in recent times is the interaction between prospect and salesperson. Has every member of your sales staff been trained in how to approach and communicate with a new visitor to your lot or showroom? If the first approach and interaction goes wrong, then you can forget about that prospect becoming a customer.

The days are well gone when you could take on a new salesmen or women with little or no sales experience and expect them to learn on the job. Effective auto sales personnel are now well-trained people who understand sales psychology as well as every car on the lot! They can answer questions on hybrids and power cells, and offer advice based on sound technical knowledge.

Sales Staff Auto Sales Training

However, it’s the approach that counts, and how auto sales personnel can interact with prospects that make the difference between a sale to a happy customer and a disgruntled prospect walking off the lot to go somewhere else. A car sales course can make the difference between success and failure, and by sending staff to an auto training course, you can make a significant improvement to your sales figures.

If you are an individual with a desire to make auto sales your chosen career, a recognized car sales course can make all the difference to you as well. By showing a prospective employer your course diploma, you will put yourself ahead of all those applicants without one.

So what is needed by successful car sales staff today – male or female? It is a knowledge of cars and their alternative power sources, and also proper training in how to sell the; how to approach visitors and convert them into new customers; how to retain the customers you have and how to send everybody way so impressed that they will sing your praises to everybody willing to listen! A car sales course can offer most of this – if not all!

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Current Economic Condition of Auto Industry Affects Steel Market

Steel, the biodegradable super-metal, is incorporated into countless facets of human life. One of the most widespread uses for steel is the manufacturing of automobiles. The cars that we drive are made up of this lightweight, durable material. However, due to the current faltering condition of the auto industry, steel manufacturers are seeing a drop in sales due to decreased demand for consumer automobiles. 

In the United States, the automotive industry accounts for a large portion of steel manufacturing business. In North America alone, automakers produced 16.5 million units in 2006. The projected output for 2009 is 10.5 million units, a 36 percent decline. For those of us living in the Midwest, this economic crisis hits close to home. Detroit and the surrounding area has always been a hub for automobile producers, home to Ford Motor Co. and General Motors Corp. Due to their close link with the auto industry, steel producers and manufacturers are also hard-hit. MCN, or Metal Center News, recently published a survey of 45 toll processing and steel manufacturing companies. The results indicated that a majority of the respondents (57 percent) sighted their business being down by an average of 22 percent in 2008. However, 16 percent claimed flat revenues and 27 percent recorded gains.  So, even though the general market trend is headed in a downward slope, there are still companies that site profit. 

In this dismal economy, it is important to remember the positives. Chrysler, one of the United States’ top three auto producers, has recently declared bankruptcy.  However, on May 30, 2009, the auto giant entered into federal bankruptcy protection. With help from President Obama and government funds, Chrysler has partnered with Fiat and will continue to produce automobiles for the American market. Many of these auto companies are forced to merge, considering that current economic conditions will not allow them to stand on their own feet.  These collaborations can yield positive and negative returns for steel producers.  When one company partners with another, two clients then turn into one, which may result in decreased profits.  However, steel producers benefit because Chrysler did not go under. The company is still producing automobiles, which means that they will still need steel to make these cars, which is good news for steel producers. 

TAG LINE

The author of this article is a representative of Capital Steel & Wire, an international distributor of steel bars, steel wire and wire rods. Visit them on the web at capitalsteel.net.  

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How to Jump Start an Automobile Battery?

There can be several reasons due to which car batteries can lose their ability to start an engine. It is possible to recharge the batteries by undertaking a jump start. While undertaking a kick off start it is essential to follow a methodical process. By means of following a systematic process, it is possible to ensure personal safety and avoid electrical problems. Automotive batteries are subjected to frequent explosions. This is the main reason as to why one should wear protective goggles while undertaking any kind of repair work. Mishaps can frequently occur in these devices as they contain hydrogen gas. It is a fact worth mentioning that exploding batteries are an extremely rare phenomenon. In order to impart a jump start, two vehicles are required. It is necessary to park the booster vehicle in close proximity with the vehicle that needs the kick off start. After that, it is necessary to apply brake on both the automobiles. One should ensure that one end of the jumper cable is attached to the red clamp while the other end is fixed to the black clamp. The metal clamps should be free of corrosion.

While making the connections, it is necessary to connect the red clamp to the positive terminal of the malfunctioning power unit. One should make sure that the connection is secure. The other clamp should be connected to the positive terminal of the battery of the booster automobile. The black clamps of the jumper cable should be connected to the negative terminal of the booster automobile. The last free clamp should be fixed to a metal ground on the engine. By following the above mentioned steps, it is possible to successfully set up the connection. Batteries are known to lose charge on a regular basis. It is necessary to jump start them on a regular basis. In order to ensure the safety of the vehicle it is mandatory to follow the above mentioned guidelines.

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Know Why Transponder Keys Are Reliable

Some tools are optional and some tools are not when it comes to safety. Today, transponder keys are one of the indispensable tools and the best option there is if you want a reliable and easily connectable wireless sensor for monitoring, safeguarding, presence sensing as well as other control applications.

Modern automobiles that come with a transponder key are definitely a good investment because it guarantees safety. Standards and rules of automobile manufacturing using keyless operations are becoming more harmonized and widely accepted for the reason that more and more people are realizing that automobile safety pays instead of costs. Additionally, a growing number of end users are demanding it, too. Automobile safety is becoming a top level and must-have service that’s essential for manufacturers to deliver.

A receiving and transmitting device that relays signals can also be equipped with an immobilizer system. This is a factory installed antitheft technique that utilizes RFID technology to “immobilize” a car since a transponder is a part of a technology that utilizes labels that generate radio signals to identify things like in the case of automobiles. The system is the basis of almost all up to date original equipment manufacturer immobilizer systems. This type of key is considered an electronic equipment communicating with radio and is fixed in place in the transponder key. They system stores an inimitable alphanumeric code required to start a car. The transponder key is the most frequently serviced part of the system.

The transponder microchip is also called a “pellet” inside the system which contains all the codes thus when the key is put into the ignition lock an electromagnetic field produced by the transmitter fires the pellet located in the transponder key then convey an alpha numeric code back to the automobile. If the code that was sent out matches an earlier saved code, the car will start. Be aware that for transponders, absolutely no two systems are alike hence don’t work the same. Various car manufactures employ exclusive legal rights for authenticating the alphanumeric code stored in each transponder key. Transponders are equipped with 2 types of security codes which are:

1. Rolling Code which is transmitted to the car each time it is started.

2. Fixed Code that is transmitted to the car each time the key is utilized.

If you happen to own a vehicle that comes with a coded car key, you sure know that your car’s key code is incorporated in the purchase paperwork of your vehicle, so when you lose your transponder, you can look for a trustworthy locksmith that is skilled at making or reproducing coded keys for automobiles. You need to bring the purchase paperwork of your vehicle because you need to show the locksmith how to cut the key to make it precise to your car type and brand. In making new transponder keys most key makers use the vehicle identification number instead of the code. It would still be best to contact your car dealer before you go to have a new key made for your car.

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Automobile Appraisal Expert Witnesses For Litigation

According to the latest US census data, there were 10.8 million traffic accidents in 2009, with similar numbers seen in other years. Those are a lot of auto insurance and personal injury claims, each one requiring expert auto appraisers to evaluate the vehicleular damage. If the insurance company has reason to reject any claims, the same experts could be asked to take the stand as auto appraisal expert witnesses.

Unfortunately, too many auto accidents are also the result of criminal negligence. Such cases usually involve serious charges, such as DUI, speeding, reckless driving, and even vehicular manslaughter. During the trail, lawyers will often rely on automobile appraisal expert witnesses to help prove their interpretation of the facts.

When is an auto appraisal expert needed?

Broadly speaking, an accident can be caused either by a mistake by one or more drivers, or due to some malfunction or failure in one of the vehicles. Since vehicles are often badly damaged and torn apart in the aftermath of a high-speed crash, how can the court decide what was responsible for the accident?

A qualified automobile professional can look for tell-tale signs of common problems, even in the worst damaged vehicles. Experience is also important, and a senior auto appraiser can use accumulated practical knowledge to analyze an accident scene.

Some cases require auto appraisal expert witnesses with a narrow focus of expertise. For instance, if a lawyer is convinced that her client's accident was caused due to a particular car model's faulty design, she will look for auto experts with long-term experience of that brand and model. Such expert witnesses can give first-person testimony based on real, practical experience.

Finding the right automobile expert

Really, it depends on the case. However, good lawyers follow some basic guidelines in selecting auto appraisal expert witnesses to support their side. This is because a court trial is an adversarial situation, where both sides will try to bring the better, more qualified expert.

When it comes to vehicular accident cases, both lawyers and juries seem to prefer practicing professionals from the automobile industry over non-professional and academic experts. Lawyers also look for auto experts who have the highest industry qualifications. It helps if the expert is also able to demonstrate an ongoing interest in updating and improving professional skills.

Lawyers are also interested in the candidates' personality and appearance. In court, the experts have to be able to communicate complicated concepts, present their own opinions and conclusions, and defend them against cross-examination (which can get quite forceful!)

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Allocation of Bluesky – Goodwill in an Automobile Dealership Sale

The IRS defines goodwill as “the value of a trade or business based on expected continued customer patronage due to its name, reputation, or any other factor.” IRS Publication 535: Business Expenses, Ch. 9, Cat. No.15065Z.

The American Society of Appraisers defines goodwill as: “that intangible asset arising as a result of name, reputation, customer loyalty, location, products, and similar factors not separately identified.” And as “that intangible asset arising as a result of elements such as name, reputation, customer loyalty, location, products, and related factors not separately identified and quantified.”

Goodwill, however, can be separated into personal and business (enterprise) goodwill. Unlike enterprise goodwill, personal goodwill is the intrinsic value of services of a specific and identifiable person to a business.

The distinction between personal and enterprise goodwill is important insofar as: (a) saving taxes in the sale of businesses; and (b) dividing assets in a marriage.

In divorces, enterprise goodwill is considered marital property and can be divided, while personal goodwill is the sole property of the individual. See: May v. May, 589 S.E.2d 536 (W. Va. 2003) and Ledwith v. Ledwith, 2004 Va. App. LEXIS 488 (October 12, 2004).

When a C Corporation is sold the enterprise goodwill is taxed at the corporate rate (which could be as high as 35%), and then again as a dividend (another 5 – 15%) when it is distributed. Not including any state taxes that may be owed, a $3,000,000 gain could result in only $1,500,000 after-tax dollars to a shareholder.

With some exceptions, sales involving S corporations, partnerships, sole proprietorships or other pass through entities, blue sky gets taxed only once as a capital asset. Note: One can also incur C Corp. tax with an S Corp, if the S Corp. is not at least ten years old and does not have, for example, adequate built in gains. (Visit your accountant for the fine details).

In this article we are interested in car dealership sales and are looking at assigning a portion of the sale proceeds to personal goodwill because, as CPA Carl Woodward notes in the Spring 2006 publication of The AutoCPA Group’s “Headlights”: “For some dealerships, much of the total blue sky value is due to this personal goodwill.”

The concept of separating goodwill with personal and enterprise distinctions first appeared in the 1986 Nebraska case of Taylor v. Taylor 386 N.W.2d 851 and then spread to other states. See: Beasley v. Beasley, 518 A.2d 545 (Pa. Super. Ct. 1986); Hanson v. Hanson, 738 S.W.2d 429, 434 (Mo. 1987); Prahinski v Prahinski, 75 Md App 113, 540 A2d 833 (1988); In Re Marriage of Talty 166 Ill 2d 232, 652 NE2d 330 (1995) and Martin Ice Cream Co v. Commissioner (110 T.C. 189 1998).

In 1998, Norwalk v. Commissioner TC memo 1998-279 held personal goodwill stems from an intangible asset that is the property of the individual, not the corporation, and that personal goodwill could be paid to owners because the employment contracts of the individuals expired when the corporation was sold.

(Some courts suggest a seller enter into a non-competition agreement to protect the value of personal goodwill, however, if the personal goodwill portion of a purchase price was paid for a non-competition agreement, it would create ordinary income rather than capital gain.

Also, while Norwalk held personal goodwill is not transferable without a covenant not to compete, in most states and the Restatement of Contracts non-competition agreements are controlled by, among other things, standards of “reasonableness.” And, in some states, enforceability is questionable.

Personal goodwill allocations have ranged between 10% and 90% of the total purchase price. In sale of Tresco Dealerships, Inc., roughly 40% of the goodwill was allocated to the dealer principal as “personal goodwill,” resulting in a tax savings of approximately 27 cents on the dollar.

In on case a medical practice had a total appraised value of approximately $600,000, with hard assets of $165,000. The appraiser then allocated $165,000 to the equipment and supplies, $35,000 to corporate goodwill, and $400,000 to the personal goodwill of the doctor.

When structuring asset sales of “C” corporations, buyers are usually agreeable to such allocations because it does not produce adverse tax consequences to them.

The IRS’ evaluates personal goodwill in the context of the facts revolving around each sale and the selling corporation’s contracts, articles, minutes, and such. Did the shareholder, for example, have a non-competition agreement with the corporation? Was there an employment contract that gave the corporation the benefit of the shareholder’s personal goodwill? Did the buyer think he was purchasing personal goodwill? Did the seller think he was selling it? (See: Private Letter Ruling 9621002).

This article is limited to discussing “personal goodwill” and is not intended to cover all of the tax-saving methods available in the sale of a dealership. Talk to your accountant and tax attorney about other options, such as installment sales and such.

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