Luke Haggerty
Luke brings more than 10 years of experience as a public accounting professional, including 7 years with a national firm. He specializes in partnership and corporate income tax compliance, accounting for income taxes under ASC 740, and tax planning and compliance for business combinations.
His additional areas of expertise include working with high-net-worth families and individuals, multi-state filing for Subchapter C consolidated corporations, closely held companies, and international tax compliance. Luke also has experience with exit planning strategies and tax due diligence.
He provides a full range of income tax compliance and planning services to a diverse range of middle-market clients, with a primary focus on private-equity-owned enterprises. Luke works with both public and private companies across various industries, including real estate, retail, hospitality, technology, biotech and medical devices, and legal services. In his free time, Luke enjoys boating, fishing, attending church, and spending time outdoors with his wife and children. Professional Qualifications & Memberships American Institute of Certified Public Accountants (AICPA) – Member Florida Institute of Certified Public Accountants (FICPA) – Member
Education Jacksonville State University – Bachelor of Science in Accounting
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What Is the Business Owners Council?
The Business Owners Council (BOC) is a collaborative network of experienced financial, legal, tax, and business advisors focused on one outcome: helping business owners build value and exit on their terms.
Founded in 2008 and inspired by the principles of strategic exit planning, the BOC connects entrepreneurs with coordinated expertise designed to align business growth with personal financial goals.
We don’t just help you grow your company — we help ensure that growth translates into lasting wealth.
Not sure if this is for you? Use the form to request a consultation if it isn’t the right fit, we’ll point you to better resources.
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Why normalizing finances might be a good idea before selling your business
Why normalizing finances might be a good idea before selling your business
When preparing to sell a business, one of the most important yet sometimes overlooked steps is normalizing the financial statements. Normalizing finances involves adjusting a company's financial records to reflect its true economic performance, removing any unusual, non-recurring, or owner- specific expenses or incomes that do not represent the ongoing economics of the business. Here’s why normalizing finances can be a wise and strategic move before selling your business.
1. Provides an Accurate Picture of Profitability
Potential buyers want to assess the true earning power of a business. Raw financial statements often include unusual costs or benefits that can distort profitability—for example, a one-time legal settlement, excessive owner salary, or personal expenses run through the business. By normalizing finances, these anomalies are adjusted or removed, giving buyers a clearer understanding of the company’s sustainable earnings. This transparency often leads to higher valuation multiples because buyers trust the numbers more.
2. Enhances Buyer Confidence and Speed of Sale
Clear, normalized financial statements reduce buyer skepticism and shorten the due diligence process. When buyers don’t have to guess or question what is “real” versus “one-off,” they can make faster, more confident decisions. This can reduce negotiations over price and terms, potentially leading to a quicker transaction.
3. Levels the Playing Field for Comparison
Normalized financials allow buyers to compare your company fairly with others in the same industry. Since non-recurring expenses and owner-specific costs vary widely, removing them makes your business’s financials more comparable, helping buyers see the business’s true market position. This is essential in competitive bidding scenarios where buyers benchmark multiple offers.
4. Highlights Growth Potential and Operational Strength
Removing personal or unrelated expenses from the financials can reveal the real operational efficiency and profit potential of the business. This can help you showcase opportunities for growth and optimization that might otherwise remain hidden in raw financial statements.
5. Protects the Seller’s Interests
If financial irregularities or owner perks are left in the books, they become negotiation points for buyers to push the purchase price down. Normalization proactively addresses these issues, helping sellers maintain stronger negotiating positions and justify higher values. Sellers can also demonstrate good business governance, which is attractive to buyers and investors.
6. Facilitates Financing for Buyers
For buyers financing the purchase through lenders, normalized financial statements are essential. Lenders want to see reliable and sustainable cash flow to approve loans. Presenting clean, normalized financials increases the likelihood that buyers can secure financing, broadening the pool of potential purchasers.
Conclusion: Present Your Business at Its Best
Normalizing finances before selling a business turns your company’s financial statements into a reliable, credible story of ongoing profitability and growth potential. This transparency builds trust, reduces friction in negotiations, and often results in higher sale prices. Sellers who take the time to normalize have a smoother selling process and preserve more value for their years of hard work.
