Only lock in SLP and ETH if you can afford to wait out the temporary losses and understand the effect of fees on your final result. The Ethereum-Ronin bridge for Axie Infinity works both ways, allowing players to deposit or withdraw assets from their game earnings. To be certain the SLP will be swapped successfully, your MetaMask wallet must be supplied with enough ETH. SLP has no maximum supply, and instead, its availability grows based on game usage. So far, more than 3.2B SLP have entered the market, creating significant selling pressure and affecting the price.
If a current employee wants to purchase the practice but does not have the financial resources to do so, the buyout could occur from the current cash flow of the business. Using business cash flow can fund the buyout, but can lead to a highly tax-inefficient strategy. The SLP token is a digital asset based on Ethereum, meaning it requires some ETH inside each SLP wallet to be able to move the tokens. SLP can also move to the new Ronin network, using a smart contract with some gas fees to deposit and withdraw between two blockchains.
It’s a great resource whether you’re thinking about selling your practice or simply trying to optimize it as the first long-range step to maximize its value. While there are a lot of similar things, no matter what kind of service business that you sell, there are also some things that are unique to selling an SLP practice as well. If you thought your practice was worth $2 million off the top of your head, but it’s really only worth $1.2 million, then that changes things quite a bit.
- Similarly, if it is valued at $3.5 million, then you’ll happily need to plan for that eventuality as well.
- While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products.
- Think of it as the “shipping fee” of transferring your money.
New potential owners will want to see if you’ve taken steps for the business to survive, even if you do not. Ideally, this would include some kind of business continuity provision between the current owner and an insider. But this isn’t always easy when there are multiple owners or the sale to a third party is the preferred way to go. The drawback is that with this type of sale, future plans may be at odds with the owner’s vision for the future of the practice. Many practice owners cite this as an essential reason in choosing who they sell their practice to. Of these, about 60% anticipate they’ll exit through a third-party sale.
information presented should not be used as the basis
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tax, legal, or accounting advice. Consult your tax, legal,
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situation. A big part of the transition is that you can actually decide to whom you want to sell your practice. Money shouldn’t be the only consideration if you have the luxury.
Working with experienced professionals is the key to preserving your wealth and protecting your future. The good news (and kind of the bad news) is that there are a lot of options you can explore to help you reach your goal. That flexibility is critical, but it can also be confusing if you don’t know what to do. I’m able to apply specialized knowledge for speech language pathologists because I’m an advisor who works exclusively with professionals in this field. Another prerequisite step is to add SLP to your MetaMask token list. Before going through this part, you have to create a Binance account and undergo a “Know Your Customer” (KYC) verification process.
How to sell SLP to PHP using Binance P2P?
Make sure to talk to a tax professional who can create the optimal approach for you. A lead therapist or future owner of your practice will want to grow the value of the business after taking over ownership. Sometimes, Employee Stock Ownership Plans (ESOP) make good sense. The drawback is that setting up an ESOP can be time-consuming and costly, and an owner’s assets can be tied up when securing an ESOP loan.
If your exchange doesn’t support Axie Infinity tokens, you’ll need to swap them for a more widely accepted token like Ethereum. Axie Infinity is a game universe filled with fascinating creatures, Axies, that players can collect as pets. Players aim to battle, breed, collect, raise, and build kingdoms for their Axies. The universe has a player-owned economy where players can truly own, buy, sell, and trade resources they earn in the game through skilled-gameplay and contributions to the ecosystem. Axie Infinity is a Player-vs-Player (PvP), Pay-to-Win and Pay-to-Earn video game made by Vietnamese studio Sky Mavis. The game features creatures called “Axies”, which players can use in battles or “breed” them to create new offspring.
Converting SLP to USDT
SLP can be held in any Ethereum-compatible wallet, with MetaMask the most easily accessible tool. Other options include TrustWallet or Binance Wallet set to the Ethereum network. Make sure you are holding the right SLP token by verifying its smart contract. If you are withdrawing directly from Ronin Wallet, you have to select Ronin as the network. However, if you have your tokens stored on MetaMask, you have to select Ethereum.
Unless you’re transitioning to another money-making venture, you’ve got to take steps with the proceeds you receive from the business to protect yourself for years to come. If you want to sell a business quickly because you need to, then obviously, pricing it below what it’s worth is the first thing that will come to mind. You’ll need to hire an experienced and well-connected business broker unless you’ve already had discussions with someone as part of a succession plan. Consider reaching out to a targeted and likely buyer, to employees (through an ESOP), or think about adding a business partner who can eventually buy you out.
How to Set Up and Use Nami Wallet: A Popular Cardano Wallet
Sales of a practice to a lead therapist or clinical director are fairly common. Gas fees are payments to crypto miners for validating your transaction and placing it into the blockchain. As long as you send, deposit, or withdraw anything between smart contracts, there will be a gas fee. Think of it as the “shipping fee” of transferring your money.
Also, a business with a valuation of $1,000,000 would most likely not have the cash flow for the buyer to receive gross earnings of $1,538,462. When you’re selling or not, it’s always a good idea to have a succession plan in place anyways. You’ll want the business to carry forward if you have a health emergency, so deciding in advance about business, financial, and operational issues protect you in both cases. Staking SLP will be one of the riskiest tools to extract value. Locking assets on a decentralized exchange may lead to immediate losses when other traders withdraw or trade in their tokens.
What’s Transaction Failed & Invalid Collateral Error in Nami Wallet
Both AXS and SLP tokens are also accessible on the Binance Smart Chain. Unfortunately, if you fail to choose the right network, your tokens will be irreversibly lost. First, open your MetaMask wallet and copy your wallet address.
Finder.com compares a wide range of products, providers and services but we don’t provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Smooth Love Potion.
Best Smooth Love Potion wallets to store your SLP
Put a practice in the hands of a person that the owner trusts can allow the owner to remain active in the practice on favorable terms and ensure a smooth transition. This requires a lot of upfront thinking so that when you meet with a financial advisor, you’ll be able to hone in on other important parts of the transaction. Although every exit plan is unique, successful plans share several of the same characteristics. Heading into P2P means contacting a buyer and interacting with them to sell your USDT.
In exchange, players can earn Ethereum-based cryptocurrencies–in the form of SLP (Smooth Love Potion) and AXS (Axie Infinity Shards). Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market. To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it’s a good idea to have those ready.
At the same time, gas fees are also observable before confirming a MetaMask transaction. This image shows the estimated gas fee of ETH from MetaMask to Ronin, and it gets updated every seconds. The image here shows a live feed of relevant gas fees in Axie Infinity, primarily transactions done in MetaMask. You can find the fees for SLP, AXS, and ETH transactions between Ronin and external smart contracts.