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Four Mistakes to Avoid When Transitioning a Business

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SUMMARY

Selling or transferring a business—whether to family members, management, employees, or a third party—is a monumental and life-changing decision. Prior to considering an offer, it’s important to do a fair amount of transition planning and preparation. Failure to fully prepare before negotiations begin could result in receiving a lower price or less favorable terms than could be available to you. This planning update walks through four common mistakes we see when a business is sold or transitioned to new owners. Taking stock of potential mistakes now, can eventually lead you to a better transition…whenever that time comes.