Selling a family business can be a pivotal moment, both financially and emotionally. While it can create opportunities, it also introduces a host of challenges that families often fail to anticipate. Here are six frequent mistakes families make during this process and tips for steering clear of them.

1. Lack of Advance Planning.
2. Ignoring Tax Consequences.
3. Failing to Update Estate Plans.
4. Not Reevaluating Financial Goals.
5. Making Impulsive Investment Choices.

By being aware of these common mistakes, families can better navigate the complexities of selling a business and transition smoothly into their new financial chapter.

Read the full article on Forbes.

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This communication is for information and educational purposes only. This is not a recommendation for the sale or investment in any product or strategy or to be perceived as individual advice. Information presented has been prepared from sources believed to be reliable but is not guaranteed and does not represent all available data necessary for making investment decisions. Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. Forecasts do not consider the specific investment objectives, restrictions, tax and financial situation or other needs of an individual. Actual data will vary and may not be reflected here. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. The opinion expressed by this individual is based on facts and circumstances known at this time, is subject to change and does not reflect the opinions of all financial professionals of XML.