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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