What are some common mistakes business owners make when they try to handle business transitions situations themselves?
• Lack of advanced planning leading to unnecessary pressures and fewer options • Unwillingness to address the tough questions and make the hard decisions • Being impatient or indecisive • Informing employees, vendors, and customers at the wrong time • Dont formulate a sound strategy for retaining key employees • Not taking the steps necessary to make the business look less like a family / lifestyle business • Employment agreements not in place • Overlooking potential acquirers or acquisition targets • Losing the trust of a potential buyer • Not taking into account the buyers perspective when preparing the company for sale or marketing the company • Not cleaning-up the financial statements • Overlooking tax consequences • Inadvertent assumption of liabilities
