February 2009
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No exit is easy

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When exiting a business, be mindful of some common traps

by Kevin Kennedy
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Successful business owners can adapt and compete in a constantly changing marketplace. However, exiting a business requires an entirely different set of skills. Even with extensive knowledge about growing a business, most owners have no experience successfully exiting one.

Having a well-structured written exit plan is an important first step to exiting a business. Then, assembling a strong team of seasoned professional advisers (attorneys, accountants and wealth planners, for example) who have assisted other business owners with their exits is essential to crafting and executing a successful business exit.

There are six common traps business owners tend to fall into that often can lead to an unsuccessful exit and financial or emotional agony. The best way to avoid falling into these traps is to be aware of and understand them.



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