Pitfalls of Selling a Business Without a Plan

On this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Mike Rudow to discuss his article, "Pitfalls of Selling a Business Without a Plan."

Here are some key takeaways from their conversation:

- Selling a business without a structured plan can lead to serious financial and personal repercussions.

- It is extremely important to ensure the business is valued correctly, and a professional transition team is hired, so the owner’s needs are met post-exit.

- Proper exit planning can help the business become more attractive to the right buyers, so the business’ legacy is maintained, and long-standing employees are cared for.

- Owners should reflect on what will drive them and fill their time after the business is sold, as many people tie their identities to their business and do not properly prepare for life post-exit.

Read his article here: https://share.mortonwealth.com/dl/U3f5zfN8iw?trk=article-ssr-frontend-pulse_little-text-block