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Mistakes small business owners make late in their careers

It is natural for Colorado residents to attempt to maximize returns during strong markets and protect against losses in weak markets. However, many small business owners don't take this approach when it comes to their companies. While they may work hard to grow their companies, they might not seek help and guidance to maximizing values.

Small companies tend to be dependent on the skills of the owner to run properly. They may also lack a diverse client base, which could make it harder to sell the company. Overall, as many as 80 percent of companies that are put on the market won't sell. Those who are familiar with mergers and acquisitions say that owners tend to overestimate the value of their companies, which can be a stumbling block to making a sale.

Overall, 78 percent of companies have no formal transition team while 49 percent have done no transition planning at all. This could be problematic as only 30 percent of all family-owned companies will survive into the second generation. Therefore, it may not be wise to assume that a child or another family member will simply take over the business when the current owner is ready to stop working.

In many cases, business transactions may be easier with professional guidance. Doing so may help the company sell in a timely manner and for a reasonable price. An attorney may be able to help a small business owner prepare documents or otherwise provide guidance when it may be time to sell the company. Legal counsel may also be helpful if there any disputes that arise regarding the terms of the deal or after the deal has been completed.

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