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Laying the groundwork for the successful sale of a business represents one of the most significant challenges in the life cycle of any company and, often simultaneously, for its owners. Much of the difficulty lies in balancing two competing priorities, each of which demands careful attention. On one hand, a seller wants to realize the highest value it can in the transaction and must commit significant effort to steer the process carefully. On the other, day- to-day operations must remain sharp and managers focused. When that balance suffers, transactions can falter on anything
from failures of awareness to subtle tactical missteps.