Selling a family business is typically complicated and fraught with emotional issues for the owner. The owner is selling his means of livelihood, and more — the composition of his net worth, which will migrate from business earnings to a portfolio of liquid assets generated by the sale. The good news is that owners aren't going through the process alone, but are typically represented by teams of advisors. The role of the investment manager isn't to pass judgment on one or another term sheet, ...

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