How to think about exit transactions

When contemplating a sale, a little self-reflection goes a long way. Sometimes, it is hard for an owner to set aside his or her attachment to the business and its employees in order to understand what he or she really wants out of the transaction. It can be as simple as liquidity — that is, money — but there is usually a lot more going on.

The exit could be occurring in the context of succession planning where family dynamics can be fraught or tense; it could be that the seller wishes to retain…