Selling a business and walking away can be very difficult. But in many cases, as part of the sale, there's a transition period that can be as short as a month or as long as a year or two, depending on the size of the company and the role of the owner. In most situations, once the seller passes the baton to the buyer, the new owner wants the seller to remain on board as part of the team. It helps shorten the learning curve and provides a seamless transfer of key relationships. In the typical business sale, a transition period of several weeks is included. Sometimes a telephone consulting period is added that can span six months or so with specific time limitations alloted so the seller is not overly burdened. Also, the seller may additionally be retained as a consultant at a negotiated rate. In some instances, a long-term employment contract is transacted and the seller maintains daily involvement for a much longer period of time. For the owner who wants to sell the company and leave quickly, the fo ...

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