The very trait that often makes entrepreneurs successful is the cause of a big money mistake they tend to make.
“The biggest mistake we see entrepreneurs making is thinking they can do it all themselves,” says Ghislain Gouraige, 58.
Gouraige, a Haitian immigrant who graduated from the University of Pennsylvania and Harvard Law School, manages some $1.6 billion for wealthy clients from his UBS office in Coral Gables, Florda. Many of the clients are entrepreneurs who have faced or will soon face major liquidity events--a buyout, for example. When the time comes for a possible sale it's crucial they understand every detail, Gouraige says.
Sometimes, he says, entrepreneurs can be too decisive: They hear a big number and sell a company without thinking through things like noncompete clauses or tax implications. Most regret it.
Gouraige and his team, including three partners, aim to partner with clients before they've sold their business so they can be "more impactful." Planning ahead, before a transaction is in play, helps avoid any doubts and regrets later on, Gouraige explains.
"You've got to plan for it, and you have to be intentional. [Selling a business] is not something you do on the fly," he says.
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