migrate entire site to new domain properly?

intence

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i have a site that im helping for a friend that has been up and running for over a year now. its pretty established with high pr, traffic, lots of incoming links, etc.

he recently changed his business name and wants to change it.

is there a safe way to migrate an entire site to another domain without getting penalized or losing the traffic?

or is it not worth it. thanks
 
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