For me it depends on where the link originated. If it's a 404 within your own site, that shows sloppiness that will make me question your ability to run a busin

For me it depends on where the link originated. If it's a 404 within your own site, that shows sloppiness that will make me question your ability to run a business. However, if I get a 404 on a link from an external site, I'll assume things have been reorganized and try to find the new location myself (while wondering why it was moved). Changing URIs without setting up forwarding is so common I wouldn't give it much thought.