- September 19, 2024
- Posted by: Business Brokers & Consultants
- Category: Seller Articles
Emotions can significantly impact the sale of a business and your emotions, as the seller, may be more complicated then you realize. Years of time and effort devoted to any business cannot help but create an emotional investment as well. Love it or hate it, part of your identity is inevitably tied to your business. So, before you commit to selling, pause and ask yourself if you are 100% onboard.
Here are some reflective questions to help you gauge your readiness:
Why Are You Selling?
Are your reasons for selling clear and well thought-out? Do they align with your personal and professional goals? Selling should be a strategic decision, not one that is influenced by temporary emotions. If external pressures are the motivate, consider whether those pressures are likely to change in the short-term.
Do You Have Future Plans?
You must have a plan for what comes next. Are you going to retire? Move on to another career or relocate? The mental and emotional effort you put into running your business will need to be redirected somewhere.
Whatever the plan, it should be a goal that you truly look forward to achieving. Otherwise, you are likely to encounter difficulties post-sale. You may even subconsciously sabotage the deal when an offer is presented because a sudden realization of “then-what” causes you to be conflicted. I have seen seller’s do this and really regret it later.
Do You Have a Strong Support Network?
You will need a strong support network of professionals, family, and friends who are on-board with your decision.
Aside from the stress that comes with the sales process, relinquishing control of your legacy can also be traumatic. A good broker can minimize the hassle associated with the sales process, but you’ll need support from family and friends, too.
It’s common for business owners to form long-term friendships with their employees, customers, and vendors. These can become the core of their social network, leaving them to feel a bit isolated when they stop working. It’s prudent to make sure your social network is robust enough to survive the sale of your business.
Selling a business is a massive decision for most business owners. It only makes sense to be sure that you’re emotionally ready to sell.