Selling a business can be a significant emotional event for entrepreneurs, as it often represents the culmination of years of hard work and dedication. It represents the several nights you stayed up to ensure that everything was perfect with your business. It represents the countless difficulties and hurdles you came across so that your business can succeed.
Now, when you are finally selling it and moving on, you might feel like you are loosing a part of yourself. Hence, you will probably experience several emotions. So, here is how you can accept and deal with the emotional flood gate you opened when you decided to sell your business.
Let’s face it: everything you are feeling is normal.
The emotions you experience while selling your business are nothing short of a roller coaster. You might feel happy one moment and the next moment all that happiness might fade into fear. But, it’s nothing to be worried about because everything you are feeling is normal. After all, you have worked so hard to make your business a success and now, you are bound to feel several emotions while walking away from it.
Here are some common emotional aspects of selling a business.
- Anxiety- You might feel anxious about finding the right buyer and wonder again and again whether the person you will be selling your business to will love and cherish it as much as you did. You might feel anxious about the sales process or finding someone who will give you a good price.
- Scared and doubtful- Selling your business means moving on from one phase of your life to another. You have been doing this one thing for so long and now as you let it go, there’s an endless room of possibilities for you to move towards. And that can be scary. You might even second guess your decision to sell your business.
- Grief- You might feel sad about having to leave your previous business and employees. You might experience feelings of regret or guilt about not continuing with your business and moving on from it.
- Sense of loss- During the process of selling your business or while finally signing those papers, you might feel a sense of loss as you are giving away something you have worked very hard on. You might even feel like you are making a mistake.
- Happy and confident- Out of all the emotions that you will experience while selling your business, this has got to be the number one emotion that you will experience. The joy of knowing that you have done everything you can with this business and the excitement for your future plans is unimaginable. Moreover, this happiness doubles once you find a buyer who is willing to love and care about this business just as much as you.
How to cope with the Emotional Aspects of Selling Your Business
Here are some common strategies to mentally prepare for the sale of your business. These tips will help you cope with your emotions and stay positive throughout the journey.
- Understand your reasons for selling: Clearly define your reasons for selling the business and make sure that they align with your personal and professional goals. Ensure that you are completely done with this phase of your life so that there are no regrets in the future. This will help you to stay focused and motivated throughout the process.
- Develop a plan for the future: Having a plan for what you will do after the sale can help provide a sense of direction and purpose. This could include starting a new business, pursuing a new career, or retiring. Whatever you decide you to do, plan it out in advance so that you do feel overwhelmedor scared during the process of selling your business.
- Seek professional advice: Consult with a business brokerage firm to understand the process and what you can expect. You should not shy away while consulting them and ask any questions you have even if you feel like they might be a bit silly. Additionally, they can also help you prepare the business for sale and find potential buyers.
- Get organized: Gather all the necessary documents and information that buyers will need to make an informed decision. This includes financial records, legal documents, and customer lists. This is an important step and you must do it so that you do not lose a potential buyer.
- Be realistic: Understand that the sale process can take time and that there may be unexpected challenges along the way. It’s important to have realistic expectations and be prepared for the ups and downs that may come with the process.
- Take care of yourself: Selling a business can be emotionally and mentally challenging. It’s important that you do not forget about yourself during this process. You should prioritize self-care during this time. This could include exercise, meditation, or spending time with loved ones. No matter what emotion you are experiencing, whether it is mentioned above or not, you need to know that it’s normal and it too, will pass. Remember that the care and diligence you have applied while making your business a success should also be applied while selling it because once you sell it to the right buyer, everything else will just fall in place.
ABOUT LINK
Global reach and local expertise.
Established in 1996, LINK is one of the largest and most trusted business brokerage firms in the World with a strong local presence in Canada, USA, Australia, New Zealand and the Philippines. With an international network of more than 300 LINK Business Brokers, we have successfully sold more than $5 billion worth of businesses globally. At any given time, we have over $2 billion worth of businesses listed on our global sites. With two offices in Ontario and a team of dedicated business advisors we are uniquely positioned to support you.
We sell businesses, better.
We have the knowledge, experience, resources and network to help you sell your business faster and smarter. We provide a world class, full suite of services to maximize the value of your business and ensure a successful transaction.
Whether you are ready to sell your business or are considering a potential sale, connect with us for a confidential, no obligation consultation.
For more information, visit our website at linkenterprise.ca
