Often time’s sellers don’t give much thought about whether they are ready to sell. This can be a mistake. Do not overlook the emotional factors of selling a business. If a seller is overly emotional about selling, then this can have serious ramifications on the outcomes. If a seller is not emotionally ready, they will inadvertently take steps that undermine their progress.
Selling a business can be an emotional experience. Before you put your business up for sale, take a moment and reflect on how the idea of no longer owning your business makes you feel.
Emotional Factor #1 – Employees
Many business owners form friendships with employees, especially the ones that have been with them for a long time. These feelings towards your team members could negatively impact your behavior during the sales process. You might interfere with the sale because you’re worried about future outcomes for your staff members. You may be concerned about breaking up your team or no longer being able to spend time with certain individuals. It is essential to separate your business from your personal relationships.
Emotional Factor #2 – Do You Have a Plan for the Future?
Most business owners spend a great deal of their time and energy being concerned about their businesses. No longer running or owning your business may create an emotional void. Your business is a key focal point of your life. When that source of focus is gone it can be unsettling. It is important to have a plan for the future so that you are not left feeling purposeless or confused. Before you sell, have something new and constructive to focus on with your time.
Emotional Factor #3 – Are You Sure?
Are you sure that you can really let your business go? At the end of the day many business owners discover that deep down they are just not ready to move on. Are you sure you are ready for a new future? If not, perhaps it makes sense to wait until you’re in a more secure position.
Addressing these three emotional factors is an investment in your future happiness. It is also an investment in determining how smoothly the sale of your business will be and whether or not you receive the maximum value. Contact EBIT Associates to guide you through the process of selling your business.