Quite often sellers don’t give much thought to whether or not they are ready to sell. But this can be a mistake. The emotional components of both buying and selling a business are quite significant. If you are overly emotional about selling, then this fact can have serious ramifications on your outcomes. Many sellers who are not emotionally ready, will inadvertently take steps that undermine their progress.
Selling a business, especially one that you have put a tremendous amount of effort into over a period of years, can be an emotional experience even for those who feel they are more stoic by nature. So before you jump in and 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
Being emotionally attached to your employees might cause difficulty to let go of your business. While it’s admirable to have such loyalty towards your team, it’s important to remember that you need to be impartial during the sales process. You may be worried about the future outcomes for the staff members if you sell the business. However it’s important to remember that they will be able to find new jobs and move on. Ultimately, you need to separate your business from your personal relationships and make the decision that’s best for you and your team.
Emotional Factor #2 – Do You Have a Plan for the Future?
Many business owners spend a great deal of their time and energy being concerned with their businesses. It is a common experience that most owners share. Just as no longer being with your employees every day may create an emotional void, the same may also hold true for no longer running or owning your business.
Your business is a key focal point of your entire life. No longer having that source of focus can be unnerving. It is important to have a plan for the future so to avoid feeling directionless or confused. What will you do after you sell your business and how does that make you feel? Before you sell, make sure that you have something new and positive to focus on with your time.
Emotional Factor #3 – Are You Sure?
Many business owners find themselves in a position where they must make this tough decision. Some are still not emotionally ready to let go. Addressing the three emotional factors mentioned earlier is an investment in your future well-being and happiness. It can also help ensure that the sale of your business goes smoothly. If you’re not sure if you’re ready, it may be wise to wait until you are in a more secure position.