If the time has come to sell your business, then you may be finding yourself experiencing a whole raft of potentially overwhelming emotions.
It doesn’t necessarily matter why you are selling the business – even if you are keen to move on to a new chapter, or to retire and pursue your own interests, it can still be an emotional wrench to let go. After all, you have most likely dedicated significant amounts of time, energy and money to building your company from the ground up. As a result, saying goodbye can feel like losing a meaningful relationship or watching one of your kids move away or get married.
If you are finding yourself struggling with the emotional side of selling your business, don’t worry – we’ve come up with some helpful tips on how to cope with the process and hopefully ensure that you enjoy the transition to your next chapter as much as possible.
Learning how to detach yourself
For many business owners, their company can become a part of their identity, so much so that it can leave them wondering, “How can I sell my business when it’s so much a part of who I am?”
While this is entirely understandable, considering how much of yourself you have invested in it, taking this viewpoint can make it particularly hard to detach yourself when it’s time to sell. You could find yourself feeling like you’re losing a vital part of yourself and struggling with questions about who you will be without it.
While these emotions can be unpleasant and perhaps even overwhelming at times, there are ways to address them.
You can begin by focusing on all the vital elements of your life and identity that aren’t linked to the business – your family, your home, your hobbies, your dreams and aspirations for the next phase of your life.
By determinedly reframing your thoughts and coming up with new definitions of who you are and who you can become, you can relieve that fear and worry that can come with feeling like you are losing a piece of yourself in selling your business.
Focus on the reasons why you’re selling
Although you may be dreading the prospect, there must be a very good reason – perhaps more than one – why you have made the weighty decision to sell.
As a result, to help you cope with your complex emotions, it’s important to keep bringing your focus back to those reasons and reminding yourself that this a decision you have made because you felt it was the best way to move forward.
Whether you want to start a new venture, you are selling for medical reasons, or you simply want to retire and spend more time with your loved ones, the cause of your exit is likely to be a compelling one. Frequently bring your thoughts back to the reasons behind your choice and you are likely to feel comforted by the rightness of your decision.
When it comes to the specific reasons for the sale, it’s important to choose an exit strategy that helps you achieve your goals in the most seamless fashion. After all, there is more than one way to sell a business – from going into liquidation, to passing it on to a family member or opting for a management buyout – but not every method may be the best for your unique circumstances.
To help you cope with the emotional aspect as effectively as possible, it’s important to choose an exit strategy that most closely aligns with your reasons for leaving.
Build a strong support network
When you are going through an emotionally taxing experience – whatever the cause – it’s vital to surround yourself with a support network who can guide you, comfort, and reassure you.
This support network will most likely consist of your closest family and friends, but it can also be extremely helpful to call on fellow business owners who have already gone through the selling process. They can provide you with specialised tips and advice on what to expect and how to deal with the emotional ramifications.
Choose the right time to sell your company
A worryingly high number of business owners say they regretted selling a year down the line. To avoid joining their ranks – and to help minimise the emotional discomfort – it’s important to choose the best time to sell. In fact, this is one of the most important things to consider when selling a business.
In short, choosing the right time means waiting for that opportune moment when the market your business operates within is riding high and, therefore, your business will be given as favourable a valuation as possible. Of course, if the market is flourishing then you won’t have to wait long – but if, for whatever reason, it’s underperforming, or if the financial environment isn’t encouraging for investors, then a valuation is likely to be less than desirable. In other words, you may need to bide your time if you want to receive the highest possible return on your investment.
If you are not sure how to value a business, there are several different methods you can use to determine how much your business is worth.
While receiving an appropriate financial reward for all your hard work is essential, you also need to determine whether you are emotionally ready to let go at this present time. Be honest with yourself – is now really the right time to sell, or do you think you could find yourself regretting it next year?
Selling your business is a huge decision, so don’t rush yourself into it without being entirely emotionally prepared.
Celebrate your successes
One particularly powerful – and not necessarily negative – emotion that can arise as you go through the process of selling up is nostalgia.
While this can lead to feelings of sadness as you think back on all the memories you have made – and what you will be leaving behind – it can also help you experience a strong sense of pride. By reflecting on what you have created, you can focus on the positive side of selling your business, by seeing it as the completion of a monumental achievement.
This can help to mitigate the more sombre aspects of the sale and help you to look toward the future with renewed enthusiasm and conviction.
Not sure how to sell a business? Call upon expert help
If you’re entirely sure that the time has come to sell but you’ve never sold a business before, then you may be feeling at a loss and wondering how to kickstart the M&A process.
To help make the whole experience as painless as possible, it is very important that you seek expert advice and assistance. This includes seeking guidance from your legal, tax, and financial advisors, but it could also extend to hiring a business broker to oversee your sale.
Business brokers bring with them a wealth of expertise when it comes to M&A strategy and business buying behaviours. They can guide you through all the stages of selling your business and help you find the right acquirer for your company. They can also offer expert tips on how to navigate the entire process, including how to handle the transition period from your ownership to the buyer’s.
Harris Acquire is happy to help
Harris Acquire is a tried-and-trusted business broker with a passion for finding the best deal for buyers and sellers.
If you have made the big decision to sell your business, we would be happy to help guide you through every step of the journey – from weeding out unsuitable buyers to assisting with marketing and due diligence.
In short, our friendly team will be at your side all the way through until the deal is completed, and you are ready to start your next adventure.
To find out more, don’t hesitate to contact us at 01926 757100 or send an email to Hello@harrisacquire.com. We look forward to hearing from you.
