The Business Selling Psyche
Selling a business that you’ve built from scratch can be an emotional rollercoaster ride. Not many business leaders are used to dealing with mood swings … are you prepared for it? If you’re in the early stages of considering selling your business, then you might not be aware of how this will affect your state of mind and ongoing mojo. 1) PREPARE TO ‘LET GO’ Contrary to popular belief, Step 1 of “Selling A Business” is not ‘start looking for a buyer’. It’s ‘start preparing to let go’. It’s not just your business that needs to be licked into shape before D-Day … you need to get yourself ready for the big moment, too – well ahead of time. How can you possibly know how letting go is going to feel ahead of time? Let’s face it – you’re not the type to entertain indecision and fluctuating emotions for long. Your level-headedness is exactly what’s enabled you to grow your business thus far. 2) YOUR BIG DAY MIGHT BE AN ANTI-CLIMAX Even owners with the most successful sales testify to feeling as dead as a dodo on Sales Day. Why is that? It should be exciting, liberating and a relief … Well, yes, it can be all of those things. But it can also trigger a sense of insecurity. Instead of raising a merry glass of bubbly, you might be left holding a cocktail of mixed emotions. From now on, you will no longer be holding the reins. Your ‘baby’ will be handed over to others. Will friends, family and former colleagues perceive you in the same way? More importantly, will you perceive yourself in the same way? 3) YOU TRAITOR, YOU … It can be upsetting to witness the changes that others make to your business once you’ve handed it over. Staff members may leave, management structure change, suppliers drop away … many of these may be personal friends of yours after years of your having worked together. Some past owners speak of intense feelings of guilt and even helplessness in the wake of a sale. The best way to circumvent this fallout is to spend the months prior to sale preparing everybody well ahead of time. Just as transparency with your buyer is vital, so it is with your people. You will have doubts during the sales process. Have a good team on board to see you through it – to help you sell but also to help you acclimatise emotionally. Ask all of your questions ahead of time so that you can know as much as possible of what to expect. Remember, moments of regret and yo-yoing emotions do not mean that you’ve made the wrong decision. Rather, they mean that you’re human and that you can look forward to new adventures. Find out how you can start to prepare your business for sale without having to make any premature decisions by talking to one of the team at EvolutionCBS.