As you consider selling your business, it’s important to prepare for the wide range of emotions you are likely to experience. This journey isn’t just a financial transaction—it’s a significant life change. Here are some thoughts on what you are likely to experience as well as some advice on dealing with it. The Emotional Highs: Excitement, Pride, and Satisfaction Initially, you might feel a rush of excitement and pride. The fact that someone wants to buy your company validates your hard work and success. For owners of family businesses, there’s additional pride in sustaining a legacy. The financial benefits of a sale can also be immensely satisfying, offering the chance to enjoy the fruits of your labor more fully. It’s important to celebrate your achievements. Take time to reflect on and appreciate what you’ve built. Share this moment with family, friends, and colleagues. Additionally, plan for post-sale activities. Think about how you want to use your time and financial resources after the sale. Having a clear vision can help maintain that sense of excitement and purpose, but there is no need to rush into it. More on this in a minute. The Emotional Lows: Fear and Second-Guessing Amid the excitement, it’s normal to feel fear and second-guess your decision. Concerns about how to fill your time or the impact on your relationships can be daunting. Fear of failure in new ventures or doubts about the sale’s impact on employees and family members can cause significant stress. To address these fears and doubts, seek guidance from advisors, mentors, or peers who have sold businesses. Their insights can help alleviate your concerns. Open communication with your family and key stakeholders is crucial to ensure everyone understands and supports your choice. Dealing with Regret Regret can creep in after the sale, particularly if you realize your business was your true passion or if new ventures don’t pan out as expected. Indeed, a high percentage of former business owners feel they made the wrong decision. To mitigate regret, avoid rushing into new ventures. Reflect on what you truly want for your future before making commitments. Regularly reassess your goals and desires to ensure that any new endeavors align with your long-term vision. Use any setbacks as learning opportunities to better prepare for future challenges. Your Post Sale Plan – Figure It Our Before The Sale One of the most significant challenges you may face after selling your business is dealing with the void left in your life. For many business owners, their identity and daily routine are deeply intertwined with their business. When that is gone, the sudden emptiness can be overwhelming. This is why it’s crucial to have a comprehensive post-sale plan in place to fill that void and ensure a smooth transition into your next chapter. To create an effective post-sale plan, start by identifying your passions and interests outside of the business. Consider what activities bring you joy and fulfillment. Reflect on hobbies you may have neglected and think about how you can now dedicate time to them. Another important aspect is setting new personal and professional goals. These goals will provide structure and a sense of purpose to your days. Your plan should also include ways to stay connected to your community. Whether it’s joining industry associations, participating in local organizations, or maintaining relationships with former colleagues, staying socially engaged can help you retain a sense of belonging and purpose. Moreover, consider how you want to use your newfound financial resources. Philanthropic endeavors, investments, or starting a new venture can provide a sense of accomplishment and direction. However, it’s important not to rush into any new commitments. Take the time to thoroughly evaluate your options and make sure they align with your long-term vision and values. Creating a post-sale plan is not just about filling time; it’s about reinventing yourself and finding new sources of satisfaction and purpose. By proactively addressing how you will fill the void left by selling your business, you can ensure a more fulfilling and rewarding transition…and avoid the regret that sellers can experience. Selling your business is a transformative event that extends beyond financial implications. By preparing for and managing the emotional journey, you can navigate this transition successfully and create a fulfilling next chapter in your life. Understanding Your Readiness Get your Personal Readiness to Exit score (PREScore) here. It will give you great insight on where you stand on the issues referenced above. Additional Resources To further support you in this journey, check out the following resources: – Books: “Finish Big” by Bo Burlingham, “Built to Sell” by John Warrillow. – Websites: Exit Planning Institute, Small Business Association (SBA). – Support Groups: Entrepreneurs’ Organization (EO), local business networking groups.
