A business is more than just a source of income for its owner. Over time one's business turns into a full-blown passion, and it is not uncommon for owners to be emotionally attached to their company. So when it is time to sell your business, it can be emotionally straining for the owner.
By preparing for the sale, you can manage the emotional fallout of separating from your business. This article will explain some easy ways to prepare yourself emotionally to sell your business.
Ways To Emotionally Prepare Yourself For Your Business Sale
You can't prepare yourself for a business sale at once. Instead, it takes consistent effort to get in the right mindset to separate yourself from your pride and joy. Without further ado, this is how you can emotionally prepare yourself for your business sale:
Managing Separation Anxiety: Separating from your business that you spent years building from the ground up will not be easy. Therefore it is completely normal to experience separation anxiety after selling your company. The easiest way to manage separation anxiety related to your business selling is to view the sale as a personal growth event.
If you are selling your business to retire, you can start planning the activities you always wanted to do once you retire. However, you should trust your entrepreneurial abilities if you plan to sell your business to create a new venture. Remember, if you can build a business from scratch once, you can do it again. In short, make plans for the 6 to 12 months after your business sale to divert your mind from the thoughts of letting go of your company. So by managing the separation anxiety from selling your business, you can be emotionally prepared for the transaction.
Managing Perceptions Of Employees: One of the biggest emotional stresses owners face when selling their business is the impact the sale might have on stakeholders. You may have developed excellent relationships with your employees over the years. Therefore it is natural to worry about how these individuals will perceive you after you sell the business.
There is no doubt that employees will get affected by the business sale, whether it is the risk of losing their jobs or the sudden change of administration. Therefore, the best way to manage your employees' perception is to talk to them about the potential sale ahead of time. Doing this makes the employees feel important and included in the process.
Focus On Things You Can Control: There are only so many things you can control when it comes to a business sale. And the lack of control may be stressful for many entrepreneurs planning to sell their businesses. Therefore it is best to focus on things that are in your control and not worry too much about ones that aren't.
Take the selling process itself as an example. While you can control how prepared you are for the same, you can't control how things like the current market conditions and the buyer's expectations. Similarly, while you can take steps to minimize the effect of the business sale on your employees and partners, you can't control how they perceive you once you are not their boss. So by focusing on things you can practically control and not worrying about ones beyond your control, you can minimize the emotional stress that comes with a business sale.
Most business owners tend to ignore the emotional aspect of a business sale because they are too focused on closing the deal. However, by managing your emotional stress alongside your business sale, you can make sure that you are