If you've built your company over the years with blood, sweat and tears, the idea of giving up control is hard to take. It can feel like you've lost your grip on the business you built. You become less of the go-to person and more of a parental figure that nurtures and mediates all relationships. This transition can be tough on anyone’s ego, but it’ll be especially painful if you’re unprepared. If you’re ready to sell your business, finding a buyer isn’t the first step - it’s preparing yourself for the process of letting go. Here are some of the emotional hurdles that business owners typically face when they sell.
Ready to Sell Your Business? Prepare Yourself Emotionally First
Takeaway: Selling a business is often the biggest decision in an entrepreneur's life, and it isn't easy. That's why emotional preparation is key.
How a company’s sale affects employees can put a lot of stress on a business owner. Post sale, the buyer may want to realize synergies or cost savings that may impact your employees, who may be people you've worked with for years. Administrative positions may become redundant. This is particularly difficult for smaller, private companies where some roles may be filled by family members. Other cost savings or integration steps typically include changing accountants, lawyers, insurance brokers and most of the professional relationships that you may have built over many years. Sometimes these are relationships that go beyond the professional; they may be guys you play weekend baseball with and who ultimately depend on your work for their livelihood. Taking that work away will be tough on them and, by extension, you. That’s why it’s important for entrepreneurs to anticipate these changes and discuss them with employees and other partners who may be affected well before the sale happens.
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