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Managing your emotions when selling your business

BUSINESS SALES

Regardless of how prepared and willing you may be, selling your business can be an emotional process. When you’ve spent many years of your life building your business, it’s natural to feel a sense of attachment to it. Although emotions are a normal response to change, it’s essential to separate them from the sale of your business to get the best deal possible.

Here are some useful tips to help you deal with emotions when selling your business:

Use a business broker – Even for some high-value businesses, selling a business may be a ‘once in a lifetime’ situation. Business brokers are experts in the complexities of selling a business and are committed to seamlessly guiding you through the entire process while keeping your best interests in mind and being empathetic. Many business brokers have also owned and sold businesses themselves, meaning they can combine their first-hand experience with their professional knowledge, providing you with both an informed and relatable perspective.

Stay focused on the sale – It’s easy to get distracted and overwhelmed by all the emotions that may come up when selling your business. However, it’s crucial to stay focused on ‘the big picture’ and end goal to successfully sell your business to the right buyer. You need to develop a plan of action to ensure you remain on track, such as getting your business ready for sale to meet the timeline you have agreed on.

Manage expectations – When selling your business, it’s essential to establish realistic expectations. You may have a set figure in mind for the sale of your business, so it’s important to communicate this to your business broker early on to get their expert opinion. Your business broker will conduct a value appraisal based on fair market rates, helping you manage your expectations accordingly from the outset.

Stay positive – Although it’s sometimes easier said than done, it’s important to remain positive throughout the duration of the process. One way of achieving this is by celebrating the small wins along the way. This will help you to remain motivated as you grow closer to the actual sale of your business. Remaining realistically optimistic is key to a positive outcome.

Seek support – Selling your business may feel like an isolating process, so it’s important to seek support from trusted friends, family and colleagues who can provide you with some necessary time-out from the major task of selling your business.

And most importantly engage the professional services and support of an experienced business broker who will ensure you are fully supported while concluding a successful sale.

Related: WHAT BROKERS DO: How we help you sell your childcare centre

Steve Catley
Steve Catley
Steve Catley is a Business Broker at LINK Business Brokers. He can be contacted at 021 341 117 and steve.catley@linkbusiness.co.nz

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