Regardless of how prepared and willing you may be, selling your business can be an emotional process. When you’ve spent years or even decades 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 in order to get the best deal possible.
Regardless of how prepared and willing you may be, selling your business can be an emotional process. When you’ve spent years or even decades 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 in order to get the best deal possible.
We have compiled some useful tips to help you deal with emotions when selling your business.
Hire a Business Broker
Business brokers have seen it all! They 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. When you’re uncertain about what course to take, they have the answers. When you’re sad about closing this chapter of your life, they understand. Additionally, many business brokers also have experience in business ownership themselves. This means that they can combine their first-hand experience with their professional knowledge, providing you with both an informed & 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, but it’s crucial to stay focused on the end goal: to successfully sell your business to the right buyer. When you’re working with a business broker, they will help you stay on track as they’re well versed in all components of the sale process, from an effective marketing strategy to negotiations. Your broker will happily provide you with a plan of action that you need to take to ensure you remain on track, such as getting your business ready for sale to meet the timeline you have agreed on. Ultimately, trusting in your business broker and focusing on the big picture will help you to stay motivated and clear-headed.
Manage Expectations
When selling your business, it’s essential to manage your expectations. By doing so, you will have a clearer big picture and reduce any emotional tension that may arise during the process. Remaining realistically optimistic is key to a positive outcome. You may have a set figure in mind for the sale of your business, so it’s important to communicate this early on with your business broker and get their expert opinion. Your business broker will conduct a value appraisal based on fair market rates, helping you to 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. A positive attitude will help you to attract potential buyers and negotiate a better deal with enthusiasm and confidence. Your business broker can help you maintain this positivity by reminding you of why you’re doing it, sharing success stories, relaying the benefits of selling your business and highlighting the slew of potential opportunities that lie ahead. Additionally, celebrating the small wins along the way will help you to remain motivated as you grow closer towards your final goal.
Seek Support
Selling your business may feel like an isolating process, so it’s important to seek support from trusted friends, family & colleagues. It’s good to have a range of support, from those who have been through the process before, to others who haven’t and can provide you with some necessary time-out from the major task of selling your business. Additionally, your business broker is dedicated to supporting you and is there to listen and assist in all capacities.
If you’re interested in selling your business but don’t know where to start, get in touch with a LINK Business Broker today for a free, confidential discussion.