Article Summary: How CEOs Can Avoid Seller’s Remorse | Axial

By Jane Johnson, Business Transition Academy | August 9, 2016

I've pared this article back to the key points. If you would like to read the entire article, click on the link at the end of the summary - Eric Gall.

Euphoria, exhilaration, and relief are the emotions business owners expect to feel after selling a business. One emotion they don’t expect to feel is remorse. 

Sellers may say:

• “I thought I would get a better price after all my years of hard work.”
• “I had no idea I would pay so much in taxes and fees and net so little.”
• “I never thought they would radically change the company…but they did.”

After investing so much, it’s very easy to feel disappointment once you've given up control, especially if things don’t turn out the way you’d hoped.

A business sale is not a dress rehearsal; you get one opportunity.

Here are steps you can take to avoid regret:

• Know what you want to do after you sell. 
• Gradually spend more time away from the business.
• Identify your goals and objectives, e.g., how much money you need from the sale to achieve your financial goals.
• Envision yourself without your business.
• Determine the impact on employees, family, customers, community, and your legacy.
• Understand the pros and cons of each transition option.
• Start planning 3 to 5 years beforehand.

Disappointment can be avoided by developing a comprehensive transition plan with assistance of seasoned advisors. Preparation is the best protection against seller’s remorse.

Article LINK

For additional information regarding Florida business sales, acquisitions and valuations, please contact Eric J. Gall at Eric@EdisonAvenue.com or 239.738.6227. Also, visit our Edison Avenue website at www.EdisonAvenue.com.