• The emotional aspect of selling your business can be far more difficult than anticipated.  
  • No longer being the go-to person can be a hit to your ego. 
  • Preparing yourself to let go. 
  • Here are emotional hurdles business owners face when they sell:

Losing Control


  • Post-sale, the seller's role becomes shareholder and senior manager. 
  • Focus is transitioning day-to-day operations to a new management team while maintaining a familiar face for customers and employees. 
  • The seller has cashed out and reduced their responsibility -- they no longer have control.
  • The seller and the business are no longer one and the same.
  • Family, friends and the community will view the seller differently.
  • Seller's are not often prepared for these change.

Dealing with Employees


  • The buyer may want to realize synergies or cost savings that impact employees.
  • In smaller, private companies some roles may be filled by family members. 
  • Changes may include changing accountants, lawyers, insurance brokers and other providers. 
  • Sometimes these are personal relationships as well. 
  • It’s important to anticipate changes and discuss them with employees and other partners before the sale happens.

The Day of the Transaction


  • Seller's stress levels tend to go up, not down, after they sell. 
  • The seller will realize they no longer own what they worked their whole life for. 
  • They now have partners or shareholders to be accountable to. 
  • Those who stay in the business post-sale often work harder to not let their partners down. 
  • This is great for the buyer, but can be counter-productive for the seller and even emotionally debilitating.
  • Setting and adhering to your expectations post sale can relieve stress.

Preparing to Sell Your Business


  • Prepare!
  • Involve advisors including lawyers, accountants, business brokers, etc.
  • Find someone who has gone through the process and talk to them. 
  • Having an experienced person to call for support is invaluable until you come to terms with the process.