Are You Really Ready to Sell?

Many business owners may logically acknowledge that it’s time to sell. And while they may know it’s time to sell, they may not be emotionally ready for what selling their business means. Selling a business affects every aspect of your life including finances, time, identity, and purpose. Sellers who are not emotionally ready to sell can inadvertently undermine the selling process.

In our years of working with business owners, we’ve discovered that even sellers who feel they are not emotionally attached to their business can be caught off guard during the selling process. It’s often wise to step back and examine feelings in three specific areas.

  1. Employees
    Business owners often form long-term, close friendships with employees. While this loyalty is admirable and creates a wonderful company culture, it can allow emotions to interfere during the selling process. Are you overly concerned with future outcomes for your staff members? Are you worried about breaking up your team and losing time with some employees? As hard as it may be, it’s important to separate your business from your personal relationships.
  1. Future Plans
    What will you do after you sell your business and how does that make you feel? Many business owners are so consumed with building and growing their business that their life can feel confusing and directionless after a sale. Make sure you have a plan in place that involves new direction and purpose for the future.
  1. Certainty
    Are you really ready to sell? Some business owners realize when it comes down to it they are simply not ready to move on yet. Waiting for the right time to sell is the best thing for you and your employees. When is the right time? That’s something every business owner needs to discover.

Addressing these three emotional factors is an investment in your future happiness. Not addressing these factors has the potential to harm the success of a sale. At Regal Consulting Corp., our professional team of business brokers has years of experience helping clients sell businesses in New Jersey, Pennsylvania, New York, and Connecticut. Our expertise, integrity, and marketing tools ensure we price your business appropriately, identify a qualified buyer, and close the deal. Call us today and we can begin with a thorough business valuation and exit plan.