For many business owners, selling up represents the culmination of years of personal effort and commitment, rewarded by the freedom that financial gains can yield. In most cases, selling up will be a major milestone, akin to selling a house, getting married or having children. Given this, it is almost unavoidable that business sellers will be filled with a range of emotions during the sale process.
Managing the emotional roller coaster that is selling a business is always difficult, however failing to keep your emotions in check invariably causes poor, emotive-based decision making and unfavourable results.
Here’s five tips for keeping your emotions under wraps when selling a business:
- Speak with your advisors: Your advisors, including your accountant, lawyer and M & A advisor are there to help you. Trust in their experience and listen to their advice. Your advisors will not have the same level of emotional attachment to your business as you will so if things get heated it pays to listen to their advice.
- Sleep on your decisions: Rash, emotive-base decisions are not good for anyone. Take your time, listen to your advisors and sleep on your decisions.
- Trust in the process: It is important to remember that business buyers are contemplating the completion of a major investment, carrying a range of different risks. Let them take their time, help them along the way and communicate with them openly.
- Be patient and avoid making demands: Demands and ultimatums are not helpful, and will not make your circumstances any better! It is important to always be rational, patient and reasonable.
- Keep your eye on the prize: Remember why you began the process of selling your business. Imagine how you will feel once your business is sold. All too often sellers lose sight of this in the heat of the moment.
By following these steps, you can be assured that you will maximise the sale price of your business, and avoid too many sleepless nights throughout the process.