Benchmark Business Group

The Emotional Roller Coaster of Selling a Business

August 20, 2018

Even the most stoic business owner has emotional ties to their business. Years of hard work, long hours and late nights, giving your business what it needs creates an emotional connection. That emotional connection, in combination with the uncertainties of selling a business, can be a ticket to an emotional roller coaster ride through the sales process. 
 
Sellers naturally have fears and concerns about how much money they'll end up with after the sale, what might happen to their employees, if their customers will be well cared for, or if the new owners can even keep the business operating. The process of buyer offers, counter-offers, due diligence and financing can fray the nerves of the most resilient business owner, eliciting emotions which, if not kept in check, can drive even the most patient of buyers away.

Sellers can avoid the potential heart dropping sensations, and deal breaking emotions, by proactively selecting their Ideal Deal Team and focusing on what they can control throughout the sales process.

Focus on what you can control during the sales process:  
  • Stay focused on running your business to ensure you maintain or grow market value while your business is for sale.
  • Have a clear plan for what you want to do when your business no longer requires you. Put it in writing and read it often, to stay connected to what you can look forward to.
  • Establish your Opportunity Zone by identifying your Ideal Deal and Bottom Line Deal, so you can negotiate deal terms with confidence.  
  • Keep on your Buyers Glasses, and consider buyer questions from their point-of-view.
  • Rely on your Deal Team to facilitate the sales process.
  • Be timely when dealing with requests for information, or decisions you need to make to arrive at the closing table. Good communication is a critical element of closing a deal.
By focusing on what you can control you can pave the way to a smooth sales process, reduce emotions, eliminate seller regrets, and step confidently into your future.

Start today to prepare yourself and your business to realize maximum value when it's time to sell. Get your Value Builder Score and discover how your business scores in the eight drivers of value. Created by the author of the best-selling book, Built to Sell, by John Warrillow. It only takes 13 minutes and will give you an immediate view of how your business is, or isn't, designed to sell.

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