Benchmark Business Group

Don’t Let Cold Feet Ruin A Warm Deal!

June 17, 2024

Getting cold feet as you’re approaching the closing table isn’t unusual. Most business owners will have lots of second thoughts as they are going through the sales process. Including:

  • Will my employees be ok?
  • Will my customers be happy?
  • Am I really ready to live life without my business?
  • Is now the right time to sell?
  • Am I getting the best possible deal?

It’s no wonder why it can take years to make the decision to sell, and why it’s not hard to get cold feet as you’re going through the sales process.

Tips for keeping your feet warm all the way to the closing table:

Focus on the end result and remember why you wanted to sell.

Of course, the goal of listing your business for sale – is to get it sold! When you decide it’s time to sell, take the time to write down the reasons why you made your decision. Read this weekly! You can add to your list as you consider more reasons why selling is a good decision. This list can become your touch stone to what you’re moving away from, as well as what you’re moving towards. It’s not just a list of why, it’s also a description of what you want!

You don’t have to like your buyer for them to buy your business.

Selling your business to someone who will love and care for it as much as you do is a criterion for many Sellers, and it does happen. However, it’s not unusual for Sellers to lose their good feelings about a buyer as they go through due diligence and final negotiations. Remember, your business and your team can thrive under the leadership of a buyer you don’t like. Rejecting a buyer because you begin to dislike the experience you’re having with them during the sale may prevent you from selling, or greatly delay the time it takes to sell. Focus on the end result – to get your business sold!

Examine why your feet are cold and find your warm socks!

Be mindful of when you experience a reluctance to sell. Talk with your Deal Team and identify what is creating doubt, or concern about the sale. Talking through fear, anger, reluctance, irritation or frustrations with your Deal Team or trusted advisors can help you put what you’re experiencing into perspective and reconnect you to the warm fuzzy socks of WHY you wanted to sell. Being connected to WHY you want to sell will keep you focused on the results. Keep reading your list of why you want to sell and when something that happens on the way to the closing gives you cold feet, ask yourself this important question: "Do I want this (fill in the blank) to prevent me from selling my business?"

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