27 Sep Selling Your Business: Moving Forward After Success
When an owner finally crosses the finish line and signs the deal confirming the sale of his or her business, there are immense feelings of happiness, accomplishment, and satisfaction. They have completed the task and they are ready to move on. However, sometimes an owner can have deep psychological ramifications for their decision. They have become so focused on selling the business that they have take little time to consider life after the sale. Does the owner have any plans for their future? Are they able to deal with the consequences of all of their newly acquired free time? These are questions we shall explore.
When the sale happens and is finalized, a sudden realization can hit a former owner like a truck: I no longer own my business. This is impactful due to all of the years of hard work and dedication that an owner put into their business in the first place. It is obviously not the same, but one cannot help to analogize a parent-child relationship with an owner and their business. They laid the foundations and watched it grow over the years, and they felt deep pride and satisfaction that its success grew interest in potential buyers. Sometimes the desire for their legacy being preserved does not cross their mind until after the fact.
Another sense of dread that can occur is the fact that the seller has nothing to do now, and all of their time is free. This potential mental pitfall is more existential in nature, as it deals directly with the seller’s sense of purpose. Just what is it that they will do with their life now? This is an important question that all sellers, for the sake of their health, need to consider.
One facet of post-sale woes might come with the seller having to stay on with the company for an allotted duration, usually a stipulation of the negotiated contract for the sale. This places the seller is a potentially excruciating environment: they now have to see their business operate with no control whatsoever. If they view the new owner as incompetent, seller’s remorse is sure to fill occupy their soul. This is why it is crucial that the seller find the right buyer who will carry the torch of their legacy onwards down the right path. Avoiding this anxiety is important for all sellers who want to move on to a life without regretting their decision. Having a professional broker to help you with the sale of your business will guarantee that all the proper steps have been taken to avoid that dread. Contact Moshe Hazout at Transworld Business Advisors today!