Selling a business can be an emotional journey. Often, entrepreneurs put years of
effort, dedication, and personal sacrifice into building their businesses. It’s more than
just a financial asset; it’s a significant part of their identity, which makes the decision to
sell emotionally charged. Below, we provide guidance for dealing with the emotional
challenges that come with selling a business.
Acknowledging the emotional impact
The first step in dealing with the emotional toll of selling your business is acknowledging it. You might experience a range of emotions such as fear, anxiety, sadness, relief, or even excitement. These emotions can arise from various aspects of the sale process:
Uncertainty about the future: Selling your business can bring about significant life changes. You might be uncertain about what your life will look like post-sale, what you will do next, or how you will maintain your sense of purpose.
Loss of identity: As an owner, your business is often intertwined with your personal identity. Selling can feel like you’re losing a part of yourself.
Concern for employees: You might worry about the future of your employees under new ownership.
Attachment to the business: Having put years of effort into building your business, you might feel a strong emotional attachment to it. Letting go can be challenging.
Strategies for navigating the emotional toll
Recognizing these feelings is important, and there are several strategies that can help you manage the emotional toll of selling your business:
1. Seek support
Speak openly about your feelings with trusted individuals: family, friends, or a mental health professional. You may also find it helpful to speak with other business owners who have gone through a similar experience.
2. Plan for the future
Having a clear vision for your life post-sale can alleviate some of the anxiety and uncertainty you may be experiencing. Whether it’s retirement, starting a new business, or pursuing a passion project, having a plan can provide a sense of direction and purpose.
3. Separate your identity from that of your business
While your business is a significant part of your life, it’s essential to remember that it doesn’t define you. Explore other aspects of your identity outside of your role as a business owner. This could be your roles as a parent, partner, mentor, or your hobbies and interests.
5. Ensure a good fit with the buyer
Finding a buyer who shares your values and vision for the business can make the transition easier. This can also alleviate concerns about the future of your employees.
6. Be kind to yourself
Remember, it’s okay to feel emotional about selling your business. Be patient with yourself and take the time you need to adjust to this significant change.
The process of selling a business can be as emotionally challenging as it is financially complex. However, by acknowledging your feelings, seeking support, and planning for the future, you can navigate these emotional challenges and move forward confidently into your next chapter.
ABOUT THE AUTHOR
David Turnbull, MBA, CFA®, Head of Private Company Advisory
David is Senior Vice President, Head of IG Private Company Advisory, where he leads the team that provides mid-market business clients with strategic advice and services related to business financing, growth and succession. He brings over 27 years’ experience in investment banking and capital markets. Before joining IG in 2023, David led the private company advisory business at a leading Canadian financial institution. David is a Chartered Financial Analyst and has a Master of Business Administration degree from the Richard Ivey School of Business at Western University. Additionally, he teaches mergers, acquisitions and business strategy part time at the Ivey Business School. David is based out of London, Ontario.