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The business that you worked so hard to start up and make successful can seem more like your child than just a job. So when it comes time to hand it over to someone else, things can get emotional. It happens to the best of us. All of your hard work is going into the hands of a stranger. Your life is about to change because the thing that you focused all of your time and energy in no longer there to consume your life. It is important when selling a business, however, not to allow your emotions to hinder your deal. Taking your feelings out of the business transaction will make your life and the lives of those around you easier.
Face the facts. Unless you plan on running your business forever, you are going to need to sell it at some point. The sooner that you accept that someone else will eventually take over your business, the sooner you can begin to create an exit plan. When a seller enters a deal without a fully prepared exit plan in motion, things can get messy. It is also a good idea to make plans for your own life as well, so that you don’t feel lost after selling a business.
If you are feeling some unwanted emotions creeping up during the M&A process, consult with your friends, family, or even your closest executives. Receiving input from others as well as speaking your fears aloud will help guide you in the right direction in terms of how to move forward. Not keeping your emotions in check during the deal can cause you to be difficult to work with, often changing terms in the heat of the moment. This is why it is an excellent idea to consult with others before making many large decisions.
Finally, after the deal has closed, while it may sadden you to leave your business behind, just remember that many new, better things lay ahead for you. If you're having difficulties letting go on your own, contact the professionals at George & Company. We make selling your business easy and stress free.