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How To Prepare Mentally To Sell Your Business
Maybe you’re thinking ahead about retirement or are simply no longer challenged by what’s offered in your business. Perhaps there is someone ready in waiting, ready and waiting to step into the role of leader, such as a family member, or a trusted employee. But financial considerations and simply feeling like it is the right time don’t address all of the mental challenges associated with stepping away from your business. For many business owners selling their company is one of the biggest events in their life.
Without the right mental preparation to sell the company, the wholesale can feel very overwhelming, and this can represent a big change in your day-to-day schedule. Some of the best ways to approach the process of mentally preparing to sell your company include:
- Consider the reasons that ultimately motivated you to select this transition. Think about how you can start putting pieces of those in place now. For example, if you intend to retire, what are three things you’d like to accomplish in the first 90 days of your retirement.
- Think about the journey and appreciate some of the steps you might encounter along the way. What represents a gradual transition for you? It may be possible that fully stepping out of the business is not in your best interests, and you may wish to continue in the industry as a consultant or even in a part-time role within the company to assist with the transition purpose.
- Think about yourself and your values.
- Learn from other people’s experiences.
- Have a plan for six months after the sale.
All of these strategies can help you to adjust to the possibility of selling your business and move into your new role, whatever it may be, with success. Ready to take your next steps? Contact our firm for support with the financial transition.