Selling your business: The emotional journey

Selling a business is far more than a financial transaction; it's a deep emotional process. You pour your heart and soul into your business, making it an extension of your identity. Emotional preparation is important as you begin to think about your exit plan. Begin by acknowledging the sense of loss that may accompany the sale. After I sold my business in 2024, I went through a range of emotions that I wasn’t prepared for - from sadness and anxiety to excitement and relief.  

Our business has been a significant source of self-worth and purpose and separating the two is a process. My brain has been wired for 27 years to think about the details of owning a business.  After I sold, I would often be excited about something like having time to cook a nice meal, but find myself thinking about marketing at the same time. Give yourself grace as you practice this skill and learn new ways of thinking and living. 

Finally, prepare for the emotional rollercoaster of the negotiation and closing process. There will likely be ups and downs, and it's essential to remain grounded and focused. Keep running your business the same. You’ll be tempted to try to save and not spend money like you normally do. Do not let these thoughts overpower. Keep running the business as if you are not selling until the end.

Below is a list of some of the stages during the transition.  

Initial excitement and anticipation as you think about the newfound freedom and beginning a new chapter.  You imagine what you could do with all the free time you’ll have!

Doubt and second-guessing may follow as you fear you might be making a mistake. 

Fear and uncertainty as you worry about your financial future, the well-being of employees and the potential for a loss of identity. 

Loss and grief.  The sale can feel like a personal loss, especially if the business has been a significant source of self-worth and purpose.  Work on trying to separate your personal identity from your business.

Regret. Some owners may experience regret after the sale, particularly if they struggle to find a new purpose.