Thoughtful exit planning is critical to successfully selling your business. But as you move closer to the world of M&A, you might neglect a core component of exit planning: emotional preparedness. The art of making a deal is as much art as science, and as much emotion as nitty gritty logistics. So are you really ready to sell a business? Here’s what you need to consider.
Why Emotional Preparedness Matters
Being emotionally prepared to sell your company is one of the most important first steps toward taking the plunge. If you’re not ready, you may:
Are oyu Really Ready to Sell?
So how do you know you’re ready to sell? If you’re selling under pressure, that’s a bad sign. Sometimes owners have to walk away even when they don’t want to, but if there is any other option, it may be better to wait.
Try asking yourself the following questions. If you can answer in the affirmative to all or most, you’re probably ready to move toward M&A:
Getting Emotionally Ready
If you’re not emotionally ready to sell your business, then no amount of support from a business broker or sell-side advisory team is going to get you there. The right team can, however, play a key role in assessing how prepared you are to sell a business. Some of the benefits include:
If you’re ready to sell, or just want to know what the sale process might look like, we’re here to support you. Give us a call today!