You’ve made the decision to sell your Boston business. So now it’s just a matter of hiring the right business broker to sell your business and working diligently to find a qualified buyer who’s willing to pay top dollar, right? Not always. While selling a business might seem like a cold and calculated decision, most entrepreneurs are deeply emotionally invested in the companies they’ve built. This is an inherently emotional decision. To neglect the emotional side of this choice is foolhardy, because if you don’t deal with your emotions early, they may bubble up in harmful ways during the transaction. Here’s what you need to know about the emotional side of putting your company on the market.

Selling a Business: Why Emotions Matter

You probably already know that relationships are critical to the success of your business. This means that you bring your emotional side to work with you every day. Factor in he financial pressure to make a lucrative sale, outside pressure from kids or spouses, and the challenges of looking at your business without bias, and it becomes clear that it’s impossible to leave emotions out of the process.

Your emotions can be an ally when you keep them under control and use them to meaningfully connect with the buyer. Too often, though, sellers allow emotional decisions to color the process. They retaliate in negotiations, or refuse to accept a good deal because they dislike something the buyer did. They may even unconsciously sabotage the deal before it even gets off the ground. Don’t do this. Get your emotions under control now.

Getting Your Emotions Under Control

No one is a robot. Feelings about the deal are inevitable. One of the best ways to keep these emotions from coloring the transaction is to hire a qualified intermediary who can set reasonable expectations, represent you in negotiations, and talk to the buyer on your behalf, especially when you’re engaged in tough negotiations. It’s also helpful to identify your goals for the transaction so you can objectively compare the transaction you have to your goals for the transaction you want.

Signs You’re Ready to Take the Plunge

One of the most important aspects of selling your business is knowing that you’re ready to go through with the transaction. So what are some signs you’re ready?

• You have spoken with a valuation expert and have a good idea of how much your company is worth.
• You’ve consulted with a wealth advisor and know how much you need to net from the transaction.
• You feel ready to relinquish control, and are already letting your management team do most of the daily operations.
• You have a clear and specific timeline for selling your company.
• Your financial records are ready to go.

Where to Get ADditional Support

If you’re struggling with the decision to sell your company or experiencing mixed emotions, there’s no need to be ashamed. These are natural, normal reactions. Your goal should be to find healthy ways to manage your emotions. Some people who can help include:

• your business broker or M&A advisor
• trusted advisors within your company
• your spouse or children
• a therapist who specializes in working with executives

Talk to these advisors to get clarity before you make any major decisions. Your company and your bank account will both be better for it.