Seller’s Remorse: Coping With Second Thoughts After a Sale
There’s a reason many business owners refer to their companies as their “babies.” Building a business from the ground up, running it, and turning it into a success can create emotions similar to those of a proud parent.
It’s therefore perfectly normal if you feel a bit of remorse after selling your business. You might feel a sense of sadness or second-guess your decision because of your sentimental attachment to your company or the notion that you didn’t get the best deal.
Sunbelt Business Brokers has abundant experience buying and selling small and medium-sized businesses. We’ve seen business owners who have negotiated excellent deals feel remorse over a sale.
When you work with Sunbelt Business Brokers, you can be confident our skilled brokers will get you to closing fast at a price you want while helping you prepare for seller’s remorse.
That confidence starts when you use our business valuation calculator. Having a preliminary understanding of your company’s worth can help you get a better deal later.
Here’s how to cope with seller’s remorse after selling your business.
Recognizing Common Feelings
Letting go of a company you’ve been growing for years can be difficult, as you’ve likely become invested emotionally as well as economically. However, the feelings you’re experiencing after selling your business are quite common.
You may feel guilt or regret. You may also feel uncertainty about the future, nostalgia for the past, worry about the well-being of your former employees, or aimlessness as you plan your next steps.
You might also fret about the transaction, feeling like you could have gotten a better deal. Getting Sunbelt Business Brokers on your team can help you increase the value of your business, providing assurance that you’ll get the best deal at closing.
Coping Strategies
Planning your exit well in advance can help mitigate seller’s remorse later on. Acknowledging your emotions and giving yourself time to grieve the loss of your business can help you work through these feelings.
Consider these ways of coping:
- Create a detailed plan for after the sale
- List the positives about selling your business
- Turn to your friends, family, and business brokers for reassurance
- Keep up with how the new owner is faring
- Seek help from a professional
It’s important to be patient with yourself and allow yourself time to establish new goals.
Planning for the Future
Whether you do it before or after the sale, putting together a plan for your future is key to avoiding seller’s remorse.
Focusing on your life after the sale — a fresh career, new hobbies, more time with your family, or increased community involvement — can counteract your feelings of loss and allow you to process the fact that the business you worked so hard to build is no longer yours.
To develop your post-sale vision, spend some time thinking about what life would look like without your business. Consider the following aspects:
- Financial planning
- Personal development
- Potential career options
- Your social circle
There’s no need to rush into anything after selling your business. Even if you have a clear idea of what comes next, it’s okay to hold off making any big decisions about your future.
Turn to Sunbelt Business Brokers When Selling Your Business
Seller’s remorse isn’t uncommon among those who give up ownership of their businesses. At Sunbelt Business Brokers, we’ve helped countless business owners transition their companies and have witnessed seller’s remorse on many occasions.
Our experienced team can help you get the most out of your intended sale and deal with whatever feelings might pop up later on. Contact us today to get the professional guidance you need.
