For most people, selling business marks a major growth milestone. After planning and working towards this one goal for years, it brings a triumphant feeling as you sign the papers, transferring the authority, and receiving a handsome sum of cash in exchange.
However, the victory feels may not last as long as you may imagine it to be. You may have started at a point where you had it all figured, but what you most likely missed out on is what the process might do to you. And how it will eventually affect your lifestyle, vision, and aim. You can’t ignore the fact that as you walk away from your business, you emerge as a whole new person. Thus, parting ways with your business doesn’t leave you all happy. A slight degree of emotional fallout is bound to follow.
The case is even worse if you’re selling your business not according to the plan and due to unfortunate circumstances and an urgent need for money. But then again, nothing here is unconquerable. Below, we have listed some effective ways of dealing with the emotional fallout, along with other essentials that you ought to know.
Reasons for Selling Business
Reasons for selling one’s business are surely not limited. There are a hundred different circumstances, which combine up to give a million different situations that may propel us into selling. However, some of the highly common reasons behind reluctant sell of business, these days, are as follows:
- Better opportunities
- Economic downturn
- Conflict in Partners
- Change of lifestyle
- Financial Needs
However, whatever the reason might be, if you have come to a point wherein you have to sell your business, then you ought to know how to deal with it. But before we dive into that, let us sum up the spectrum of emotional fallout and the relation between emotional health and business sale.
Emotional Health & Business Sale
Selling business ignites a rollercoaster of emotions in entrepreneurs. Before sales, you might experience euphoria and pride in creating a fully functional business that holds value in the present market. However, soon, saddening emotions follow in once the agreement starts until it gets finalized.
As humans, we are susceptible to emotional distress, misbalances and fallouts. Feeling tired, aimless, and empty is quite natural for entrepreneurs once they sell their businesses. Having spent a lifetime in building something and then having to let go of it can be mentally troublesome.
But, things can take a seriously wrong turn for some business-sellers. Here is a brief outlook of these emotional health crisis experienced by former entrepreneurs:
- Depression - A lot of people neglect the early symptoms of serious depression, considering it as normal. Temporary feelings of emptiness, lack of interest, and hollowness can easily transform into long-term depression.
- Anxiety Disorders - Getting stressed and worried about the business can trigger anxiety disorders in some entrepreneurs. These are also triggered when a business owner used to a hectic life has to make prominent lifestyle adjustments.
- Traumatic stress disorders - Confused thinking and uncertainty about the future can push owners into these issues after selling their company.
Some entrepreneurs also have to take medicinal assistance. Plant-based remedies, such as CBG oil, are quite popular and widely-used to stabilize emotional health. Usage of medicines is not mandatory, though an emotional fallout can be challenging to handle on your own.
5-Ways to handle the Emotional Fallout
One thing is certain that almost every entrepreneur goes through an emotional distress throughout the business selling experience and even after it. Different people have different coping mechanisms.
So, while some former business owners will recover from the emotional wreck quickly, some would take time. To assist you in the process, here are five effective ways to deal with the crisis easily.
Video: Joseph's emotional story about selling his business (3 min)
1. Develop a Plan
Before you make the agreement final, start prepared yourself mentally for the time to come. Embrace the emotional fallout with the motives of positive changes. Transform the experience into a productive one, where you look forward to the brighter side of things.
Think about all the things you can do with the extra time that you weren’t able to do before. You can learn something new, such as language or sports.
Perhaps, you can explore and find newer activities. Some people can even start a YouTube channel or online blog to keep themselves productive in the meantime.
We strongly suggest you develop a post-sale plan for a period of at least 6-months. Keep it plain yet engaging so that the feelings of purposelessness stay as far as possible.
Such feelings can encapsulate a former owner’s mind quite easily. And, these can be terrifying to deal with. Hence, a plan will help direct your free time in a productive but light manner.
2. Focus on Human Bonding
Business occupies major chunks of your life, with all the time and efforts it demands. However, after the sale, an important aspect that you can divert your attention towards is relationships.
You can spend time nourishing the bond with your partner, kids, siblings, parents, and friends. Have lunch, go out, and explore different activities together. Perhaps, you can think about an extended vacation to have quality family time.
As a former business owner, you can also join dedicated communities, groups, and welfare societies. In these places, you will get to make new friends, socialize, and even get to do good deeds.
The love and warmth received in these relationships can help you overcome the emotional fallout associated with the business. Plus, you get to strengthen bonds that will stay with you forever.
3. Take it Slow
Selling your business itself is a big change in life. You may feel the need to do a lot of things together. For example, you may sell your property to move into another place.
However, those are lots of changes that can make the adjustment even more difficult. You should take things slow after a business sale. Wait for some time to attain emotional stability before making another big change in your life.
4. Manage Finances
Once you have sold the business, money might seem like a trivial matter. Entrepreneurs start to spend aimlessly, which can be bad later in life.
You can combat emotional fallout by managing finances. Figure what’s the purpose of money in your life. Do you have responsibilities to fulfill? Are you interested in specific activities that may require investments later? Understanding yourself better would help you spend finances more wisely and find an objective in life.
5. Get a Coach
Hiring a coach or expert is an excellent way to stay focused. An individual who understands your situation through his experiences can help you conquer the emotional fallout better.