5 Steps On Your Emotional Journey

Imagine this scenario: You have spent years building your business, and now, suddenly, it’s gone. It can be scary, kind of like driving down a Colorado mountain pass in a heavy fog. It’s hard to see the road ahead.

It may be hard to see the road ahead when you sell your company.

Change of ownership and succession management are among the most difficult challenges business owners encounter. Facing emotional roadblocks can be the most difficult of these challenges.

Like most owners who step away from their businesses, you may have mixed feelings and regret about not being part of your company’s future.

It would help if you prepared yourself for the future emotional roadblocks that you’ll run into when you sell your company. Start by being proactive and thinking ahead. What will you do after the sale is final? How will you adjust to your new reality?

Below are five steps to help guide you through the fog.

1. Learn from others’ experiences. Check-in with people you know who have been through the sale of their business. Take them to lunch and ask them about their experiences.

2. Develop a plan for the first six months following your exit, including a few areas of focus. Your plan will provide structure to your days. For example: taking time to get your financial investments in order, adding a new exercise routine, learning a new language, travel, catching up with old friends, or tackling some of those personal projects that you’ve been putting off.

3. Join a community or peer group. Many entrepreneurs overlook the psychological benefits of their companies, particularly the sense of community and purpose. Identify a community or peer group to join or take on a volunteer position.

4. Avoid making too many changes at once. Selling your business is a significant change. Wait six months for any other substantial changes, like moving to a different state or buying a new home.

5. Get curious. Embrace this time as a period of exploration. The list of new possibilities is endless and may include: establishing a family foundation; turning your hobby into a full-time job that you love; or investing in startup companies.

Do one thing: If you’re thinking of a change of ownership and succession management, be proactive and prepare for your emotional journey.

Thanks for reading.

*I took this photo on La Veta Pass in Colorado while returning from a trip to Ojo Caliente, New Mexico, in Northern New Mexico.