The Emotional Aspects of Selling Your Company
Not every entrepreneur that starts a business with the intent of ever selling it, but for those that do, it’s not always emotionally easy to give something away. You created it. You’ve nurtured it from its infancy, kept it going. It’s part of you.
Sounds kind of cliched, but the feelings are true for many entrepreneurs. If you have a successful business, it’s likely someone else will see value in it and want to buy. But while it’s easy to visualize the payout and magazine covers showcasing you, for some entrepreneurs, it’s like selling your kid, as Wil Schroter says. And it might be even harder if you are staying involved in the business, in some manner, after the sale.
That’s not to say you shouldn’t sell your business, but think through the implications in terms of your involvement, your emotions, the different business culture - not just the fat check that comes with being acquired. If you have employees, they will be affected, too, and often without the benefit of a fat check.
If you do sell, learn to deal with the emtional aspects fast - especially the feeling of uncertainty of direction, now that you’re not completely in control any longer, if at all. If you stay involved in the post-acquisition entity, help your former colleagues and employees cope as well.
