How to sell your business without emotions getting in the way

Selling your business can be an emotionally charged event. Learn how to do so without your emotions sabotaging the process.

It’s not easy stepping back and selling the business you’ve spent your whole life building. Not only is the company a source of your income, it also can be a part of how you define yourself: innovator, leader, employer.

“When the final moment of the sale arrives, many business owners often feel a sense of overwhelming loss,” says Barry Brundage, managing director, Private Wealth Management of U.S. Bank. “There’s no getting around the fact that this is an emotionally charged experience — at the end of the road, the business will belong to someone else.”

Even in the most pleasant of circumstances, emotions can intrude on the process and may cause even the savviest negotiator to leave money on the table. To make the sale the most successful it can be, planning ahead can help significantly.

 

Plan the sale as thoroughly as possible

With a full business-selling plan in place, you’ll be better prepared for the negotiation table. With a solid plan, you may have a better feeling about the overall experience.

Consider the selling market you are entering. Do you expect a one-time windfall or a buyout over an extended period of time? Work with a financial advisor to factor in the current sale to your future finances. A financial plan to prepare for the time when the business will no longer provide you with income may help you maintain peace of mind.

 

Anticipate emotionally charged situations

To start, know that while the decision to sell may be a purely rational one, the selling process can feel anything but rational. You may encounter challenging situations, such as potential buyers questioning your business strategies, your hiring policy or marketing and communications. Other circumstances that can further exacerbate your emotions may include:

  • Your buyer might be a lifelong competitor. 
  • You may be passing the business to a family member who you are not certain is capable of continuing the business successfully. 
  • Your business’s market position may have deteriorated, forcing you to sell.
     

Anticipate that you might have negative reactions to situations that are part of the sales process. Recognizing this potential will reduce the possibility that you will be surprised or sidelined by your own emotions, and thus be in a stronger position to make better decisions.

 

Plan for the future before selling your business

You may have spent many years, or decades, building up your business. What will you do after selling your business?

“What many people don’t recognize is that emotions can continue to linger long after the ink is dry on the contract,” Brundage says. “After years of solving problems and making critical decisions, you will have to look outside of work for a sense of purpose.”

Plan for your future before the sale of your business so you have something to look forward to. Think about the first day after you close the sale. What do you envision yourself doing? Volunteering? Traveling? Spending more time with your family?

Having a vision of the future can fuel you with a sense of control and optimism, which can override negative emotions that might thwart the success of your sale.

Planning ahead can put you on the road to a happy and productive post-sale life. Who knows, maybe the next step is for you to embark upon a new business venture?

 

Explore more about successfully running a business.

Learn about U.S. Bank

How to accept credit cards online

Retirement savings by age

How to track expenses

How to build wealth at any age

Investment strategies by age

How to start investing to build wealth

Reviewing your beneficiaries: A 5-step guide

8 Ways for small business owners to manage their cash flow

5 financial goals for the new year

How to get started creating your business plan

10 ways to increase your home’s curb appeal

What documents do you need after a loved one dies?

Checklist: 10 questions to ask your home inspector

Closing on a house checklist for buyers

How to plan and save for adoption and in vitro fertility treatment costs

11 essential things to do before baby comes

How to manage money tips

5 tips for being a great board member

For today's homebuyers, time and money are everything

Uncover the cost: International trip

Uncover the cost: Wedding

4 reasons why estate planning is important

LGBTQ+ retirement planning: What you need to know

What is Medicare? Understanding your coverage options

Using 529 plans for K-12 tuition

Retirement plan options for the self-employed

Is a Health Savings Account missing from your retirement plan?

How to open and invest in a 529 plan

How to manage your finances when you're self-employed

How grandparents can contribute to college funds instead of buying gifts

Safeguarding the payment experience through contactless

COVID-19 safety recommendations: Are you ready to reopen?

Insource or outsource? 10 considerations

Buying or leasing? Questions to ask before signing a contract

Finance or operating lease? Deciphering the legalese of equipment finance

Common pitfalls to avoid in the equipment financing process

The costs of hiring a new employee

5 steps to take before transitioning your business

Make your business legit

How to establish your business credit score

Talent acquisition 101: Building a small business dream team

10 tips on how to run a successful family business

How to sell your business without emotions getting in the way

How to save money while helping the environment

How to expand your business: Does a new location make sense?

Is raising backyard chickens a good idea financially?

7 steps to prepare for the high cost of child care

How to save for a wedding

How I did it: Turned my side hustle into a full-time job

Multiple accounts can make it easier to follow a monthly budget

5 tips for creating (and sticking to) a holiday budget

How to test new business ideas

How can I help my student manage money?

7 steps to keep your personal and business finances separate

3 types of insurance you shouldn’t ignore

8 steps to choosing a health insurance plan

7 things to know about long-term care insurance

Preparing for retirement: 8 steps to take

How I did it: Switched career paths by taking an unexpected pivot

5 unexpected retirement expenses

Year-end financial checklist

6 tips for trust fund distribution to beneficiaries

How I did it: Transitioned from the military to a private sector career

4 steps to finding a charity to support

Don’t underestimate the importance of balancing your checking account

The secret to successful service provider integration

What you need to know as the executor of an estate

How to build a content team

Webinar: ESG for Corporations: Building an all-weather, long-lasting strategy

Do your investments match your financial goals?

Can fantasy football make you a better investor?

Year end tax planning tips

A beginner's guide to investing

5 things to avoid that can devalue your home

10 questions to ask when hiring a contractor

Beyond the mortgage: Other costs for homeowners

4 ways to free up your budget (and your life) with a smaller home

Home buying myths: Realities of owning a home

House Hacks: How buying an investment property worked as my first home

Should you buy a house that’s still under construction?

Your guide to breaking the rental cycle

Travel for less: Smart (not cheap) ways to spend less on your next trip

Tips for working in the gig economy

Which is better: Combining bank accounts before marriage — or after?

Tips to overcome three common savings hurdles

Money Moments: 8 dos and don’ts for saving money in your 30s

Money Moments: 3 smart financial strategies when caring for aging parents

Is it time to get a shared bank account with your partner?

Friction: How it can help achieve money goals

It's possible: 7 tips for breaking the spending cycle

What to consider before taking out a student loan

Here’s how to create a budget for yourself

3 awkward situations Zelle can help avoid

9 simple ways to save

Do you and your fiancé have compatible financial goals?

What military service taught me about money management

6 pandemic money habits to keep for the long term

From LLC to S-corp: Choosing a small business entity

How I did it: Paid off student loans

Unexpected cost savings may be hiding in your payment strategy

Costs to consider when starting a business

Questions to ask before buying a car

Webinar: Uncover the cost: Building a home

Adulting 101: How to make a budget plan

How I did it: Learned to budget as a single mom

Multigenerational household financial planning strategies

Your 4-step guide to financial planning

Working after retirement: Factors to consider

Personal loans first-timer's guide: 7 questions to ask

Should I itemize my taxes?

Dear Money Mentor: How do I set and track financial goals?

Retirement income planning: 4 steps to take

Lost job finance tips: What to do when you lose your job

LGBTQ+ financial planning tips

Understanding guardianship and power of attorney in banking

Financial gifts can be a valuable – and fun – choice for the holidays

What financial advice would you give your younger self?

How to stop living paycheck to paycheck post-pay increase

What you need to know about renting

What’s in your emergency fund?

Car shopping: Buying versus leasing your next vehicle

What you should know about buying a car

Take the stress out of buying your teen a car

How to winterize your vehicle

How I did it: Joined a board of directors

Tips for navigating a medical hardship when you’re unable to work

Money management guide to financial independence

Money Moments: How to manage your finances after a divorce

Personal finance for teens can empower your child

5 reasons why couples may have separate bank accounts

U.S. Bank asks: Transitioning out of college life? What’s next?

Key milestone ages as you near and start retirement

How to use debt to build wealth

How to talk about money with your family

30-day adulting challenge: Financial wellness tasks to complete in a month

How to retire happy

How to protect your digital assets in your estate plan

Money Moments: Tips for selling your home

Resources for managing financial matters after an unexpected death

Webinar: Uncover the cost: College diploma

How I did it: Bought a home without a 20 percent down payment

Crypto + Homebuying: Impacts on the real estate market

Military homeownership: Your guide to resources, financing and more

U.S. Bank asks: Do you know your finances?

Webinar: Uncover the cost: Home renovation

Webinar: Bank Notes: College cost comparison

How you can prevent identity theft

Do I need a financial advisor?

Good debt vs. bad debt: Know the difference

Parent checklist: Preparing for college

Financial steps to take after the death of a spouse

Estate planning documents: Living trusts vs. will vs. living will

Annual insurance review checklist

7 financial questions to consider when changing jobs

Unexpected cost savings may be hiding in your payment strategy

Disclosures

Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.