Are You Emotionally Ready to Sell?

Selling your business is a massive step. Whether you are selling because you want a change in career, you want a role that has less pressure than owning and operating, or the time has come that you are ready to retire, the business will usually have been a massive part of your life. It’s sure to have represented many years of long days, stresses and rewards. That emotional investment is usually one of the main reasons that a company succeeds, but it can be a hindrance when it comes to selling –here’s why your emotional readiness is an important factor in the sales process.

Negotiation

When it comes to the negotiating table, there are two key players –there's the buyer, and then there’s you, the seller. The difference between these two parties can be jarring, as one sees a sheet of figures, associated with assets and liabilities, and the other sees the culmination of a dream. This disparity makes negotiating nearly impossible –and we’re sorry to say it but it is the seller that needs to adapt. Maintaining your emotional attachment to the company will never give you the ability to negotiate reasonably or successfully –your demands will be too high, and you will inevitably be swayed by how much you like or do not like the new buyer.

Setting terms and conditions

As the seller, you are in a position of some power –you can choose to only sell your pride and joy to a buyer that you deem to be right for business. Whether this is related to your desire for employees to be looked after, customers to be maintained, or supplier agreements to be kept up –you can make any terms that you like. This will, however, inevitably shorten the list of potential buyers, and increase the timeline of the sale process –a process that is already usually fairly long. If you have aspirations of removing yourself from the business quickly (due to health issues, for example) then you really need to let go of some of these ideals.

What is your plan?

Owning and operating a business can take up large swathes of your time on a daily basis, and much like when a long-time employee retires, there can be something of a culture shock when you do eventually step away. It is important to have a plan for your time, whether it is something more general like ‘travel more’ or something specific like moving to a new state/country and starting a life of relaxation –make sure that you have something to fill your days or you will start to regret your decision.

Pinnacle Pharmacy Group

At Pinnacle Pharmacy Group, we are experts in managing mergers and acquisitions in the pharmacy business and digital health sector. While we cannot necessarily help you with your post-sale plans, when it comes to negotiating and getting the right deal for you –there is no company better than us.