Most business owners feel relief, exhilaration and euphoria after selling their business. But like any large financial transaction, a feeling of seller’s remorse can set in.

But what are you feeling remorse about? You just received a fair, and hopefully, large payout when selling your business. However, some sellers start to feel irrelevant from losing the identity they had from running their own shop. No one warns you how much your identity has been tied up in your business.

So after investing so much – time, money, sweat, and tears – in a business, you may be plagued by doubts. And you may be asking yourself the following questions:

“I thought I would get a better price after all these years of work.”

“I had no idea I would take such a tax bite and be left with so little.”

“I didn’t think they (the buyers) would change my business so drastically.”

Plus there are the feelings of negatively impacting your family and employees.

Fortunately, there are steps owners can take to avoid regret.

• Take time to plan what you will do after you sell. After pouring your heart and soul into your business, it will take time to shed the business owner identity to one of your own.,
• Slowly spend time away from the business during the sales process, to get used to envisioning your life without the business.
• Calculate your realistic wealth gap; i.e. how much do you need to net to maintain your financial goals.
• Determine and learn to expect that the sale will affect your family, employees and community.
• Understand the pros and cons of your transition options.
• Be proactive with post-ownership plans – don’t procrastinate.
• Allow sufficient time for this transition. Allow up to six months to prepare your business for sale and another six months to find the correct buyer for your business.

Regret is something we all experience after a major life change. Take the time to develop a comprehensive business transition plan with trusted advisors, such as those at Sunbelt Business Brokers – Midwest.

You shouldn’t spend the rest of your years wishing you would have achieved a different outcome on your sale. Remember preparation is the best way to avoid seller’s remorse.