Clearly know which one you will be before attempting to exit
The first owner, or seller, is one that wants to sell their business, step aside and let the acquirer do with the business as they wish. The second type is one who wants to remain involved with all or some aspects of the business and does care what will be done with and to the business going forward under new ownership. Here is the key point…know very clearly which of these you will be and remain consistent in your thinking through the exit process.
Although this seems obvious, it’s not for many sellers. Their mindset when they begin the process of selling their company can evolve as the day approaches where they will no longer have control of their business. This evolving, new thinking can begin to slow down the exit process, bring unnecessary stress to you as the seller and create frustration for the acquirer as they begin to hear new thinking that is counter to what they first heard when the engagement process started.
Avoid this common, and very unnecessary issue, by ensuring you are asking yourself all the right questions early on in the exit process to ensure you will be mentally and emotionally prepared for the exit process. Get advice from those that know this process well to help ensure this issue doesn’t arise during your exit process.
