Are you in the process of selling your financial advisory practice? If so, it is important to keep your emotions in check throughout. Of course, this can be exceptionally difficult, as your business is no doubt close to your heart. You may remember all of the sacrifices you have made to get your company to where it is or the countless hours you have spent creating the business. However, this is the sort of attitude that can seriously undermine the sale of your financial advisory practice. With that being said, below we have put together some top tips for managing your emotions during the sale process.
Keep in mind the reasons why you are selling the business
It is important to always remember why you have put your firm up for sale. It is unlikely that this will have been an impulsive decision or a knee-jerk reaction, and, if it was, you should think hard about whether this is the right move for you. Nevertheless, in most cases, you will have a solid reason for selling. You should write this reason down, and whenever the selling process gets tedious, make sure you refer to the rationale behind letting go of your firm in the first place. This will make sure that your focus is on the end goal, and that you remain committed throughout the sale process.
Think about the sale from the buyer’s perspective
Our emotions get on top of us when we think about the sale from our own perspective – all of the hard work and effort we have put in to get to this place. But, you should also look at the deal from the buyer’s perspective. Consider their financial return and how the deal looks for them. This will help you to have a more objective view of the sale. You do not want to give the impression that the deal is one-sided.
Trust your advisors
One problem is that most financial advisory business owners have been in the game for so long, and thus they have a difficult time relying on the advice of their advisors. While this is completely understandable, it is important that your trust your advisors and that he or she knows what they are doing. You should not second-guess every move they make.
Understand the buyer’s process
Last but not least, it is important to understand the process from the buyer’s perspective. The deal won’t happen overnight. After all, selling a company is a complicated and length process. You have to try and understand this process from the buyer’s point of view. They want to make sure that they are choosing the right investment, and, therefore, it is only natural that they will want to conduct their own in-depth due diligence. They also need to review all asset conditions, consider how to manage potential capital expenditures, real estate control, and financing issues.