If you’re a business owner, you may find yourself fantasying from time to time about selling your business and walking away with all that lovely cash … but chances are you will have a hard time cutting the ties that bind you to a business you may have worked a lifetime building.
An article on Forbes.com tells the story of a business owner of 25 years who decided to sell his business after finally acknowledging that his sons had no interest in running it. He spent thousands of dollars and a year of his time prepping his business only to walked away from the sales table at the last minute. Forbes calls this “seller’s remorse,” and it’s a fairly common ailment of successful entrepreneurs.
According to Forbes, the problems most entrepreneurs suffer from when selling their businesses is a condition psychologists call “locus of control issues.” In essence, this is the consequence for those who initiated all action throughout their career, find themselves in the uncomfortable position of being told what to do as they sell their business.
Authentic entrepreneurs are unique creatures. Typically, they are business geniuses that defy convention by thinking less about wealth and rewards than challenge, winning and making positive chances within their community. If you are a business owner considering selling your business, you may be well-advised to come to terms with the idea before you dive into the process. Just know that you will be ceding control of your business in exchange for cash. It would be best to wrap your mind around that issue sooner rather than later.
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