The Achilles Heel of all entrepreneurs (save serial entrepreneurs): Cutting ties with the business you built.
If you’re a business owner, you may be enticed by the idea of selling your business and walking away with the cash … but chances are you’ll have a hard time cutting ties with the business you built.
A recent article on Forbes.com tells the story of a business owner of 25 years who finally decided to sell his business, since his sons had no interest in running it. He spent hundreds of thousands of dollars and a year of his time prepping to sell, but walked away 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 entrepreneurs suffer when selling their businesses stem primarily from what psychologists call “locus of control issues.” In essence, someone who has, for most of their career, initiated all of the action, finds themselves in the uncomfortable position of being passive and reactive to the strategies and directives of others.
Authentic entrepreneurs are unique creatures, business geniuses that defy convention by thinking less about wealth and rewards than challenge, wining and making a mark on society. 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. You will be ceding control of your business, in exchange for cash. Best to wrap your mind around that issue sooner rather than later.
Tags: entrepreneur’s frustration, selling the business, Small business, succession