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Most owners regret selling their business

You might find that hard to believe, but the Exit Planning Institute has found that 76% of owners have seller's remorse within a year. How can this be?

My exit story

I was happy to sell my business, got what I asked for, and felt regret within a month. I had a plan: I would finish off my executive MBA and start a consulting business. I missed being part of a team and found that my 'planning' had failed to consider long-term financial needs and personal challenges. The story ends well, welcome to the result!

Five sources of Seller's Remorse

1. How will you and your family adjust to your new routine?
We have faced challenges during COVID-19, adjusting to spending more time together and adapting to new routines. You and your family must set expectations and consider your new 'normal'.

2. What time frame did your personal plans cover?
Sellers often talk about the fantastic once-in-a-lifetime vacation they will take or building their dream home. But what then?

3. What happens to your self-image?
Owners are used to being the focal point of a fast-paced business environment, which has considerable status and reward. When that changes, what will you say when people ask, "What do you?"

4. Did you get enough to live your dreams?
Understanding how much of a nest egg you need to live as you want and care for your family is critical. Did you exit too soon without maximizing the value, or should you have adjusted your expectations?

5. Are you second-guessing your decision?
It's tough to leave a business you've invested sweat, tears, and too many hours into. Should you completely exit the business or take a 'second bite of the apple'? Did you understand your options? Did you miss out on the chance to leave a charitable legacy?

How can you avoid Seller's Remorse?

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You can avoid all five sources of seller's remorse by having a strong transition team led by a CEPA or Certified Exit Planning Advisor. The CEPA will align your existing team and, where needed, supplement with experts to ensure you can make the right decision. Don't miss out on the full value of your business and protect your legacy.