Almost every entrepreneur strives for it: the exit, the sale, the big payday. But what most don’t expect is when that day comes, it’s often one of the most emotional days of their lives. After building their identity around their businesses for 10, 20 or 40 years – no matter how ready they are to sell, the day after is rife with challenges.
The emotional side of selling a business is one that advisors almost never prepare our clients for, but it’s the biggest area that clients need. Many entrepreneurs face listlessness, lack of purpose, and even depression in the weeks and months following their business sale. Twelve years ago, I personally faced this challenge. Now, I will share my honest and raw story about how lack of emotional preparation can affect entrepreneurs both in the short and long term as well as what responsibilities advisors have to help our clients prepare for the day after.