The process of selling a transportation business is often a long, with many confusing aspects. Transportation businesses are a unique niche in the business world resulting in a tough market. Perhaps one of the most difficult aspects to any deal is the emotions involved. A business owner’s connection to the business can be personal, making it difficult to sell without some remorse. This is often the largest financial transaction a person will go through in life, that intimidating thought makes some back away. This hesitation prevents a business owner from realizing what they, and there business, deserves in the future. Allowing seller’s remorse to negatively affect the sale is a common, easily avoided, mistake. Spencer Tenney of the Tenney Group has some advice for beating seller’s remorse.
1. Mind Tricks
Seller’s remorse rears its ugly head in the form of mind tricks. When business owners start thinking too much about the process of the sale, they become confused or frustrated. This can lead to retraction or destructive behavior as far as the sale is concerned. It is helpful to keep in mind that seller’s remorse is real. Having negative emotions about selling a business is common and normal. Keep a look out for this reaction and be ready for it.
2. Focus Forward
Focused attention is best spent on the future. Ruminating on hindsight will always lead to trouble. When seller’s remorse draws your attention backward, refocus on the future advantages of the sale. Look at the original reason for selling the business, what are the benefits there? Perhaps the business is holding an owner back from retirement or familial obligations. Whatever the reason for sale, keep that close on hand to fend off seller’s remorse.
3. Future Worry
Piling on added stress will only be detrimental to the sale of a business. The transportation industry is a unique niche in which operating a business takes skill. That skill will translate to other areas of life once the transportation business is sold. Worrying about the future and what will happen after transportation is fruitless. The reality is that after transportation there are many many opportunities to thrive. Focus on the sale of your business and let the future play out how it will.
Be prepared for seller’s remorse because it can be a sneaky emotion. Focusing on the goals of the sale and the reality of a bright future will help quell the worry. This advice comes from Spencer Tenney; he is Vice President and Certified Business Intermediary for the Tenney Group. They specialize in brokering sales for any segment of the transportation industry. Their central Texas location allows them to serve business from coast to coast. They give each business the personal attention and professional expertise regardless the location or size.
Need help deciding to sell your transportation business? The Tenney Group offers free initial consultations with industry experts. Just call 877.642.8033