I can say from first-hand experience that one of the biggest challenges I encountered while negotiating the sale of my business was negotiation fatigue.
As an advisor to other baby boomer entrepreneurs, I strongly recommend that they mentally prepare themselves for a long, grueling transaction process and accept that it will be extremely emotional throughout. Many buyers intentionally drag out the process to gain advantage and negotiate better terms.
If this doesn’t happen, great. But, it’s more likely that you’ll need to smartly take the following steps to overcome negotiation fatigue when selling your business.
- Force yourself not to think constantly about the potential transaction and the process. Otherwise, the endless dwelling and stress will negatively affect your spent time and enjoyment with loved ones and friends who care about your health and well being.
- Regularly step back and keep things in perspective in order to not overreact to aggravating negotiation issues and tactics. Stay calm and rational. Remember, it’s business not personal! If you can’t, hire a savvy professional to serve as an intermediary in the process.
- Be disciplined about the transaction process. Before committing to a transaction, try to spell out and resolve the major terms early in the process. Prepared a detailed term sheet, and avoid waiting to “figure it out later”.
- Know your destination. If you don’t know where you’re going, you’ll never get there!
Unfortunately, I had to learn the wisdom of doing the above steps the hard way, from first-hand experience. Please inform other baby boomer entrepreneurs about www.quietmillionaire.com as a resource for building business value and addressing issues of concern relating specifically to them.