What to Expect When Your Business Is Sold

When you sell your business, be prepared not just for financial repercussions, but for emotional ones as well. You may have spent a significant part of your adult life putting your heart and soul into

making your business a success, and you have more sense of self-worth wrapped up in your company than you'd ever imagine. Sometimes it can be difficult to separate your identity from that of the business itself.

Once you have made the decision to sell your business, decide what role you are willing to play after the fact. Many business owners discover that a buyer wants them to remain involved for some period of time after the sale. An intelligent buyer will understand that much of your company's value is the knowledge located inside your head. The buyer will want to be able to tap that information during the transition.

A buyer who is inexperienced in your type of business will probably want you to stay on for a while until he or she feels comfortable with day-to-day operations. You may be asked to commit to a training period. Will you stay involved on a daily basis for weeks, months, or not at all? Will you function as an outside consultant? If so, will you consult in person or over the phone? As the seller, you can choose to continue to play several roles in your business after the sale goes through.