What to expect when you are divesting

Selling a business is one of the most significant financial and emotional decisions a person can make. For many vendors, their business is not just an asset — it’s a deeply personal creation. It represents years (or decades) of risk, resilience and relentless hard work. So, when it comes time to sell, the emotional weight can surprise even the most rational and well-prepared owners.

Here’s what vendors should expect emotionally during the business sale journey — and how to navigate those emotions to ensure a smoother transition.

1. Protective

When I started business broking, this was one of the biggest surprises for me.

Even though practice owners know that selling their practice is a financial decision at its core, for many owners the decision of who to sell to is steeped in a need to maintain quality control for the sake of the staff and patients,

That is to say, long term practice owners will often use compatibility criteria in their selection of a buyer because they feel a protective instinct and responsibility towards their staff, patients and legacy.

2. Fear (of the unknown) 

When you are selling your practice, it means trading the predictable life that you have known (often for decades) for one that has yet to be formed. With that uncertainty comes a natural amount of concern or fear.

If you are at this juncture and are finding yourself feeling fearful about life post sale, it is important to be clear on what you are and aren’t giving up when you sell your practice:

• You are usually NOT giving up being a veterinarian… at least not right away. The vast majority of veterinarian practice owners will work clinically for the purchaser for some time post sale, and phase into retirement slowly over a period of time after the transaction. Often, this transition into retirement can take years and gives you a chance to get used to life without being a veterinarian, one day at a time, instead of all at once.
• You are giving up the hours of admin that you do on payroll, bookkeeping HR and IT.
• You are giving up needing to innovate with marketing and reinvest capital to stay competitive.
• You are giving up needing to keep up with an ever-changing compliance landscape related to sterilisation, HR, record keeping, etc.
• You are giving up the role of chief problem solver and decision maker, whenever something large or small needs a ruling.
• You are giving up on interrupted personal time on weekends and holidays, related to things like staff members fighting, computer viruses or a broken air conditioner.

While it is natural to be fearful about a step into the unknown, it is usually the most stressful and mundane parts of your work that you are actually giving up when you sell. 

3. Relief 

Far from mourning the loss of ownership, many owners we work with report an overwhelming sense of relief post sale. For many, it’s only in hindsight that they realise how much stress they were carrying related to these responsibilities, and how much personal time was being compromised.

4. Excitement 

For years, your schedule has been dictated by patient appointments, staff needs, and the need to cover the business overheads. Selling opens the door to a new way of living. It can mean longer holidays, more dedicated time with parents, kids, hobbies or a new business. The possibilities are suddenly much broader.

5. Pride 

Selling a business should be a moment of immense pride. Your years of hard work have actually created something valuable — something that others want to pay you for and continue. Not everyone gets to this juncture with a business. Let yourself feel proud. Celebrate the milestone — not just with a glass of champagne, but by acknowledging the time, effort and sacrifice that got you there.