Find the Truth: Many CEOs end up with nobody to talk to about their decision to sell out – nobody, that is, who has no personal or financial interest in the process. Most ‘advisers’ that they talk to have a vested interest in the process going forward. So, here is a suggestion. Find somebody who will not buy your BS and self-serving crap. Spend lots of time with them talking about your plans to sell – why you want to sell – how you think things will be after the sale. One of the liabilities of leadership is that you tend to get surrounded by people who reinforce your visions. Find your most contrary friend and ask them to test your thinking. If you don’t have such a friend handy, find an adviser or mentor who will fill that role. Make sure that, in both cases, the individual has no interest in the issue being resolved either way. You want a sounding board to press you on what and why you intend.
Develop a Post-Closing Vision and Test It: Try envisioning the world after the closing. Push you mind ahead to that time after the checks have cleared and the dust settled. Sometimes it helps to think about how you would spend your days. Would they come to look like your weekends? The first couple of months, a seven day weekend might seem a good idea but, after a few months, it might wear pretty thin. One of the expectations that commonly drive this process is that hobbies will become vocations. Founders who spent spare time with photography or playing golf might envision a post-transaction world in which there are many more hours for those pastimes – only to discover that, as a vocation, they are a lot more demanding than they were as a hobby. One client – an amateur photographer – took time off to spend time as an assistant of a professional photographer. In the end, she decided it was a better hobby than profession.
Experience and Express Your Feelings: This is one of those times where the prescription ‘be open to and express your feeling’ is very good advice. None of the people around you will find themselves in your place. None of them will have the highly emotional experience of selling one of their ‘children’ – and that is going to feel like. They will all express frustration with your tendency to personalize the process. But the process is inherently personal for you. What they will probably not accept is the fact that, if you have not worked through your feelings about selling, there is a high likelihood that the company will not transact – that you will not be able to trigger the sale when the time comes. The toughest part is going to be recognizing your feelings as legitimate. They deserve careful consideration – as much as the income statements, balance sheets and customer base of the company.
Experiencing the Abyss: Anybody who visited the Grand Canyon or been on the open ocean will know what this means. I remember my first time to the Canyon. It was so beautiful from the air and the vista was breathtaking from the hotel terrace – but the real power of the experience came when I stepped close to the edge. It is almost impossible to simulate this experience – it is almost impossible to experience the abyss that you will face post-closing. But working towards that experience prior to going to the closing table can help you maintain your equilibrium.
Coaching Can Help – If You Get the Right Coach
One of the benefits of coaching is these situations is that the coach has no vested interested in whether you transact your company or not. If you find the right coach – one who has gone through the process and has lots of experience coaching founders and entrepreneurs – they will be a big help in coming to terms with the process. Remember, it is not a matter of selling or not selling your company – it is a matter of doing what it is that you really want – what will make you the happiest – will result in a post-closing situation that will be a win-win for all parties – especially you. The right coach can serve as your ‘spirit guide’ – making sure that you work through your feelings well before the closing table. Good coaching can put you in a far more ‘proactive and focused’ frame of mind – perhaps even improving the deal terms. It can keep you from making serious mistakes and help you find the best way forward – to and through the closing process.
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