Preparing for the personal aspects of selling your business
Barbara Spurrier founded specialist consultancy CFPro in 2014.
In 2023, she became a BKL partner following the sale of CFPro to BKL.
Combining her first-hand experience and client experience, Barbara explains how the emotional side of a business sale is just as significant as valuation, deal structure and tax, and how business owners can prepare for the personal aspects of a deal.
From decision to emotional rollercoaster
There are many valid reasons for selling a business, from creating a retirement pot or starting something new to planning for the next generation and inheritance.
But alongside the rationale sits something less tangible: your identity as a founder.
For most founders, a business is not just an asset. It is something you have built, shaped and lived with. It is your ‘baby’.
When a deal is first agreed, there is often a real sense of achievement, validation and anticipation. But that feeling can change.
Many founders go into a deal with a number in their head, a value reflecting everything they have put in. If the final outcome does not match that, even if objectively it is a good deal, it may still leave you feeling short-changed.
At the same time, the structure of a deal can bring its own pressures. Earn-outs, for example, are not always in the seller’s favour. They can introduce uncertainty and shift your focus in ways you might not expect. The first-year post-deal is rarely straightforward. There are inevitably distractions, and performance can be affected.
Unlike an IPO, where the outcome is more defined and a set value is achieved, a private sale often involves a degree of compromise. That is something to think through carefully before you commit.
Due diligence works both ways
One of the biggest lessons learnt is that due diligence should not be a one-sided process.
Just as the acquirer will put your business under a microscope, you must really understand who you are selling to.
That means spending time with them: not just reviewing documents, but understanding their culture, structure and operations.
- How will decisions be made?
- How do they treat their people?
- What does integration look like in practice?
Completion is the start, not the finish
In the run-up to a deal, most energy is focused on getting it done.
But once it completes, the hard work begins, particularly from an emotional and cultural perspective.
You should expect a real sense of loss. Separating yourself from the business – from something you have invested hugely in – is often one of the hardest parts of the process.
The importance of hearts and minds
Your team will be emotionally impacted too, in a range of ways that partly depend on when and why they had joined.
The strong sense of family that many smaller businesses share does not disappear overnight.
Amid process-driven timelines, not enough time is always given to the importance of bringing people on the journey.
The pressure to complete and integrate quickly, may not allow you to step back and appreciate how people will experience the change.
That is why understanding the ‘new parent’ in the acquiring company, and how they will welcome you into the fold, matters so much.
Planning for the first 100 days
One practical way to address this is through a 100-day plan that focuses on more than just systems and processes. It needs to cover:
- Clear communication about roles and expectations
- Making people feel genuinely welcomed
- Supporting teams through the transition
- Helping the acquiring business understand the culture they are bringing in
In the most human terms, this is about putting a proper arm around people at a time when they need it most.
Preparation and the long view
Being deal-ready is also about having the right support around you early on.
Bringing in someone who understands the language, process and the pressures of deals can be invaluable.
It also allows your core team, particularly finance, to continue running the business without being stretched too far.
From the acquirer’s side, it is equally important that they have the right capability in place across HR, finance and operations to absorb the increase in scale.
A longer-term perspective is helpful too.
The better prepared you are for change – market conditions, priorities, even your own role – the easier it is to stay focused on the direction of travel and influence it where you can.
Five reflections for anyone considering a sale
- Be prepared – operationally and emotionally
- Lean on people who have been through it before
- Recognise that it’s a personal as well as commercial transition, and plan for what comes next – whether that’s pursuing a new interest or setting a fresh direction.
- Look after yourself and those around you
- Get the right advice early, particularly on tax
Five reflections for anyone considering buying a company
- Be welcoming and introduce everyone
- Ensure that the acquired team are acknowledged and expertise valued
- Discuss how they achieve their targets for earn-out
- Discuss what integration will involve for them and their wider team
- Communicate and discuss – do not assume
How BKL can help
A deal might be for the company. But for a founder, it’s much more than that: it’s personal.
At BKL, we take a joined-up approach to deals, built around one simple principle: helping founders get the right deal, not just get a deal done. We support businesses before, during and after a transaction with practical guidance:
- Getting businesses deal-ready
- Supporting decision-making during the process
- Ensuring the right structures, tax planning and commercial thinking are in place throughout
Just as importantly, we focus on what happens beyond completion. Integration, team experience and role clarity all play a part in whether a deal delivers lasting value.
Our clients also benefit from my first-hand experience of selling a business. I work closely with founders as a sounding board, helping them through both the practical decisions and the personal side of a deal.
For a chat about how BKL can help you, get in touch with your usual contact or with me using the form below.
Contact Barbara
Frequently asked questions: The emotional side of selling your business
What should founders think about emotionally before selling their business?
Founders should prepare for the emotional impact as much as the financial outcome. Selling a business often involves a loss of identity, control and routine, as well as excitement about the future. Many owners underestimate how personal the process feels until they are in it.
Taking time to reflect on your motivations, expectations and life after the deal can help you make clearer decisions and avoid regret later. Speaking to advisers or founders who have been through a sale can provide valuable perspective.
Why can a good deal still feel disappointing?
A deal can feel disappointing if it doesn’t match the founder’s expectations, even when it is objectively strong.
Many sellers carry a personal benchmark of what their business is worth based on years of effort and emotional investment. If the agreed price or structure differs from that internal valuation, it can create a sense of being short-changed. This is especially common where earn-outs or contingent payments are involved, adding uncertainty to the final outcome
How do earn-outs affect founders after a sale?
Earn-outs can extend both financial and emotional pressure beyond completion. They typically link part of the sale price to future performance, meaning founders may remain involved in the business under new ownership. This can create tension if priorities shift, resources change, or external factors affect performance.
Founders should carefully assess whether the targets are realistic and how much control they will retain, as this will significantly shape the post-deal experience.
What does “due diligence works both ways” really mean?
It means sellers should assess the buyer as thoroughly as the buyer assesses them.
While acquirers will closely examine financials, operations and risks, founders should also investigate the buyer’s culture, leadership style and integration approach. Understanding how decisions are made, how people are treated, and what the long-term strategy is can help avoid surprises after completion. A poor cultural fit is one of the most common causes of dissatisfaction post-sale.
What happens after the deal completes?
Completion marks the start of a new phase, not the end of the process. Founders often face a period of adjustment as they transition into a new role or exit entirely.
There can be a sense of loss, alongside practical challenges such as integrating systems, aligning teams and adapting to new leadership structures. The first year post-deal is usually the most demanding, requiring both operational focus and careful management of relationships and expectations.
How can founders support their team through a business sale?
Clear communication and empathy are critical during a sale. Employees may feel uncertain about their roles, leadership, and the future direction of the business. Founders should prioritise transparency where possible, explain what is changing and why, and ensure people feel supported throughout the transition.
A structured integration plan that considers culture, not just systems, can help maintain trust and stability within the team.
What should a strong 100-day integration plan include?
A strong 100-day plan should focus on people as well as processes. In addition to operational integration, it should include clear communication on roles and expectations, onboarding support, and steps to align cultures between both organisations. It should also give the acquiring business time to understand what made the original business successful. Prioritising “hearts and minds” early on can significantly improve long-term outcomes.
Is selling a business purely a financial decision?
No, selling a business is both a financial and deeply personal decision.
While valuation, tax planning and deal structure are important, emotional factors such as identity, legacy and relationships often carry equal weight. Ignoring these can lead to decisions that look good on paper but feel wrong in practice. A balanced approach that considers both sides leads to better outcomes and fewer post-deal regrets.
When should founders start preparing for a sale?
Preparation should start well before a sale is formally considered.
Being “deal-ready” means having robust financials, clear processes and the right advisers in place. It also means thinking ahead about personal goals and succession.
Early preparation allows founders to shape the narrative, strengthen valuation and reduce disruption during the transaction. It also ensures the business continues to perform while the deal is underway.
What is a common misconception about selling a business?
A common misconception is that completing the deal is the finish line. In reality, the most challenging work often begins afterwards, particularly around integration and personal transition. Founders who expect a clean break or immediate sense of completion can be caught off guard.
Recognising that value is realised over time, financially and personally, helps set more realistic expectations and leads to better long-term outcomes.
