07 Jul Preparing to sell a business & Avoid Seller’s Remorse
Q&A with David & Jay
Question:
How do you prepare a seller for a transaction, the rigors of the process, and the psychological impact of seller’s remorse?
Answer:
Selling a business is incredibly hard on an owner, extending well beyond finding a buyer and negotiating a deal. Once an agreement is reached, the buyer begins due diligence—the process of verifying the facts and stories the owner shared during negotiations. One seller described this process as a “colonoscopy without anesthesia,” and he wasn’t far off. To survive it, having meticulous records of your accounting, your team, and your customer relationships is absolutely key.
Beyond the paperwork, this process takes a significant emotional toll. Sellers have grown and nurtured the business and the staff, building deep customer relationships along the way. Their fingerprints are on every aspect of the operation, and many view the company as an extension of themselves. Letting go can be extraordinarily difficult.
After 30 years of selling companies, the best advice I can offer is to intimately know why you are selling and to make peace with it. Ultimately, it is not about what you are leaving behind, but what you are moving toward that makes the sale the right move for you.
The Bottom Line for Sellers:
- Logistical Preparation is Non-Negotiable: Expect a rigorous due diligence process. Having pristine accounting, team, and customer records is your best defense.
- Expect an Emotional Toll: Letting go of a business you’ve nurtured is difficult—it is completely normal to feel like you are losing an extension of yourself.
- Focus Forward, Not Backward: To avoid seller’s remorse, anchor yourself in your “why.” Success isn’t just about what you are leaving behind, but what you are moving toward.
During the 2025 Managing and Accounting Practice (MAP) Conference hosted by the Massachusetts Society of CPAs (MassCPAs), Beacon Equity Advisors’ David Humphrey and Jay Galasso presented an AMA (Ask Me Anything) to the CPA firm partners attending. In this Q&A series, Beacon publishes some of those questions to help business owners make important decisions about the future of their company.