A Review of the Emotional Journey of Selling Your Pharmacy
The sale of a business is more than just about dollars and cents. It’s also about changes to your life, including changes that impact your coworkers that may have been a significant part of your personal and professional life for many years.
What you may be feeling
It’s difficult to predict the range of emotions an owner might feel during the sale of their pharmacy. While these emotions cannot always be planned, they can usually be managed with the right mindset and a little upfront preparation. The following are some emotional questions that a pharmacy owner might be considering as they get closer to selling:
- “Am I doing the right thing?”
- “What will the relationship be with my employees, many of whom have been with me from the start?”
- “Is this the right thing to do for my patients?’
- “Will the new owner respect what I built?”
- “Is money the most important feature of my deal? Are other issues equally important?”
- “What am I going to be doing the month after the deal closes? A year later?”
- “I really regret that my children are not taking over the family business? I wonder if there is any chance they will.”
- “Will I like the new owners? Will my employees like the new owner?”
What Colony RX does
ColonyRX helps answer these questions by working with you through the sale process. In our experience, these questions may not be answerable at the start of the process, but over time, as things fall into place, the answers will crystallize.
We also encourage you to communicate with your family during the sale process, and we are happy to speak to spouses, children or other family members if needed. As a business owner, your family has been a part of the company’s journey, and the company has been part of your family’s journey. Like you, your family may need some time to prepare for the fact that the business will no longer be a part of your (or their) daily family life. By involving your family in the decision making process, you can help prepare them for the transition and create an atmosphere of emotional support throughout the sale.
Knowing that whoever is going to take over the reins is ready
Just because a person has money (or available credit) doesn’t necessarily mean they are the right buyer for the business. One thing we do is carefully evaluate buyers to make sure that they can close the deal, and also has the ability to run and manage the business after they do. Then, we will facilitate conversations with buyers to ensure your values and goals are aligned, and that all parties have the comfort they need to move forward.
There are a lot of feelings tied up in the sale of a business. If you are feeling overwhelmed, give Colony a call today to discuss some options. I promise you will feel better after the call.