As an entrepreneur, you’ve worked hard to build your business from the ground up. Every decision you’ve made, every risk you took, and every success you’ve had were all part of your journey. But, at some point, you may reach a crossroads where you decide to let go of your company and sell it to a bigger, more resourceful organisation. Ultimately, it is simply the progression of business and likely aligns with your initial intentions.
It can be a bittersweet feeling. On one hand, you’re excited to see the future growth potential of your innovation in the hands of its capable new owners. But, on the other hand, it can be tough to let go of something that you created and put so much time, effort, and love into.
When the time comes, take a moment to reflect on your accomplishments. Celebrate your success! Though it may not make saying goodbye any easier it will turn the process into a celebration instead of a funeral. Remember, this means that your hard work and dedication have paid off. Creating something from nothing is truly admirable. Celebrate your business and all that you’ve achieved!
Timing is everything, and hopefully, you’ll recognise when the opportune moment presents itself. I’ve encountered numerous entrepreneurs who spent years pursuing that elusive high valuation, only to realise they had waited too long and missed their chance, ultimately achieving nothing.
Of course business is personal but try to keep the emotion out of it especially when the time is right to sell. Whether you are the sole innovator or part of a founding team, if you don’t detach from the ego and the emotion of the startup then it will own you and then you can become a hostage to it. And it will be hard to let go.
On the other hand you could embrace it with open arms. And with a stroke of fortune, not only will you experience the joys of personal growth, but you’ll also relish the delightful sensation of financial success! And don’t forget to reward yourself! You deserve a little pat on the back, so go ahead and treat yourself to something nice.
Also you may be about to embark on a new journey, so look at it as an opportunity and not as a loss. Growth is a part of life, and it’s a vital component in business too. Selling your business means that it has outgrown you, and that is a good thing! Embrace the change that comes along with selling your business, and look at it as a new chapter in your business’s legacy. As a founder you will always be the start of the story, the reason for its being in the first place so take great pride from that and watch in wonder how the story pans out.
It’s natural to feel emotional about letting go, but you need to remember that it’s a part of the journey. At some point, selling your business becomes the smartest move for its future growth. Don’t feel guilty about that. If you are selling it to a company that is passionate about your innovation and wants to continue building upon your legacy, then you should feel confident in your decision. Recognise that selling your business is the right thing to do to ensure its long-term success.
I speak from personal experience as last year my co-founder and I were presented with an opportunity to exit Kafoodle and we decided it was the right time. And it has been a real joy to me to follow the progress and see the business grow from strength to strength with the new owners.
Reflecting on this experience, I often get asked about my feelings witnessing something I’ve created evolve from a distance. I can confidently say that the immense satisfaction and pride I feel as it advances to the next level is akin to seeing your children grow and prosper independently. Knowing that I played a humble part in its story fills me with pure joy!
