At the Brink: Committed vs Curious Sellers

It’s Thursday afternoon. You’ve been working on this sale for months, everything is moving according to plan. But as the evening creeps in, you start to feel something unsettling—nervousness that you can’t quite explain. Friday is the day you’re supposed to sign the contract. The day your business, your life’s work, passes into new hands. But as the night progresses, sleep eludes you. You toss and turn, your mind racing with thoughts about the future.

Friday morning arrives, and you’re walking into the meeting room, trying to calm your nerves. You’ve prepared for this moment, but now that it’s here, a tightness in your chest grows. The buyer’s lawyer slides the pen across the table toward you. You pick it up, but your hand is shaking. Your heart races, and you feel nauseous. The moment has arrived.

You look at the paper in front of you. The ink on the page seems to mock you. Your mind is a whirl of confusion. Should you do this? You slide the contract back across the table, much to everyone’s surprise. You say, “Sorry, I can’t sign this today.” The room goes silent. You realize this is not just about the deal—it’s about something much deeper.

Curious Sellers

In the M&A process, some sellers reach a point of hesitation just before the deal is done. It’s often called “cold feet,” but it’s more than that. It’s a realization that they weren’t as ready as they thought they were. Sellers may believe they’re committed, but when it comes time to pull the trigger, the emotional weight of the sale catches up with them.

Curious sellers are those who have considered selling, have even started the process, but haven’t fully thought through the emotional and psychological impact of parting with something they’ve spent years building. When they sit at the negotiating table, ready to sign, the weight of the decision becomes overwhelming. That sudden panic, the cold feet, is often a result of not being emotionally prepared to make the sale. This can happen because they haven’t fully understood what life will be like post-sale or have never really addressed what letting go means.

As noted by DeMong & Harris (2021), sellers who haven’t fully considered their personal motivations for selling often experience “transactional anxiety,” which can cloud judgment and lead to second-guessing when it’s time to make a decision. Emotional readiness is as important as financial preparation in these cases.

The Importance of Self-Awareness Before Selling

This is where self-awareness comes in. Selling your business isn’t just about the financials; it’s about understanding your own emotional readiness. The decision to sell should not be made lightly, and sellers must recognize whether they’re truly prepared for the change. That’s why, at Growth Focus, we offer a Sale Readiness Questionnaire designed to help sellers assess their motivations and emotional preparedness before they begin the M&A process.

It’s easy to get swept up in the excitement of the sale, to think that you’re ready when the time comes. But the reality is, the process of selling a business is emotional and complex. It’s not just about the numbers, but about the transition into a new chapter of life.

Thomas (2020) also highlights the importance of clarity when making a major transition, noting that sellers who undergo a readiness assessment are more likely to avoid regrets and emotional second-guessing post-sale.

The Risk of Going In Without Clarity

When a seller doesn’t have clarity about their readiness, it creates risks—not just for them, but for the buyer as well. If you’re not emotionally prepared, the buyer will sense your hesitation. It can create doubt, delay the process, or lead to missed opportunities.

For example, if a seller isn’t ready to leave, they might not negotiate as strongly. They might agree to terms that aren’t in their best interest, such as overly generous earn-out clauses or handing over too much control. They might also share sensitive business information too soon, weakening their position and making the deal less favorable. The result? A loss of value and a deal that doesn’t live up to expectations.

How Growth Focus Helps Sellers Assess Readiness

At Growth Focus, we understand the importance of being ready for the emotional and logistical challenges of selling. Our Sale Readiness Questionnaire helps sellers evaluate their preparedness for the transition. It goes beyond financials to assess your motivations, your long-term plans, and your comfort with the idea of parting with your business. By taking the time to answer these questions, you gain clarity and can move forward with confidence, ensuring that you’re making the right choice for your future.

Our experience has shown that this emotional clarity is essential to a successful transaction. When sellers are prepared, they can approach the sale with confidence, make better decisions, and ultimately secure a deal that reflects the true value of their business.

The Power of Clarity in M&A

Self-awareness doesn’t just lead to better decisions—it also leads to better deals. When sellers are clear about their goals and prepared for the transition, they’re better able to negotiate favorable terms, manage buyer expectations, and avoid the emotional pitfalls that can derail a deal. They can take control of the process, ensuring that the outcome is beneficial for them and their business.

Final Thoughts: Know Yourself Before You Sell

Selling a business is not just a financial transaction—it’s a deeply personal decision. It’s a process that requires clarity, preparation, and emotional readiness. If you’re uncertain about your motivations, the sale could become a source of stress, confusion, and missed opportunities.

Before you enter into negotiations, take a step back and ask yourself: Are you truly ready to sell? Have you considered the emotional impact of this decision? By gaining clarity and working with an experienced intermediary like Growth Focus, you can avoid second-guessing, protect your business’s value, and ensure a successful transition into the next phase of your life.

References

1. Harris, R., & DeMong, S. (2021). Strategic Sale Readiness: The Emotional and Financial Aspects of Business Transitions. Harvard Business Review. 
2. Thomas, L. (2020). Understanding Seller Readiness in M&A Transactions. Journal of Mergers and Acquisitions, 45(2), 22-29.
   

👉 Considering a sale? We’ll help you structure a process that eliminates silent risks and maximises your outcome. Contact Growth Focus today to start the conversation.