You originally called this business your baby. Admittedly, this makes letting go one of the most difficult decisions you need to make. If you’re having a hard time trying to reduce the emotional attachments you have with your business, here are some practical pointers that can help you to move on finally.
1. Get your colleagues’ opinions
The famous author of “Strategy and Entrepreneurship,” Professor Freek Vermeulen of the London Business School has stated that it’s best to ask the advice of your company’s “internal crowd” when making high-caliber decisions.
It can be as easy as saying “I’m selling my business in Park City” to get the discussion going. Eventually, you can make the choice with the necessary affirmations or useful suggestions that you’ve gathered from those within your business.
2. Ask for external POVs
Emotions can make a very obvious solution difficult to accept, which is why taking a different perspective on the whole matter is essential at this point. Try to think beyond your position as owner of the business.
Connect with a reputable business consultancy company to discuss your more practical options. Sometimes you just need to step away from your role, listen to those who can offer a fresh point of view and accept their practical remedies to your problems.
3. Acquire a positive perspective
Your failures do not define who you are. You are more enriched from using your loss to get back up again. Renowned author and professor Elizabeth Thornton states that you need to accept the fact that external factors can cause you to fail even if you’ve already tried your best.
In the end, deciding to sell your business is not giving up if it’s the best ways for you to recover and succeed in another venture.
Vermeulen has stated that smart leaders commonly make bad decisions and most of this happens when emotions get in the way. True, it’s hard to be impersonal about something you’ve worked so hard on. However, sometimes we just need to make the right choices despite our present emotions.