When you come to sell your business, Lynda Moore has five steps that will help you through the personal transition, one fraught with challenges and emotions

Over the past couple of weeks, we’ve explored the journey of buying a business and setting clear goals to drive growth and success. Now, it’s time to turn our attention to the other side of the business lifecycle: selling.

Before we even start the discussion about selling your business, the first question you need to have an answer to, and well before you decide to sell, is this one:

“Do I have a business to sell?”  Far too many business owners ask this question far too late and discover they don’t have a business to sell, they have just got a really good job.

What’s the difference? I’ll pop my accounting hat on for a moment and ask you to think about this.

Can your business run without you? If you left the business would your customers stay? Do you have contracts with key customers, and documented systems and processes?

If you can answer yes to these questions (or get them in place before you decide to sell), you're more likely to have a business you can sell, as the goodwill (this is the bit that adds value to the business over and above the ‘stuff’ you are selling) is attached to the business.

Is your name on the sign outside the door? Do your customers still want to talk to you about their problems even though you have a team? If you left the business, would your customers go to your competition?  If you answer yes to these then you may well find you don’t have a business to sell, as the goodwill is attached to you. You are the most valuable part of the business, and without you, the business may have very little value.

Accountants hat off.  The Money Mentalist hat is now firmly back on.

Selling a business is one of the most demanding, and liberating, decisions you’ll ever make. It’s the result of years of hard work, dedication, and countless late nights. And for many owners, it’s not just a financial shift, it’s deeply emotional.

Your business is more than a set of numbers on a balance sheet. It’s a part of you. The systems you’ve built, the culture you’ve nurtured, the reputation you’ve earned, all of it carries pieces of your identity.

Letting go can feel like leaving a piece of yourself behind. And yet, it’s also a chance to open a new chapter: to reclaim time, energy, and freedom, and to explore opportunities that have been waiting quietly in the wings.

Over the years I’ve spoken with countless business owners standing at this crossroads. Some dream of weekends that aren’t filled with meetings, others are planning for retirement, and some are simply ready to embrace a new adventure.

Whatever the reason, one truth is universal: you’ve poured years of effort, energy, and identity into your business, and you want it to be valued, not just financially, but for the legacy it represents.

That’s where the emotional challenge comes in. To you, your business is priceless, every late night, every tough decision, every breakthrough. To a buyer, it’s potential, numbers, and systems. Bridging that gap between what it means to you and what it’s worth to someone else is often the hardest part of the process.

It’s also a period of personal transition. Your business has been intertwined with your identity, your pride, your routine, your purpose. Letting it go can feel freeing, but it can also leave you wondering, “Who am I without it?” These questions are natural and important. Acknowledging the emotional side of selling, the nostalgia, the pride, the uncertainty, is just as critical as preparing the financials.

So, how do you navigate this complex mix of emotions and practicalities? Let’s break it down.

Step 1: Prepare your business — and yourself

Start the process of preparing your business for sale several years before you think you want to sell. Make sure you have done what you need to move the goodwill from you to the business.

This will include talking to a reputable business broker, your accountant. These are the key people to help you get the accounts and business in order.

Get your systems documented. This is essential.

But it’s also about preparing yourself emotionally. Recognise that this is a big life transition, not just a transaction.

Think of it like packing up your home before a move. A tidy, well-maintained space not only looks attractive but gives you confidence that you’re handing over something of value.

From an emotional perspective: take time to reflect on what your business has meant to you. Celebrate the milestones, the challenges you’ve overcome, and the team you’ve built. Allow yourself to feel both pride and a sense of loss, they can exist together.

Step 2: Build your support team

Selling a business is a journey you don’t want to take alone. Surround yourself with people who can support both the practical and emotional sides of the process.

Choose people you trust — not just for their expertise, but for their understanding and support. This team can help you make decisions confidently, while also giving you space to process the emotional side of selling.

Your support team won’t just be professionals; your family are part of your team as well. What are you going to do next? Is your partner excited about the next stage of the journey, or are they quietly thinking, "good grief, how are we going to live?"

What is he/she going to do all day?  They may even have some uncertainty about whether the relationship can survive the transition.

Step 3: Value your business realistically — without losing perspective

This is where emotions often get tangled with practicality. To you, your business is priceless. To a buyer, it’s an opportunity based on tangible numbers and potential.

Pricing it too high can scare off buyers. Pricing it fairly creates momentum and often results in stronger offers. Lean on your team to help you find a realistic value — one that honours your effort but also sets the stage for a smooth sale.

Remember, value isn’t just financial. Consider the legacy you want to leave, the culture you’ve built, and the impact on your team and customers. Communicating that clearly to the right buyer can make all the difference.

Step 4: Market with intention and find the right buyer

Whether you are choosing to use a broker, or marketing the business yourself, selling a business today is more than a simple advertisement. It’s about telling the story of your business and finding someone who sees its potential and respects its history.

Develop a marketing plan that reaches your ideal buyer, someone who not only has the resources but the vision to carry your business forward.

Patience is key. The goal isn’t just a buyer; it’s the right buyer. Screen carefully. Look for someone with the financial capacity, experience, and commitment to honour your business and its culture.

This step can make the emotional transition much easier, knowing that your business will continue to thrive.

Step 5: Negotiate and close the deal

This is a very difficult step if you are doing the selling yourself. If possible, bring in a professional to help with this, they will be neutral and can negotiate without the emotional rollercoaster that you will be feeling.

Once the deal is done, the practical steps of the handover will kick in and it becomes more transactional. That is, until the day you leave the building, close the laptop for the last time, or have the party to introduce the new owner to the team and clients. Then the emotions will hit you with the full force of a tsunami.

Selling your business isn’t just a transaction. It’s a moment of ending and beginning. It’s an opportunity to honour the past while embracing the future.

Take the time to acknowledge what you’ve achieved. Let yourself feel both loss and excitement.

Lean into your future, look ahead and enjoy the next phase of your life journey.

*Lynda Moore is a Money Mentalist coach and New Zealand’s only certified New Money Story® mentor. Lynda helps you understand why you do the things you do with your money, when we all know we should spend less than we earn. You can contact her here.