Especially when the sale coincides with the owner's retirement, it signifies a loss of power and an enviable social status. This departure serves as a stark reminder of their own mortality and can trigger a feeling of uselessness ("What will I do with my life after the sale?"). Entrusting their "baby" to a stranger can also provoke a sense of guilt ("What will become of the employees?").
Faced with the prospect of selling—and the grieving process it inevitably generates—the outgoing owner may react in several ways, according to T. Bah (2006). If the process is accepted, the owner views the sale as a major managerial act, in a sense the crowning achievement of their professional life. They will make it a point of honor to ensure the company is handed over smoothly and can operate just as well, if not better, than before. Having already developed plans for their next chapter, they are highly realistic, often initiating the sale process themselves and taking an active role to keep it moving forward, slowly but surely. They will want to inform employees personally at the right moment and ensure an efficient transition with the buyer.
In other cases, the owner simply cannot let go. Stuck in the process and suffering psychologically, they fall prey to ambivalent feelings. They profess a desire to sell, yet take actions that contradict their stated goal. Hesitant about which decision to make, they find themselves unable to project into the future. Much like the grieving process, the owner passes through a range of emotions, including denial, anger, rebellion, guilt, depression, and fear.
This state of deadlock is difficult to endure for those around the seller, but also for the seller themselves. It is sometimes possible to help them, provided they are open to advice. After all, they are not alone in this situation, and the experience drawn from similar cases can be highly beneficial. Here are a few practical suggestions to help the outgoing owner take this step:
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Develop a post-retirement plan and set new life goals;
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Involve loved ones in the decision and dare to talk about it openly;
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Delegate responsibilities and empower key personnel;
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Cultivate activities and interests outside the professional sphere;
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Build new social networks;
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Secure long-term financial stability;
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Frame retirement positively, viewing it as a well-deserved rest.
It is crucial for the seller to take a step back. They must understand that the company's best interests do not necessarily rely on them alone. This depersonalization makes it possible to envision the company's future under new leadership. Passing the baton is the natural order of things, and it is the leader's duty to ensure the company's long-term sustainability, even after their departure.
Time often helps the owner fully grasp what is at stake, ultimately leading them to accept the sale as the best solution. Whenever possible, it is vital to anticipate the decision to sell. Planning the timing of the transition several years in advance allows the owner to prepare thoroughly and involve those around them. In this way, the handover can be experienced as the crowning achievement of a successful career rather than a tragic end.
Illustration: Clou
