KEEP YOUR HANDS & FEET INSIDE THE CAR AT ALL TIMES: Are you thinking about selling your dealership? Buckle in because you’re in for an emotional roller coaster! One aspect of selling a dealership that few dealers discuss is the emotional impact the decision can have on the dealer principals themselves, not to mention their employees and families. Because of confidentiality reasons, many dealers don’t have anyone to talk to about the emotions they are experiencing. Here are a few of the most common emotional issues that we’ve seen over the years: Fear of the unknown: Selling your most valuable financial asset — your dealership— is usually a rare occurrence. So much so that to most dealers, the process is unfamiliar. Facing an unknown future can make you uncomfortable and be very unsettling. You may stress about making the wrong decision or worry about what the future will bring after the sale of your dealership. And letting go of something that has been a substantial part of your life can be difficult. Uneasiness with due diligence: The due diligence process can be tedious, intrusive, and uncomfortable. Putting a microscope on accounting, legal, insurance, human resources, and other areas of the dealership to understand how the business operates takes effort. As a business owner, you are required to provide the story of your company through detailed documentation so potential buyers can assess the opportunities as well as any risks. Most business owners aren’t used to this level of inquiry and may face being secondguessed and even criticized over past decisions. Losing control: If you’re like most dealers, your dealership is a source of pride and accomplishment and an extension of yourself — you’ve put your heart and soul into building it. Selling it can make you feel like you’ve lost control, as though you’re giving up a core piece of your identity. Sadness and grief: Letting go of something that has been an important part of your life may bring on natural feelings of sadness and even grief. It is important to recognize these emotions are a normal part of the process, especially when facing a major life change, Regret and guilt: Feelings of regret may come when selling your dealership, especially if you believe that you could have done more or that you’re walking away from opportunities. As you consider your employees and other stakeholders who will be affected by the sale, feelings of guilt may creep in. THINGS ARE ABOUT TO GET REAL! By Katie Naughton & Eric Levitt, DSMA 22
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