” How do you reinvent yourself after leaving a business you dedicated your life to?”
In today’s episode, Paul speaks about the five stages of grief of selling a business. He explained the stages of denial, anger, bargaining, depression and acceptance. Denial can be seen when business owners are faced with the truth that they need to sell, anger is caused by the feeling of loss of control, bargaining can be a way to cope with intense feelings, depression is caused by the loss of identity and purpose, and acceptance is when an individual faces the truth and starts to think about their legacy.
Enjoy this weeks discussion.
In this episode, you will learn the following:
- Reinvent yourself after selling a business.
- What are the five stages of grief associated with selling a business?
- What are the key steps to transitioning through the five stages of grief when selling a business?
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Business Legacy Podcast features the five stages of grief. In 1969, a Swiss American psychiatrist and pioneer of studies of dying people, elizabeth Kubler Ross, wrote a book on death and dying. These stages can apply to many different situations, especially in the sale of your business.
Selling a business can feel like you’re losing control over something that you’ve worked so hard to build. The second part of this process in the five stages of grief when selling a business is anger. The bargaining stage is temporary and eventually you, the owner, or the owner out there will need to come to terms with the reality of their loss.
The minute that you sell your business, it’s no longer your identity. The next stage in the fourth out of five is depression. You have to go through a reinvention process of figuring out who you really are. Understanding your relationship with money can help alleviate some of that depression.
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