What advice do business owners who sold to third parties have to offer me?

Approximately 75% of business founders who sold their company to a third party end up regretting that decision within a year of the sale.

The key reasons cited for this high rate of regret include:

1. Unrealistic expectations about the sale price or amount of money they would make from the sale;
2. Poor timing of the sale, such as selling when the market conditions were not favorable or the business was not performing well;
3. Lack of proper preparation and planning before the sale process, including not understanding the tax implications;
4. Not getting the right deal terms or enough money from the sale due to poor negotiation skills;
5. Emotional factors, such as missing the sense of purpose and accomplishment that came from running their own business;
6. Not finding the right buyer who was a good fit for the business and could take it to the next level;
7. Lacking a clear plan for what to do after the sale, leading to a feeling of loss and lack of direction; and/or
8. Not having the right exit strategy in place before the sale. By contrast, there is no readily available data on "seller's remorse" when it comes to EO.