Welcome to the “Show Me The Way” podcast with David Seitter
In this episode of “Show Me The Way,” Dave continues his discussion with Denise Logan, author of The Seller’s Journey, to discuss the emotional journey of selling a business, the ‘Oh My’ syndrome, and what really kills business deals.
Ep. 14 — The Sellers Journey with Denise Logan pt. 2
The Emotional Journey of Selling a Business
Dave continues their conversation from the previous episode by discussing an analogy he uses in his book comparing the Oregon Trail to the journey business sellers go on.
- He concludes by saying the goal is to guide people on the journey while helping them deal with their fears they will face along that journey.
- Denise stresses the importance of normalizing discussing emotions, fears, and issues that keep business owners up throughout the course of the selling process.
- She and Dave discuss how and why business owners get shameful or defensive when deal teams begin asking questions about their business.
Dave draws upon a deal he previously assisted with, asking whether it’s the male ego that causes people to react a certain way.
- Denise says it’s not sex-based, but rather emotional-based, as the selling a business is a very emotional transition, but often is only recognized for the transaction.
- Denise gives an analogy of selling your house and purchasing a new one, and adds that selling a business isn’t always seen as a transition.
- As she describes her emotional experience of selling her law firm, Dave adds that people are either running to something or from something, and it’s always better to be running to something.
- Denise says that even if you are running towards something, there is still an emotional transition.
The OMY Syndrome
Denise describes how owners say they can hang on for “One More Year,” which she calls the “O MY” Syndrome.
- This, according to her, means there is an underlying emotional element that the business owner is unprepared to address.
- Dave then discusses what he is expecting in the upcoming year with the business buying market, and asks how Denise would deal with business owners that feel they missed the period of high valuations.
- Denise gives an example to help people remember how the emotional side of dealing with transition can show up throughout the process.
What Kills Business Deals
Denise continues the chain of thought, explaining the five ways that fear shows up: fight, flight, freeze, fawn, or submit.
- She describes how each might look, and that everyone has their own that they lean into during stressful or fearful times.
- She stresses the importance for each member of the deal team to share those with others on the deal team, so they know when to pause the content to add some context.
- Denise explains why time does not kill deals, but rather it is unprocessed emotions that kill deals.
- She refers back to her days as a mental health professional, and explains some of the existential elements that can churn up fear, and how to handle them.
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.