Selling a company, as difficult as that is, just might be easier than actually passing the torch. Creating an exit strategy does mean that eventually you will have to exit – are you ready to let go? While you may have been dreaming of that day for years, doing it can be traumatic. This is your life’s work. Don’t be surprised at the strong emotions you may feel.

Your business transition is complete when you formally hand ownership over to the new owner, who assumes total responsibility for the business. You may be involved in an earn-out situation and / or an interim of training and transition before your business comes under the full guidance of its new owner.

Whatever that role is, if any, a sound transition plan helps you and the buyer attain both of your stated goals. It also helps protect the viability of the business under new leadership. It can be, however, complex and challenging for everyone: you, your employees, and the new owner.

No matter how long you remain after you sell a business, you should help ease the new owner into leadership in the way that best fits your situation. However difficult it may be for you to shift from making decisions to supporting a new decision maker, it’s difficult for employees as well. You need to guide staff gently away from their previous and comfortable routine and their relationship with you and help people to accept leadership of the new owner.

Be ever vigilant against undermining the new owner or sending conflicting messages. Consistently and persistently direct people to the new owner, even though it would have been faster and easier to handle a matter yourself.

Your office, as a symbol of leadership, should belong to the new owner as soon as possible. As minor as this may seem, we have seen it seriously obstructing more than one transition of leadership. The former owner may have been passive-aggressive, reluctant, or blind to the importance of handing over his office, but staying put physically sent absolutely the wrong message to employees and the new owner.

You and the new owner must agree how you will be available to the new owner and to employees, suppliers, vendors, and customers. There are many transitional intervals you can consider, and one of the best includes scheduling time off before returning to the business in a new capacity. Taking a vacation is a visible and psychological transition that breaks habits and solidifies the change.

Even so, there will come a point at which the new owner takes over and the two of you agree you can leave. It can be a momentous occasion to know you finally have met your commitments and goals and can move on.

If your departure happens earlier than stipulated in the contract, your exit needs to be negotiated and documented. The new owner should formally attest that you have completed your contractual responsibilities and are free to depart. Otherwise, the new owner may later blame your early departure for the business having difficulties or not fulfilling expectations.

With the company sold and you on the off ramp, it is time to move towards whatever new life you have designed for yourself. Building and selling a company is something extraordinary. Congratulate yourself for such a tremendous accomplishment.

I invite you to use these ideas during your journey to sell a business.