Selling your assisted living facility can be overwhelming. In fact, it’s almost always feels overwhelming at some point in the process.
It’s not that way for me anymore. I’ve been through small and large sales a hundred or so times, sales of clients’ properties and my own properties. That experience brings a certain expectation of the unexpected, and a relaxed approach when adjustments are needed.
Years ago, I learned how to fly airplanes. To say that I was overwhelmed on several occasions would be an understatement. The first cross-wind landing or the first stall brought anxiety and tension like I’d never known. Thankfully, there was an instructor sitting next to me who let me know what to expect and then to help when I needed help. Over time, flying the plane wasn’t overwhelming at all – in fact, it became relaxing.
If you’re in the process of selling your assisted living facility, it may never seem to be a relaxing thing. And that’s understandable. It’s not something you do everyday, and you may have a lot on the line with that sale. Many sellers have nearly their whole nest egg tied up in their business, and their comfortable retirement depends on the outcome.
Still, I find myself telling clients all the time, “It’s going to be OK.”
Sure, there are things that will cause concern. But, in most cases, the things that cause anxiety are things that will be worked out eventually.
I can still hear some of my past clients (and maybe some of my current readers) saying: “Easy for you to say”. I suppose they’re right. But I still want to offer…
Four Tips to Help Beat Anxiety When Selling:
1. Expect the unexpected. During one sale, a property inspection came back with some surprising issues. The property condition wasn’t as good as either the buyer or seller expected. The seller was fearful that the deal would fall through, or that it would cost her in the form of a much lower sale price. That fear caused several sleepless nights, until the buyer responded with a very reasonable and affordable solution. Everyone was pleased and the transaction closed.
2. Keep the prize in mind. Sometimes the up’s and down’s of selling includes a lot more down than up. When you’re a seller and things aren’t going your way, it’s important to keep the final outcome in mind. A seller that we worked with was highly motivated to sell his business and begin retirement. He had everything lined up. When a last minute glitch came up in his sale, he thought about throwing in the towel and keeping his business – perhaps for many more years. In the end, he made a minor concession that allowed him to make the move into retirement.
3. Don’t count your chickens before they hatch. Sellers almost always begin the sale process with calculating how much cash they will have after the closing. Unfortunately, some sellers begin spending cash before the sale is closed – or before there is even an offer. Sellers place too much stress on themselves when they take steps into the future that they’re not prepared to take.
4. Take care of yourself. Let’s face it – selling your business is almost always stressful. So how do you handle stress? Some handle it with negative activity, some handle it with no activity, and some handle it with positive activity. An important piece of advice is to take care of yourself through the sale process, and don’t let your health and energy levels take a dive just when you need to be your best.
I know, I know. It’s easy for me to say. But as I’ve said to many clients in the past and I’ll say it again, take a walk and remember – it’s going to be OK.