WINTER 2023
Furthermore, a business that should have
concluded earlier this year faced complications
with the landlord, lease, and hurdles in obtaining
a liquor license. Obstacles were continually
arising, creating a series of challenges for its
successful closure. In just three months of the
year, my confidence had soared, and I was on
top of the world, only to experience a sharp fall
from success to adversity. Can you relate to this
rollercoaster scenario?
I once came across an article that mentioned nearly
half of all entrepreneurs are affected by at least
one mental health condition, such as anxiety, ADD,
bipolar disorder, and more, and about one-third
of them experience two or more mental health
conditions.
This emotional landscape adds depth and
complexity to the process, requiring brokers
to wear both a business hat and an emotional
intelligence cap. Acknowledging and understanding
the diverse emotions tied to a business sale is of
paramount importance. Sellers may experience a
mix of nostalgia, anxiety, and anticipation.
Buyers, on the other hand, might grapple with
excitement and trepidation about the future. As a
broker, recognizing and empathizing with these
emotions is key to forging meaningful connections
and facilitating a smoother transaction. It’s vital to
acknowledge the emotional toll that brokering can
take on all parties involved in the transaction and
to manage this burden effectively to perform well.
Shi�ing from a negative to a positive outlook
is crucial when emotions take a detour into
negativity during the business sales process. Stress
is an integral part of the business sales process,
and recognizing stress is crucial. Various factors
contribute to stress such as navigating egos
(including our own), interactions with challenging
individuals, intricate transactions, meeting client
expectations, and contending with uncertainties
in deals. Practical tips for stress management
include time management, delegation, practicing
mindfulness and meditation, regular exercise, and
maintaining a healthy work-life balance. A healthy
work-life balance prevents burnout, enhances the
quality of life, and ensures long-term sustainability
in our brokerage practice.
Building emotional intelligence, o�en referred to as
EQ (Emotional Quotient), is critical for a business
broker. EQ involves recognizing, understanding,
managing, and effectively using one’s own
Navigating the intricate
world of business sales is a
journey filled with intense
emotions for all parties
involved—the buyers, sellers,
other advisors, and notably,
the business brokers