Imagine if someone took your baby, identity, and purpose away.
That's how it feels for many business owners after they sell.
Yes, they can be a pain during the transition period. Grace & patience are key.
Best practices on dealing with exited sellers post-closing:
• Include them in strategy discussions.
• Listen to them and heed their advice.
• Weekly meetings: Tell them what you're going to do, tell them what you're doing, tell them what you've done.
• Compensate them for "consulting services" during the transition period.
• Send them new opportunities (investment opportunities, etc.) to build relationship.
• Take care of their people (many employees will keep a direct line of communication with the seller, so make sure they say nice things behind your back).
• Align on a date for which they will be "completely out."
• If you sense misalignment/tension, address it.
• Re-route customers from them to you (or other team member).
