Entrepreneurs and small business owners work so hard in the business that they often mistake where to draw the line as to who they are and where the business begins. Let me explain what I mean by this, particularly when it comes to selling a business.
As an entrepreneur with an exit strategy your first goal should be to create value in the business so that it attracts a potential buyer. Your purchase price will be based on the value of your assets: furniture, fixtures, and equipment (FF&E); machinery and equipment; leasehold improvements ( if any); trade name; non-compete agreements; and goodwill. Your accountant will be able to tell you how to value these items so that it will benefit you at the closing. Of course, this purchase price allocation will have to be agreed upon by the buyer, but your broker and your lawyer will work on your behalf to obtain a fair value.
You'll notice from the list that personalities are not represented. Every business has key employees and in most cases the most important member of the team is the entrepreneur herself/himself. Whether or not you are obliged to stay with the new business has nothing to do with the purchase price as it is allocated. Whether or not key employees stay with the business or not is not allocated in the purchase price. When negotiating the sale stay away from personalities. It is obvious that if you have built a successful business and worked hard to develop a committed team that they are important to you and to what you are selling. But don't take this emotion to the negotiation table with you. Buyers very often have just as strong opinions about the teams they want to develop and work with and their thoughts may be completely opposite from yours. And don't tell me because it is your business and you grew it that you know better than your potential purchaser! That is your emotion talking and not the savvy business person who knows that getting the deal done is more important than who is right!
Obviously, if you are offering to take back a large amount of paper ($$$$) this discussion of employees and transition are key to keeping the business running smoothly and making sure you get paid back. But if you have a cash deal on the table and you have the opportunity to SAIL OFF INTO THE SUNSET after the deal, focus on the terms of the transaction and not the personalities. How the buyer runs THE business (not YOUR business) is none of your concern.
The most important tip I can give any entrepreneur is to take the emotion out of the negotiation. This is one of the most important reasons to engage a savvy business broker who will focus on getting you the greatest value for your business. It is amazing how lots and lots of money quickly takes the sting out of not being told you are right all the time.