Environmental Due Diligence for Business Sales
July 13, 2026
What Add-Backs Are and When They Backfire
September 4, 2026I’ve sat across the table from a lot of business owners over the years. Smart people. Driven people. People who built something real from nothing, or took what someone handed them and made it better. And when I ask them what they picture their life looking like after they sell, I get one of two answers.
The first answer is some version of: “I’ll travel. Play golf. Spend more time with the grandkids.” Said with total confidence. The second answer, which I actually hear more often than you’d think, is a long pause followed by: “I haven’t really thought about it.”
Both of those answers, in different ways, point to the same gap. And it’s one that can quietly undermine not just your post-sale life, but the sale itself.
Your Business Is a Bigger Part of Your Identity Than You Think
For most owners, the business isn’t just where you go every day. It’s how you introduce yourself at a dinner party. It’s why your phone rings. It’s the thing that gives your week structure and your decisions weight. Whether you built it from a garage or took over from your father, it’s woven into who you are.
The day after closing, all of that changes. The phone goes quiet. The decisions stop landing on your desk. The team you spent years developing is someone else’s team now. That transition, even when it’s exactly what you planned, can hit harder than anyone warned you.
We’ve seen it enough times to know: sellers who haven’t thought through what comes next are the ones most likely to second-guess the deal, stall in negotiations, or look back on the whole thing with more regret than satisfaction, even when they got a great outcome on paper.
The Golf Course Gets Old Faster Than You Think
There’s nothing wrong with wanting to decompress after years of running a business. Take the trip. Sleep in. But here’s what we’ve observed: the owners who feel best about their exits aren’t the ones who simply stopped. They’re the ones who had something to move toward, not just something to move away from.
That might mean a board seat or advisory role, staying connected to the business world without the daily grind. It might mean a new venture, something smaller and more personal. Some owners get serious about a hobby they always pushed aside. Others go deep into family or community. The specifics don’t matter as much as the intentionality. Having a plan, even a rough one, makes the transition land completely differently.
Why This Matters Before the Deal, Not After
Here’s the practical part. Owners who aren’t emotionally ready to let go often make it harder on themselves during the sale process and sometimes on the deal itself. They hold on to control longer than they should. They get overly attached to who buys the business and what the buyer plans to do with it. They struggle during transition periods and earnout arrangements. None of this is a character flaw. It’s just what happens when the personal side of an exit hasn’t been thought through.
The owners who navigate it best are the ones who started thinking about it early, not necessarily with a therapist or a life coach, but by having honest conversations with their family, their advisors, and themselves about what life looks like on the other side.
A Few Questions Worth Sitting With
You don’t need to have everything figured out. But if a sale is somewhere in your future, even the distant future, these are worth asking yourself:
What does a good day look like when you don’t have to be anywhere?
Who are you outside of being “the owner”?
What’s left unfinished, personally or professionally, that you’ve been putting off?
Do the people closest to you know what you’re thinking, and do they have their own expectations about what changes?
None of these have right answers. But thinking through them, even roughly, puts you in a much better position when the time comes.
Build Toward Something, Including the Exit
The best exits we’ve been a part of, the ones where sellers walked away feeling good about the process and what came next, had one thing in common. The owner had thought about it long before they called us. Not obsessively, but thoughtfully. They knew roughly what they wanted from the deal, what they needed financially, and what they were moving toward personally.
That kind of clarity doesn’t just make for a better life after the sale. It makes for a better sale.
If you’re starting to think about what an exit could look like, or just want to understand where you stand today, we’d welcome the conversation. Reach out to Touchstone Advisors for a confidential conversation about your business and your goals.
Steven Pappas, M&A MI
Partner, Managing Director
Touchstone Advisors
860-669-2246
spappas@touchstoneadvisors.com
