The Emotional Side of Your Business Exit

In this episode of The Founder’s Journey to Exit, Senior M&A Advisor Hannah Huke sits down with Evergreen for Founder's Managing Director, Dr. Azza Kennedy, a respected veterinarian and former practice owner, to talk about the emotional journey of selling a business — particularly a veterinary practice built on trust, relationships, and years of personal investment.

Dr. Kennedy shares what it really feels like to go through the sale process: the stress, anticipation, relief, identity shift, and ultimately, the growth that comes from choosing a new chapter. We explore how to prepare yourself mentally and operationally before beginning a sale, why staying calm and centered matters, and when to bring in outside experts to support you through valuation, negotiation, and transition. We talk about the importance of the true value of your business and being realistic on setting your expectations. 

We also discuss one of the hardest parts for most founders — how to tell your team. Dr. Kennedy offers practical language, timing considerations, and guidance for maintaining trust while honoring the people who helped you build the practice.

Whether you’re a veterinary practice owner, healthcare founder, or any business owner considering a transition, this conversation offers grounded insight and actionable takeaways to help you navigate your exit with clarity and confidence.

Real founders. Real exits. Real lessons from the journey. Brought to you by Evergreen M&A: Advisory for Founders.

Transcript

Hannah Huke  0:04  
Hello and welcome to the founders journey to exit, a podcast brought to you by Evergreen M&A advisory for founders, real founders, real exits, real lessons, from the journey. Today, we are joined by our Managing Director at Evergreen, M&A Dr. Azza Diasti-Kennedy, and today's episode really focuses on the emotional side of exit. So you know, for founders, they have poured their heart and soul into building their business, and they're thinking about what's next. They're thinking about their exit. It's a lot of emotions. And Dr. Azza has been through this firsthand. She grew a very successful veterinary practice and went on to sell it, and she's going to be sharing her journey today. So welcome, Dr. Azza!

Dr. Azza Diasti Kennedy  1:08  
Thanks, Hannah. I'm glad to be here again. I'm happy to share as well. So when I first started, selling was the farthest thing from my mind. I was driven by purpose, I wanted to build something exceptional, not something to flip over time, though, I realized that creating value isn't just about serving clients or patients, it's also about building a business that can live beyond you. That realization honestly changed how I led, how I trained my team, and also how I viewed growth. So so this is, like, very relatable to me and very passionate topic, so I'm glad we're talking about the emotional side of the exit today, and so happy to be here helping other founders as well.

Hannah Huke  2:02  
Yes, thank you. Yeah, we're happy you're here as well. So one of the most emotional parts of your business and selling your company is somebody is going to come in and look at the business, analyze the financials, look at the growth, look at all the various features of the business, and they're going to assign it a value. And this can be really nerve wracking, right?

Dr. Azza Diasti Kennedy  2:30  
Absolutely. 

Hannah Huke  2:31  
Yeah. So you know, can you tell me a little bit about how, as a founder, you might typically misjudge what, what your business is worth, and maybe give some advice to to founders on the valuation piece or assigning a value to a business.

Dr. Azza Diasti Kennedy  2:52  
So most of us attach emotional worth to our business.

Hannah Huke  2:57  
Right.

Dr. Azza Diasti Kennedy  2:58  
It's how much sweat and emotions we poured into it. The nights we stayed late, the clients we nurtured, the people were trained. We think buyers will see that the same way, but they don't, realistically. Buyers look at sustainability, systems earning, and not sacrifices. That's tough to accept, because what we feel is priceless often, isn't what drives valuation. It took me time to separate, really, what the business meant to me from what it meant to the market. And this is supposed, like, every founders really need to look back and think about that, think deeply about this.

Hannah Huke  3:44  
Yes, I think it's realistic expectations, right? 

Dr. Azza Diasti Kennedy  3:48  
100% 

Hannah Huke  3:49  
You have to really, you have to really accept that your business might be worth less than what you thought.

Dr. Azza Diasti Kennedy  3:58  
Yes, and it might be more!

Hannah Huke  4:01  
And it might be more! Which is even, yeah, which is nice! 

Dr. Azza Diasti Kennedy  4:04  
Either way!

Hannah Huke  4:05  
Exactly. So what surprised you most about the sale, sales process in terms of the emotional side of it, how did you feel? And what advice can you give to founders that are maybe about to go through this, or are going through this, what would you say to them?

Dr. Azza Diasti Kennedy  4:25  
I think mine, personally was an emotional roller coaster, and I think a lot of founders will relate to that. You are excited, one day, terrified, the next day, having nightmares. I remember wondering, am I getting the right deal? What if I regret this? What if the buyer changed everything I built? I had to remind myself that I wasn't selling my identity, I was actually transitioning my role. Letting go of control does not mean losing my purpose. It's just a different kind of, leadership that I will take on, and that's a mindset that I think that every founder, from early on, should adopt...

Hannah Huke  5:09  
Yes 

Dr. Azza Diasti Kennedy  5:10  
... for an easier transition and less emotional roller coaster, the same thing that I've been through, and it was really hard.

Hannah Huke  5:19  
Yes, and I think you made a a good point in our last episode. You, you know, you talked about how it's not failure to sell, it's, it's the start of an exciting next step of your journey, and, you know, approaching it in a positive light, and seeing all of the potential that can happen is very promising and very exciting!

Dr. Azza Diasti Kennedy  5:47  
100%

Hannah Huke  5:48  
So how did you, how did you handle this roller coaster? What did you, what did you do to prepare yourself? What did you do to, you know, strengthen yourself, you know, steal your emotions kind of be strong about it?

Dr. Azza Diasti Kennedy  6:07  
Honestly, it was the hardest thing, you know, it was one of the like that I've ever done. I have built a culture, a family, I worked constantly. Will my staff stay? Will they feel betrayed? Will they still call me when they need advice? I had to trust that the foundation we built together would outlast my daily presence. So the real test of leadership is whether your team thrives without you...

Hannah Huke  6:36  
Yes.

Dr. Azza Diasti Kennedy  6:37  
... and seeing them continue to grow, gave me peace of mind, but it took months to feel okay with that, you know. So not to be Dr. Kennedy or the boss every day, you know. So it felt just right. Took few months, I have to admit, you know, it wasn't an easy transition to become like the boss and the entire identity and the whole ecosystem to become one of them, but you adjust, and you have a different mindset, and it gets better and better every day.

Hannah Huke  7:09  
I'm, I'm really glad you, you brought up the team aspect, because that is something that a lot of founders struggle with, and they're very worried about, is what's going to happen to my team. You know, my team has helped me build the business. You know, you may have built up a great culture, and how are they going to react, and how are they going to feel about this, and will they have a role? And, you know, how did you, how did you tell your team that you're selling?

Dr. Azza Diasti Kennedy  7:50  
Wow, this is, this is absolutely one of the toughest conversations a founder will ever have, telling your team that you are selling the business they helped you build. And I remember losing a sleep over it, it was pretty stressful. I wasn't just afraid of the reaction. I was also afraid that they would think that, honestly, I was abandoning them, and that's horrible feeling. But the truth is, I was doing it, honestly for them, not to them. And that's an important differentiation. And when I finally shared the news, I told them, we have built something amazing together, and the reason this opportunity exists is because of all of you guys. This isn't an ending, it's an evolution and a beginning for all of us. So, and I think it went well. It went it went a lot better than I thought.

Hannah Huke  8:48  
That's great. And what about timing on telling your team? When did you tell them? And what is your advice to other founders about the right time. I know that I advise my clients that, you know, you want to tell them closer to the end of the process, where the transaction is final. You know, you don't want to cause any unnecessary stress, or, you know, just other worry. You know, you're probably worrying enough for the whole team. So, what would you say on timing.

Dr. Azza Diasti Kennedy  9:12  
Oh my goodness, yes, very sensitive. Like, when you tell them, really timing matters. Too early, and you create uncertainty and chaos. Too late, the people feel like you blindsided them. The best time is once the deal is mostly finalized, when you have real answers and can speak with confidence. Lead with reassurance, like their jobs are secure, the culture you built will continue, and this next step is about growth, not really goodbye, or losing jobs. I made sure that they knew that I had chosen a partner, or a buyer who valued our people and our culture and that I would be there through the transition to support them. And that made a huge difference, honestly and the biggest lesson I learned, is that your team does not need a perfect speech, they just need honesty and...

Hannah Huke  10:24  
Yes.

Dr. Azza Diasti Kennedy  10:24  
... you know, and communication, direct communication with them. When they see your heart, they will stand with you through the changes. 

Hannah Huke  10:33  
Yes.

Dr. Azza Diasti Kennedy  10:34  
And that's so important, is being direct and honest with them.

Hannah Huke  10:38  
Yes, and at Evergreen, we do help founders with this. We, we've been through several transitions on all sides of the table, as, as buyers and sellers, and we've walked teams through this before, and we certainly can help craft that communication and, and do, help you through when the time is right to tell them.

Dr. Azza Diasti Kennedy  11:06  
Absolutely, and I think we're all trained and have the experience...

Hannah Huke  11:11  
Yes.

Dr. Azza Diasti Kennedy  11:11  
... to advise founders.

Hannah Huke  11:14  
All right, so it's really never too early to talk to us. If you're a founder, you know, if you're thinking of exiting in two years or five years, please reach out to us. We we can talk through your unique situation. We can give you an idea of what's happening in the market for your industry, what valuations are looking like. But not only that, we can give you a lot of actionable items to, help you really prepare for the transition ahead, if you know that an exit is going to happen in the next few years or even in the next few Months. And Azza, what advice would you give to someone thinking about selling in the next two to three years?

Dr. Azza Diasti Kennedy  12:06  
Seriously, it's like, start preparing now. You know, financially, emotionally, build a team that can operate independently. Clean up your system and document your process, but also start imagining your life after the sale, because that's where many of us struggle. The sale isn't at the finish line, as we discussed earlier, it's the transition into a new chapter that you need to define. Ask yourself early, who will, who will I be when I'm not running this company? What will give me a purpose next?

Hannah Huke  12:43  
Yeah, that's great. And how can preparing, change the outcome? Both financially and emotionally? How does preparation help a founder and, on this next stage of the journey?

Dr. Azza Diasti Kennedy  13:02  
Preparation, financially and emotionally honestly, gives you leverage. It keeps you from making emotional decisions out of fear or exhaustion, like out of burnout. When you understand your numbers and your options, you negotiate from strength. But if you're living emotional chaos because of this, it's not going to help. When you understand your emotions, you lead the transition with grace. You know, usually buyers sense both confidence and capacity, so watch for that, and the more prepared you are, the more value and peace you retain, so if you remember that, you'll do really fine.

Hannah Huke  13:44  
That is such great advice to really stay calm through this process, and that's really what we help with too. We manage all of those really difficult conversations, we manage the barrage of questions. And you know, we're not coming from an emotional place, and the emotional attachment to the business like the founder is, so the founder can really focus on, on the business, on the team, on continuing to grow through the whole process, and we're really there to manage everything else, so you can really focus on the business. And we try to be the voice of calm for you. And I mean, Azza, that's such a great point. Buyers can sense, you know, that chaos or that, yeah, the emotional of it. So, you know, we, we really pride ourselves on, on really guiding founders through this and guiding through them, guiding them through the emotional aspect of it as well. So, Azza, you, you've just joined the Evergreen team, and we are so happy to have you. Can you? Can you tell us a little bit about what's next, and, you know, tell how will Evergreen help founders through the process, from your perspective, and what are you, what are you looking to do to help founders, you know, go through what you went through, and maybe avoid a lot of the mistakes and the pitfalls you had, and how are you looking forward to helping founders?

Dr. Azza Diasti Kennedy  15:27  
At first, I want to say I'm so excited and thrilled to be with Evergreen M&A and was such an amazing, incredible team. What's next for me is purpose! After selling, I joined Evergreen to help other founders avoid emotional and financial and blind spots, and like the same ones I went through. We don't just look at numbers, we actually look at human behind the business...

Hannah Huke  15:53  
Yes.

Dr. Azza Diasti Kennedy  15:53  
... and remember that, it's the human behind the business. I love showing founders that they can prepare for an exit without losing their identity, and that's part of my purpose here at Evergreen. You can sell your business, but you never sell your legacy. So that's very important to remember.

Hannah Huke  16:12  
That's great! Well, thank you so much, Dr. Azza. This has been very helpful, very insightful, and founders, if you want to learn more, please visit our website, evergreenforfounders.com and there's plenty of ways to contact us there. And like I said, and like Azza said, it's never too early to prepare, and we are always happy to have a conversation on your business and what you might be thinking about. So thanks so much. And yeah, we'll see...

Dr. Azza Diasti Kennedy  16:48  
 I'm looking forward to the next ones!

Hannah Huke  16:50  
Next episode! All right, Thank you!

Dr. Azza Diasti Kennedy  16:53  
Bye!

Hannah Huke  16:54  
Bye!