Dear BTF Community,
In this interview, Mike Mann, Past President of Maritime Door & Window, who sold the business a few months ago and now a consultant, made the following three key points:
- Emotional Impact of Selling a Business:
Mann highlights that selling a company is not just a financial transaction but a deeply emotional experience. He reflects on the attachment to his staff, the environment, and the weight of walking away from something he built and nurtured over many years. - Complexity and Time Commitment:
He stresses the extensive time, administrative burden, and mental toll involved in the sale process. From creating confidential information memorandums (CIMs) to coordinating with multiple professionals, the process took longer and was more draining than anticipated. - Importance of Preparation and Perspective:
Mann underscores the value of Forums and learning opportunities for entrepreneurs planning an exit. He advises others to prepare thoroughly, acknowledge their own accomplishments, and recognize both the emotional and practical realities of selling a business.
Enjoy,
Mark
After selling two businesses over the span of his career, Mike Mann, a Moncton-based entrepreneur, is taking time to reflect—not just on the numbers, but the emotional toll that comes with stepping away from something you’ve built.
Speaking during a recent interview following his appearance at the Atlantic Business Transitions Forum in Halifax, Mann shared insights from his experience, emphasizing the human side of selling a company.
“I rake a lot of leaves,” Mann said with a laugh when asked what he’s doing now. At 61, he isn’t in a rush. “My wife’s been retired for a few years, so I’m not going to rush into anything quick.”
Mann recently stepped away from Maritime Door and Window, a Moncton-based manufacturer of residential door and window systems. “It’s the second business I’ve sold. The first one was 19 years. This one’s been 15,” he said. Maritime Door and Window had been operating for over five decades before Mann acquired it. “I bought it from the founding family. The business has been in business for 52 years.”
Reflecting on the sale process, Mann didn’t mince words about the challenges.
“The emotional toll—you know, selling a business isn’t just a financial transaction. It’s an emotional process. I hired most of the people that I work with, and I underestimated how attached I was to the staff and the environment,” he said. “You drive through that parking lot in the morning and you see all those cars there . . . there’s a lot of car loans associated with all those and the families that are behind it.”
Mann also noted the complexity and time commitment involved. “Mine was a little more than nine months start to finish. That’s getting a CIM completed, editing the living crap out of it,” he said. “My M&A advisor basically told me this is something he’s going to take a ton of time on.”
Though negotiations were relatively short in his case, the administrative side slowed things down. “You get the other accountants involved, the other lawyers involved, and then you get their schedules . . . what normal people would look at and say should get wrapped up in about four months was more than twice that in my case.”
While trying to close the deal, Mann was still running the business. “You’re trying to give it all the attention it deserves, and you want to make sure the i’s are dotted and t’s are crossed,” he said. “It’s a little frustrating.”
At one point, he nearly walked away. “There was a point in time last August when I basically went to my M&A advisor and said, ‘I’m done.’ He says, ‘Just chill out. I’ll have a chat with the guy and let’s get it going.’”
Asked why such a gathering like the Business Transitions Forum matters, Mann was clear: “You’re always learning something. And particularly in something like this, not knowing some information may be pretty darn expensive to you.”
He added, “It’s one thing to have great advisors but nobody wants to be sold anything and nobody wants to sell anything without clear goggles in front of them.”
Mann said the Forum also emphasized the emotional complexity of business exits. “We took a look at the emotional side of selling your baby,” he said. “It’s easy to get caught up in the deal—negotiations, deadlines, advisors, emotions. But don’t forget, you built something. You took the risk, made the sacrifices, did the time, worked hard.”
He offered advice to others preparing for a business exit: “Take the time, take a bow, pat yourself on the back because no one else is going to do it. And just move on.”
Mario Toneguzzi is a veteran of the media industry for more than 40 years and named in 2021 and 2024 a Top Ten Business Journalist in the world and only Canadian. He also made the RETHINK’s global list as a Top Retail Expert 2024 and 2025.