It is the dream of many Americans to wake up as their own boss. Working for someone else can feel like you are running in place. You never know what will change tomorrow. Will you be demoted or out of a job? Will the dream promotion go to someone else? Often control seems out of your hands. And these days pay raises are not what they used to be – right? Maybe it’s time to branch out on your own. Control your own destiny. Of course, you can go the route of a startup. But that’s hard work with no immediate return. Put down a lot of cash for startup costs and then still not see your business making a profit for the first two years is a typical experience.
Or you could come to see someone like me. A business broker. We help people buy and sell existing businesses. The incentive is strong. Instead of startup costs you have acquisition costs but sometimes they can be at least partially financed. And the great thing is that on day one you walk in the door with a full staff of happy employees and a positive cashflow.
So why not right? Well the simple fact is that not everyone is cut out to be an entrepreneur. For one its hard work. Many business owners work much longer hours than their employees and bring the work and stress home with them. When it comes time to get paid – the owner gets paid last and sometimes not at all. Being an owner requires a multitude of talents. People skills, marketing, organization, accounting, planning and customer and employee management. Unlike the CEO from a fortune 500 Company you will find yourself filling the role of everything from President to Janitor and in between.
Still the rewards can be great. But before you take the plunge decide if you have the right makeup to be a business owner. Most of all you need to be able to accept the risk involved. Business ownership carries the risk of failure. This is a risk most people are not prepared to accept. If this is you then employee is the right place for you. No business is risk free and if you decide to start one or acquire one then you must accept the inherent risk.
Thankfully there is an easy way to determine if you have what it takes. BDC.ca has put together a quick and easy quiz to help you gauge your aptitude. Before you start down the road to ownership see if you have what it takes. Then if you are ready, give me a call and I will help you find your dream business.
Anthony John Rigney is a Board-Certified Business Intermediary in Jacksonville Florida. He is owner and business broker at Quorum Business Advisors, LLC. Visit him online at www.qbusinessadvisors.com