Business Owners: Are You Able to Take a Vacation?
If you’re a small business owner, you know that taking time off can be a challenge. Can you fully disconnect from your work, perhaps for a two-week cruise, or do you find yourself only able to manage a day or two here and there? Or maybe you feel so tied to your desk that taking a vacation seems impossible.
As a business broker, asking about vacations is one of the first questions I pose to owners considering selling their business. The answer provides key insights into the business’s dependency on the owner. A business that cannot function without its owner is much harder to sell, as potential buyers often view it as a risky investment. On the other hand, a business with a strong team capable of managing day-to-day operations in the owner’s absence can be highly attractive and much more valuable to prospective buyers.
So, take a moment to reflect—how does your business operate when you step away? This could be a critical factor not just for your quality of life, but for your future plans if you ever consider selling.
The author Anthony John Rigney is an experienced business broker and the founder of Quorum Business Advisors. If you would like to learn more about our services please schedule a time for a free consultation here.