8 Biggest Reasons I really want to Own My Own Business Can look very much like the 8 Biggest Reasons I really want to Sell My Business.
Why does someone buy a business, and what does drive a business owner to the decision to sell their either long term ownership of a business or short term ownership of a business? As Former and current business Owner I have owned a couple businesses, I have started businesses, I have bought multiple businesses, and I did sell my business. As a Florida Business broker I have both represented Buyers and Sellers of businesses.
So much goes into the decision of buying a business or into the thought process of selling a business, but often it can be similar criteria that just sits on the opposite side of the ledger….
Owning your own business can be one of the most satisfying processes in ones life. Why does someone want to own a business. Very often it becomes the same reasons one wants to sell his or her own business.
Reasons For Owning Your Own Business: “I want to Buy a Business because” –
1)MONEY– want to make lots
2)PASSION– I love making widgets- I love helping people with my products/ services
3)ACCOMPLISHMENT– It just feels good and a feeling of success
4)OBLIGATION– It is my best means to support myself and or family.
5)EXCITEMENT– I love working 24/7
6)CONTROL– I control my own destiny. I am the boss, I wont have to report to anybody. I can do whatever I want!
7)OPPORTUNITY– I’m young-limitless full of health, energy, optimism
8) TIMING – “I’m Ready” to buy own my own business
Reasons For Selling A Business: “I want to sell my Business because “-
1)MONEY-Not making enough, money is less important. Or Ive done well and ready to cash in on my efforts.
2)PASSION– I used to love making widgets, now I’d rather collect shells, golf, work for someone else or do anything but make another widget. of ” If I have to deal with another customer I’ ll scream”.
3)ACCOMPLISHMENT– The feeling of accomplishment is gone and or less significant, or Ive accomplished all Ive wanted in this business.
4)OBLIGATION– My family is no longer around, Im not going to pass business on to my kids
5)EXCITEMENT– after working 24/7 I am now burned out and I get excited about the idea of not having to deal with it anymore
6)CONTROL-Insurance Companies,employees,IRS,State, Federal policy control my destiny, and run my business more than I do!
7)OPPORTUNITY– I feel old, have health issues, tired- lack the energy this company needs- exceeded my limit
8) TIMING– “I’m Ready” to sell my business and move on…
While the list could go on and on, Contrary to common belief—– Its not always just about the money
When do I think it is a good time to buy a business? When YOU are “ready”
When is a good time to sell my business – When YOU are “ready”