Hi folks! I recently had the privilege of writing a featured guest post on ESI Money with my guide to buying a business. You may remember him from his interview with me as part of my FIRE-Side Chat series. He too is a member of the financial independence retire early (FIRE) crowd having retired at age 52 with $3 million in the bank. He runs a great blog so if you aren’t already a follower of his, check it out!
Below is the beginning of my guest post with a link at the bottom to the article on ESI Money for you to continue reading. Check it out and feel free to come back and leave a comment to let me know what you thought!
Good day folks! Have you ever considered buying your own business? I’ve bought two small businesses in the last couple years and will share with you some background details on my experience as well as considerations for you as you look for your own small business to buy. Being your own boss sounds kinda sexy, but I can tell you it isn’t always as glamorous as you may think!
My name is JW and I’m excited ESI is sharing his platform to allow me to share my views on buying a business. So let’s jump into it!
Weighing the Pros and Cons
Being your own boss and the CEO of a company sounds pretty glamorous doesn’t it? Of course it does!
After all, being your own boss means you answer to nobody, you work whenever you want to, all the menial tasks get delegated to others, and you just sit back and watch the money roll in. Right?
Well yeah, sort of, maybe…hmmm not so much. Let’s get real, there is a lot more to the story.
Being a small business owner isn’t for everyone. Depending on the business and how big or small it truly is, it can come with a boat-load of responsibilities. And you know the old saying, “if you want something done right you need to do it yourself”. That’s exactly true. After all, this is your business, this is your baby, and being the CEO means you probably want things done a certain way and you better take pride in it. Or your baby may not turn out the way you expect…
So before you fall in love with all the glamour, beware that once you are a small business owner you are now the one responsible for dealing with all the random stuff that comes up like the lease renewal, employee benefits, insurance, making payments, payment collections, banking decision, hiring/firing, marketing, production, etc. Oh and don’t forget about the customer because they are ultimately your boss and without them you can kiss being CEO goodbye.
In just a few years of owning my own business, you wouldn’t believe some of the stories I could tell… Employee driving the company truck intoxicated, getting into a hit and run and the truck we rely on to get work done being impounded…yup, been there!
Keep reading the rest of my complete guide at ESI Money!
And don’t forget to come back and share your thoughts in the comment section.
Thanks for taking a look!
The Green Swan