family business

Becky McCray / Flickr.com https://tinyurl.com/ybmdhf5w

Last week I suggested that no small business can be really successful until it is ready to be sold.

 

A sale requires a willing buyer with sufficient resources to buy the business. And most of the time, both the buyer and the resources to buy must be developed by the current business owner, or the business won’t get sold at all. The owner will simply close the door and leave lots and lots of potential wealth in the trash heap of items he said he would “get around to doing one day when I have the time.”

Pacific Fishery Management Counci / Flickr.com https://tinyurl.com/y7ch5t85;

There are a lot of ways to judge the success (or lack thereof) of a small business: how much stuff they sell, their profits, number of employees, years in business or any combination of these things. Each of these factors is important (perhaps irreplaceably so).

 

Exit Planning

Apr 11, 2018
Chris Griffith / Flickr.com https://tinyurl.com/yawlybyn

You own a business…together. 

Most couples that are in business together know that in order for them to retire, they’ll have to do something with the business. You’ll either have to sell it to a third party or pass it on to the kids…assuming they have more than a passing interest in the business.

If you’ve been married long enough to have adult children (and you’re still together), you’ve figured out that incessant nagging isn’t a good idea. So, congratulations there.

Paul Inkles / Flickr.com https://tinyurl.com/yb2g6myd

If you own a small business that involves family members, I’ve got a question for you:

Do you have a family-oriented business or a business-oriented family?

It doesn’t really matter what your answer is…

What if I just showed up one night for dinner at your house? Is it likely you would be there for dinner? And if I asked your kids the “family-oriented business or business-oriented family” question, what kind of answer do you think I’d get?