You want to ditch your 9-5 job, but starting a business is not for you.
I get it!
Starting from scratch is not for everyone.
You may be looking to make an acquisition and become an entrepreneur.
But my first question to you is, what is your WHY?
Because successful entrepreneurs start with WHY, the vision and mission behind their efforts.
I want you to take a step back and tell me WHY you want to do an acquisition.
Often, we see people looking to buy a business for the wrong reason.
Here are the WRONG reasons to make an acquisition and become a business owner:
1- You need a paycheck every second week but want to ditch your 9-5 job.
You want to quit your 9-5 but still need to get a paycheck every second week.
I understand because I’ve been one of those people who wanted to ditch the 9-5 structure but needed money to pay the bills.
But needing a paycheck is one of the worst reasons to buy a business.
Ask yourself if you can invest the time and money needed to succeed. Your schedule as an entrepreneur won’t be 9-5 anymore… but seven days per week, sometimes 10-12 hours a day.
What if you have to reinvest money in your business, resulting in not paying yourself one month? Can you deal with this? Because buying a business certainly doesn’t guarantee a paycheck every second week.
If you only want a paycheck, keeping your 9-5 is your best option.
2- You want to work less with a more flexible work schedule.
This sounds funny, but when I launched my business, I aimed to get more freedom… and taking vacation without having to ask permission was so important for me. Well, guess what? I have worked from Switzerland, Italy, France, USA, and Canada over the last few years… but I can’t run away on vacation so easily.
Because I have projects with clients and M&A transactions to work on, however, I learned how to run my business on autopilot, and many tasks can be done when I’m sleeping. I also learned how to hire an A-TEAM to help me scale my business over the years. But I don’t work less than I did when working 9-5.
So, if you are looking for a more flexible work schedule to play golf in the middle of the week and work fewer hours, it won’t exactly be your reality.
If you buy a business to work 4-hour per week, there may be better strategies. Because if you want to succeed, 4-hour per week won’t be possible, at least not at the beginning.
After a few years, you will achieve momentum and be able to cut some hours from your schedule, but it won’t happen overnight.
3- Because you don’t want to build someone else dream.
I’m sure you read this quote from Steve Jobs before – If you don’t build your dream, someone will hire you to help build theirs. ‒ Steve Jobs.
But starting your own business opens up its own new set of challenges. What if a customer doesn’t pay you? Well, it’s your problem. If an employee doesn’t show up, it’s your problem. If a supplier doesn’t deliver what you ordered, it’s also your problem.
Remember, with all the responsibilities; you will be alone in this journey. Ask yourself if you are ready for this! I understand that you may believe that building your dream is much better than helping someone else build their dreams. But entrepreneurship is not for everyone.
4- Because you want to be rich.
Entrepreneurs who become rich do so because they love what they do.
Think again if you want to acquire a business as your golden ticket.
Ask yourself, would I still do it even if I knew I wouldn’t get rich doing this work? If the answer is no, that’s OK. Many people who made a lot of money building businesses have felt this way.
So, if the only reason you buy a business is to get rich, think again. It won’t happen overnight if it ever happens.
We often see the seller wanting to know why someone is interested in an acquisition. To close the business, move it to another city, or scale the business they have created, have launched, and have scaled over the last few years. In you are in an acquisition mode, be ready to answer this question!
LASTLY – BUT MOST IMPORTANTLY – GET SUPPORT
If you’re looking to buy a business, get support. Targeting the right business for you is essential!
Remember, don’t start with WHAT you can acquire. I know WHY is hard to answer because it involves a lot of introspection, vision, and clarity. But the reason behind an acquisition is so important.
If you want to buy a business, I’d love to know your WHY!
Cheers to your next level of success! 🥂