Priscilla’s personal experience in buying a business for sale: Some years ago I was in a transaction with a business broker. We identified the likely business to buy and I reviewed a lot of the business background. At one point, the seller asked me “Are you interested in the business only because of the money?”
Prior to this question, I had determined the key components of the proper business for me to buy. One was ‘I have to at least like the business, what it does.’ I should have had one that said ‘How will I be spending my days and is that okay.” The transaction went through and fortunately each day brought me enough diversity in activity, much of which I did like.
Another story: Recently a woman bought a business for sale. She only needed to spend several days a week running it. She bought the business and really was not overjoyed at many of the activities. But, the business brought enough income to have it be tolerable.
In both my personal example and that of the other story, the dislike of a share of the business activities can allow someone to take initiative to do something new, built on the same platform. Great creativity can be the result of needing personal change.
But, it is risky. My tip for the buyer is “think carefully about how you are going to spend your days in the business you are going to buy.” It could be quite some time before you will have time to exercise creativity.
