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There really isn’t ever the perfect time to buy a business. There will always be reasons for you to put off taking the leap and becoming your own boss.
Of course, having a young family can be cause for you to think twice about taking the risk.
However, there are many people who are finding that having a family and buying a business is quite possible. You need to carefully consider the pros and cons of the timing in order to see whether you are one of the entrepreneurs that can successfully juggle young kids and a new business, though.
When you are looking to buy a business, you have the opportunity to make sure that it comes with the kind of support system that you need. The better your team, the more time you will be able to spend with your kids.
While doing your due diligence, look into the experience and ability of the staff members. Make sure that you don’t buy a business that is completely reliant on the owner who will be leaving when you take over. If this is the case, you will be thrown in the deep end and will have to spend a lot of time figuring out the ropes.
If you have a team with the right abilities, you will be able to step into the business smoothly and, hopefully, without too much stress. This should mean that you will be able to keep the different aspects of your life balanced.
There are so many businesses out there and finding the right one will be a key aspect in making sure you can run it while fulfilling your fatherly duties.
A lot of businesses for sale can be run from home. Buying a business that has the opportunity to be run from home will allow you to be present when your children are around and work when they are not.
Getting rid of travel time and having the option of alternative office hours is ideal for a parent. Spend your commute time getting work done so that you are available at dinner time. Then, after the kids have gone to sleep, you can get any other work done that you didn’t get a chance to do during the day.
The huge leaps we have made in technology have given rise to amazing opportunities for the parent slash entrepreneur to be able to thrive at both. You can have access to emails and spreadsheets from anywhere. You can also have meetings on the go through video conferencing apps.
The opportunities have made it possible for you to create a schedule that works for you and your family.
There are some trade-offs and, if you are able to work from wherever and whenever, you will need to set yourself boundaries to keep from having your work bleed into all aspects of your life.
Put the effort in to be present when you are not working rather than always thinking about your emails. If you don’t set boundaries you risk never fully paying attention in the moments that you are with your family. Make sure you don’t compromise your family time.
For many people, their families are part of the driving force behind their desire to buy a business. They are looking to build a legacy and build the potential for increased profits over what could be achieved with a salary.
Having children gives you extra motivation to make sure your venture is a success. You should be extra focused on your goals and have them much clearer than you would should your family be only a hypothetical.
Use your situation to drive you and motivate you to grow the business you buy!
By Jo Thornley, Head of Brand and Partnerships at Dynamis. Joining in 2005 to co-ordinate PR and communications and produce editorial across all business brands. She earned her spurs managing the communications strategy and now creates and develops partnerships between BusinessesForSale.com, FranchiseSales.com and PropertySales.com and likeminded companies.