Only 3.7% of the US population own a business.
Only 3.7% of the US population own a business.
There's a reason for that. One I think about almost daily.
Whether you buy or start a business, it will be one of the most harrowing and challenging experiences you ever have. There is no element of "easy" in it. You buy something someone spent years building, and you get a few weeks to a year at best to sponge years of expertise and wisdom when you take it over. Often in an industry they had decades in, and in most cases you won't have any.
This will not be easy. It will test you at every level.
And yet so many people think they can buy a business like they buy a car. A bit of research, buy it quickly, and drive off into the sunset within 3 to 6 months of discovering business buying was a thing.
It SHOULD take time. It SHOULD be hard.
If you're using SBA, you're signing a loan that puts you personally into millions of dollars of debt. And you're committing to 10 years with that business. Most people wouldn't ever hold a job for a decade these days. But not you, future business buyer. You're signing up for at least TEN YEARS.
During those years you'll have lawsuits. You'll have to fire people. You'll have upset customers. Surprise tax bills or huge expenses. Your marketing will stop working (or was never really working in the first place). You'll feel like you have no idea what you're doing most of the time. And the brief moments of feeling like you're winning will be quickly gone with another thing to fix.
Your vacations will never feel the same, if you get them at all. Your weekends will be spent half thinking about your business. Your friends won't get you, nor will your partner. And sometimes, you won't even get you.
And you have to push through it day after day after day.
For the majority of the population, that sounds like hell. For the small few that have some inner calling to build, and lead, and be on the business battlefield, it's exciting. That feeling of building and having the weight of the world on our shoulders feelsredactedright.
So at some point you have to stop blaming bad brokers, bad deal flow, bad financials, and look in the mirror. Are you really, if you're deeply and truly honest with yourself, the type of person who's AUDACIOUS enough to become a business buyer?
I built something to help you find out.
It came from years of watching entrepreneurs struggle, and watching capable, well-funded people never get to the finish line. With influences from Dweck, Conniff, Wickman and more, it quickly identifies the characteristics that separate the people who make it from the people who tap out.
It's not the full comprehensive version we run with clients. But it cuts straight to the traits that matter, fast.
Be honest when you take it. Answer as who you really are, not who you aspire to be. You'll only be hurting yourself.
I'll drop the link in the comments. Take it, then tell me what your result gave you and how you feel about them? I love hearing y'alls feedback.