If you are the child of an entrepreneur, then you probably grew up in the family business. You might have napped in the back office and done your homework at your parent’s desk. Your chores might have included taking out the trash or washing dishes. Now that you are an adult, your parents might assume that your path in life includes taking over that family business so they can retire.
What if that’s not what you want?
You aren’t alone. Not everyone follows in their parents footsteps, and if you’ve found a separate passion along the way that you want to pursue, you should. The key to a happy life is doing something that you love, and (hopefully) with some discussion your parents will see things the same way.
There’s no way my parents are going to be okay with me doing anything else. Now what?
First of all, have you even asked? Any family with a family business needs to have a discussion about the future of the business and the possible succession to the next generation. If you haven’t had this discussion yet, no time is better than right now.
If you really don’t want to take over the family business, and your parents are counting on just that – there is a solution where both sides win.
Approach your parents with the idea of selling the business and then using some of the proceeds to buy a business that you can be passionate about, thereby preserving the entrepreneurial legacy of the family while at the same time pursuing your own dreams.
By selling their business they can also get a financial return on their investment of time, energy and money while simultaneously helping you on your own journey to business success. If they see that they can potentially both make some money and give you the key to your own happiness – what parent isn’t going to want that?
Start the conversation now, then talk to an experienced and qualified business broker (like us) about what comparable businesses have recently sold for – and what businesses currently on the market might meet with your goals for business ownership.
Are you the child in a family business and want to know what comparable businesses have sold for? Do you have questions about what type of business you could buy? Please feel free to leave comments or questions here and we would be happy to help.
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907