You're Not Just Buying a Business When You Buy One
Wednesday August 27, 2008
So the used bookstore business my husband and I were thinking of buying has sold - which is a good thing for all concerned.
The used bookstore business that was for sale was a local business that we had been eyeing for years. "Wouldn't it be great," we used to say to each other, "if that business would come up for sale?", the implication being that it was the perfect business for us to operate.
But actually, the correct word was 'own'. When the business did come up for sale we had some serious discussions about exactly what we did and did not want to do and it turned out that neither of us wanted to be physically standing behind the counter operating the business on a daily basis!
Both of us were willing to take some shifts. But that's not enough of a commitment for a retail business, especially when discussions with the current owners revealed that the business did not make enough money to have the store physically operated by hired help.
So we had to pass on the opportunity. Ironically, we no longer fit our dream.
Seriously considering buying the business was a valuable exercise, though. I learned that you're not just buying a business when you buy a business. In many cases, you're also buying a lifestyle. You need to know exactly what will need to be done to operate the business and be able and prepared to do what it takes to run the business successfully. If running the business makes demands that you're not comfortable with or able to handle, it's not the right business for you.
More on Buying a Business
More on Choosing the Right Business for You
The used bookstore business that was for sale was a local business that we had been eyeing for years. "Wouldn't it be great," we used to say to each other, "if that business would come up for sale?", the implication being that it was the perfect business for us to operate.
But actually, the correct word was 'own'. When the business did come up for sale we had some serious discussions about exactly what we did and did not want to do and it turned out that neither of us wanted to be physically standing behind the counter operating the business on a daily basis!
Both of us were willing to take some shifts. But that's not enough of a commitment for a retail business, especially when discussions with the current owners revealed that the business did not make enough money to have the store physically operated by hired help.
So we had to pass on the opportunity. Ironically, we no longer fit our dream.
Seriously considering buying the business was a valuable exercise, though. I learned that you're not just buying a business when you buy a business. In many cases, you're also buying a lifestyle. You need to know exactly what will need to be done to operate the business and be able and prepared to do what it takes to run the business successfully. If running the business makes demands that you're not comfortable with or able to handle, it's not the right business for you.
More on Buying a Business
More on Choosing the Right Business for You
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