A new year and for many, new goals for the year. Is achieving work-life balance one of your goals? For many, this goal may seem elusive. But the reality is that more and more people are committed to achieving this goal and are making it happen. And for many, the balance is achieved by buying a business and creating a new lifestyle.
Positives from the Pandemic
There were some positive outcomes from the pandemic. Many people learned to appreciate the simpler things in life: taking a walk during the day to get fresh air; being home for dinner as a family; riding a bike or going for a run during what otherwise would have been time spent commuting.
When the world shut down, commutes halted, workdays shifted and the fragility of life became readily apparent. People became more mindful of what really mattered.
Outcomes from the pandemic continue to linger today as businesses struggle with how and where to work; do we mandate being back in the office?
The pandemic taught us:
- Living intentionally is growing in importance.
- Many people want to make a meaningful difference in society.
- Working smarter is better than working longer.
- Work life balance is more important.
Achieving work life balance is a priority and a focus.
The Opportunity
If the corporate grind is no longer for you, there are many opportunities to buy a business and achieve your desired lifestyle. Even with some talk of recession, there is not a slowdown of businesses going on the market and many more expected to be up for sale this year. Buying a company offers significant opportunities to apply your skills and talents and take charge of your destiny.
Specific trends we are seeing include multi-generational family businesses that have operated for as long as 50 to 100 years needing to sell because the next generation is not interested in taking over the business. These companies have proven track records, having survived many economic cycles and have a solid reputation and existing client base to build upon. Along with this trend is the opportunity for a buyer to take such a business to the next level: through automation, technology investments and infusing new ideas. These businesses present a great opportunity for a career change building on a businesses’ past successes while enacting change to make your mark on the company’s future.
For many entrepreneurs and millennials, buying a business launches a new career in addition to committing to a new lifestyle. The challenge fuels the entrepreneurial spirit, reviving one’s energy and determination. There is a rejuvenated commitment including to the employees and community. For such buyers, the opportunities include both improving the business and taking it to the next level as well as making meaningful change. We are consistently working with buyers seeking to make an impact, to effect positive change outside of traditional business metrics.
You may question if now is the right time to buy a business. Key economic indicators are strong and yes, while interest rates have increased, investing in a business can offer you a return on investment higher than other alternatives. Commercial loans can be refinanced as interest rates change over time. Keep in mind the opportunities available through SBA lending and the incentives to buy a business by rolling over 401k funds for the down payment.
Conclusion
If 2023 is the year where achieving work life balance is your goal, consider buying a business. You’re in charge of your own destiny, can live intentionally and incorporate charitable giving and other goals important to you. There are many great businesses on the market and that will be coming to market this year. We would love the opportunity to help you achieve your goals to live and work exactly as you envision.
