It’s not uncommon for someone to want to retire yet still work. After spending 20 or 30 years in the corporate world, buying a job can be a great way to transition from being a W2 employee to a small business owner. Buying an existing business, whether independently owned or part of a franchise, reduces risk and makes things easier. You’ll already have employees, a marketing plan, clients, and a revenue stream. The most challenging part will be deciding which business to buy.
Choosing between buying an independently owned small business and buying a franchise location will involve soul searching. What do you want to do for a living and how much independence will you need? Franchisees must follow the rules and regulations laid out in their franchise agreement so, for those craving control and creative freedom, following rules may sound unappealing.
Once you decide which business to buy, it’s crucial to do your due diligence to ensure the business you are buying is a smart investment. Even better, hire a professional to handle the due diligence investigation for you. The checklist is lengthy and missing something can be a costly mistake. As the saying goes, preventing problems from occurring is always easier than solving them. When you’re ready to begin the next chapter of your professional life, contact Alloy Wealth Management at 800-689-3935.