Years ago I had a business that I loved. It kept me busy, engaged and it was quite lucrative. I was single, childless and could never see myself working for someone else. I saw a need and filled a gap.
It’s a decade later, my business somehow survived COVID, and I’m still successful. But I’m bored. It’s a niche market so there’s not a lot of room for expansion or innovation.
I was recently approached by someone who wants to buy my business. I don’t really want to sell. I don’t have another business in mind, and I’m not employable. I’m still single and I still don’t have kids, so I don’t have anywhere else to put my energies.
What do you suggest I do?
Bored
Oooh, I can’t give you the answer you’re looking for. Only you can decide what’s right for you. But I can suggest that before you make any decisions, you do a lot of research and soul searching.
In the research department – and maybe you need to hire someone to do some market analysis – I suggest studying any other companies that look like yours. Have they expanded? Has that proven successful for them? Are you sure there’s no way to be innovative? Or are you self-blocking? I would also speak with a financial planner, to look at your numbers. Can you even afford to sell your business? Could you afford to hire a manager so you can take some time off to figure your life out before selling, if that’s where you land?
On the personal side, could this be a chance for you to take some time off? Maybe you want to travel, take a course, spend more time with loved ones? You sound creative…. Is there something else you want to take a stab at but never did because you were focused on your business?
As you can see, my advice isn’t whether to sell, but rather, for you to really take the time to come to a definitive decision, through investigation, research, self-reflection and thoughtfulness. Do NOT rush into anything you may regret.
My daughter has a group of friends whom I adore. They’ve been together for years and they are great girls, growing into lovely young women. My only issue is that they all come from extremely affluent families, which we are not. My daughter isn’t lacking for anything, but I draw the line at shopping, Starbucks expenditures, and other frivolous spending. She’s a smart girl and knows why I sometimes say no and rarely pushes back.
The problem is that this summer, which is fast approaching, the girls were all supposed to go on a planned trip that incorporates education and receiving a school credit. It isn’t a cheap endeavour, but we looked at the other choices and thought this was worth the stretch.
Now two of the girls have pulled the plug, losing their deposit plus; and two others are extending their trip, meaning they’ve changed their flights (also at a cost) and will be staying on in this foreign location on their parents’ dime. My daughter is locked in, but now worried that the fifth girl is either going to back out or extend, where my daughter can do neither. What do I do?
Moneyed families
Your daughter is going on this trip and will have a fabulous adventure with the other two (or three) girls and she’ll make new friends. The two who backed out shouldn’t affect her.
Then she’ll fly home either with the friend she went with, or with all the other kids not extending. She will NOT be alone, neither on the trip nor on the plane. Remind her – and yourself - of that.
FEEDBACK Regarding no-emergency (Jan. 14):
Reader – “I’m an emergency physician. I recently read your piece about the lady who is concerned she had an illness and has had a normal work up with her family doctor. Please don’t direct people with nonemergencies to the ER. We are already swamped with patients, and we do not have the capabilities or the resources or even the expertise to diagnose and treat individuals with such presentations.
“I agree, their family doctor can direct them to a specialist or continue outpatient testing but please, we do not need the added burden to our already swamped emergency departments. We must focus our ER capabilities on emergencies so that unnecessary deaths can be prevented in patients who need emergency services. We only have so much capability and the system is completely exhausted.
“I’m sure you’ve read the numerous articles out there about the overstretched Canadian ERs.”