If you live long enough you’ll see change. We’ve seen the Berlin wall and the USSR fall. We’ve gone from vinyl to 8-Track to cassettes to cds to MP3 to who knows what else. We’ve gone from the brick cell phone to having smart phones that are literally portable computers. As Ferris Bueller so eloquently put it “Life moves pretty fast, if you don’t stop and look around every once in a while you could miss it”.
Add to that we see change in ourselves, our tastes, our desires, our family make-up, and our careers. In my line of business I see it all the time. Anywhere from the business owner who wants to move on to the next phase in his life, to the long-time employee who goes out on his own or buys out his employer who is moving on, to the professional who wants a new challenge.
New paths can be exciting and breathe life into what might seem to be a listless existence. Here are some items you might what to consider given the above scenarios.
First, with the business owner who wants to move to the next phase in his life. Have you consider what happens to your business? Do the kids take control or a key employee? If your selling the business, what type of tax implications might there be? After the business is gone have you invested the proceeds so that there is income protection and additional wealth creation?
Second, what about the professional that wants a career change and goes into business for himself? Do you start a new company or do you purchase an existing operation? Is the new venture within your current industry, if not, do you have the capabilities to manage and operate the business on a day-to-day basis? What are your ultimate life goals and what would be your expectations for entering into such a venture? Does your personal situation even allow you or warrant a change at this time?
Look all of us from time to time fell stuck in our lives, and at times change is needed. We can take past experiences from our lives and plant them into new ventures that could ultimately bring about new perspectives and new ideas. But the key is to do your homework, get advice, and be all means feel free to post a question in the comment section if there are any questions that I can answer regarding this subject.