What to Do with an Unwanted Inherited Business

Owning a business is not something that everyone aspires to do. Sure, many people like the idea of being their own boss. But, there are definitely individuals who prefer to avoid the stress and anxiety of being an entrepreneur. Of course, there are many different sets of circumstances. For instance, children who follow their parents and run the family business, taking it over after their parents retire. Or, people who unintentionally fall into their own business without actually setting out to do so. For example, someone who inherits a business from a relative. Although this might seem a bit far-fetched, it does happen more often than one would think. So, what options are available to an heir who really does not want to take over the business?

Types of Inherited Businesses

Probably the most common form of an inherited business is a family company. Usually, the children grow up in and around the operation and are at least familiar with it. Other times, the children aspire to follow their own career path and never work in the organization. Additionally, there are heirs who inherit a family-owned business that they have never really been acquainted with whatsoever.
If you’ve inherited a company, there might be a lot of questions on your mind. You might not want to be an entrepreneur, or even if you do, you might prefer to work in a different industry. Even if you’re ready to take on the business, you might be unsure about how to deal with current employees and suppliers. —Nerd Wallet
Though these circumstances are far less common, they do occur. One prime example is someone who inherits a commercial property. That property is leased by several other businesses and generates a profit. The owners may not even be directly involved with the day-to-day operation and rely on a firm or individual to handle the necessities. These would include things like maintenance, repairs, negotiating leases, upgrades, and more.

What to Do with an Unwanted Inherited Business

Your first instinct could be to just sell it and be out of the situation as quickly as possible. But, if it’s generating a consistent profit, that might not be a wise idea. On the other hand, even if it does generate a profit and you’re completely unfamiliar with it, it could turn into a gigantic mess. Here are some possible options to explore:
  • Learn about the business. Regardless if you’re set on selling it or remotely considering taking it over, you’ve got to know what you’re dealing with first. It’s imperative that you educate yourself about the business in order to make an informed decision as to which way to go. Don’t make the mistake of letting your emotions take over. Instead, take at least a little time to understand precisely what it is and more importantly, how much it’s really worth.
  • Consider being an absentee owner. Although this is quite common in the business world, it’s always a risky proposition. And, it’s probably why you don’t want to get involved in the first place. If you let other people run it, you’re putting your trust into others and that could easily lead to a very regrettable set of circumstances. However, if it is something like commercial property and your relative was also an absentee owner, at least give it some serious thought.
  • Invest in the business. If you do want to give it a try, don’t go it alone. Bring in a business coach to guide you through the process of taking on an entrepreneurial role and become familiar with all it takes to head up this type of operation. If you find it isn’t a good fit, you can always sell it and move on.
What other suggestions would you give someone in this position? Please take a moment to share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Like this article?

Share on Facebook
Share on Twitter
Share on Linkdin
Share on Pinterest

Related Posts

Effective Ways to Deal with a Setback

Setbacks are inevitable. They come in many shapes and sizes and some appear from out of the blue. When you encounter a setback, it triggers different emotions. You feel shocked, unprepared, perhaps angry or down. It’s only natural to feel bad after a setback but it’s how you handle it that really matters most. How to Overcome a Setback Everyone experiences setbacks, large and small. During these times it’s easy to feel overwhelmed and maybe even unappreciated. (This is especially true when it involves an interpersonal relationship.) Minor setbacks throw us off for a few hours but others are much more significant and really throw us in a tailspin. While we will all experience roadblocks, we will differ in how we handle them. Some of us have the resilience to just pick up the pieces and move on. Others find it difficult to let go. Either way, how do we learn from the tough times? —Entrepreneur.com Whatever the cause and no matter the size, it’s important to understand you aren’t out of options. Sure, you feel helpless to one degree or another. And, it does bring into question what’s all that time and effort for, anyway? But, if you put things into perspective, you’ll begin to realize it’s not the end-all, be-all. Effective Ways to Deal with a Setback We all know adversary helps to build character. Although, no one welcomes tough times, whether in the form of a setback or something else. So, here are some effective ways to deal with a setback you can put to use: It’s only temporary. Very few setbacks are insurmountable. And, most are only temporary. Realize it is just a temporary situation that will pass. It will only linger and bother you the longer you allow it. If you put it into perspective, it’s merely one of many temporary obstacles. Your goals remain. Sure, it does bring into question what all your hard work is for in the first place. And, it undermines your sense of accomplishment and success. While these are certainly true, it doesn’t change your goals. Refocus on your goals to help you overcome. Reset the timetable. Any setback will throw off the timeline, there’s little way around this fact. But, that doesn’t mean you can adapt and readjust your timetable to make it workable again. Take action, right away. Of course, the worst response is to do nothing at all. It will not get you past the situation and will only serve to make it haunt you even more. Take action straight away and you’ll start to feel better immediately. What other methods would you suggest to get past a setback? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Read More »

Most Effective Ways to Increase Your Small Business’s Market Share

Most Effective Ways to Increase Your Small Business’s Market Share As a small business owner, you are always looking for ways to grow your market share and gain a competitive edge. This isn’t an easy task to take on and it becomes even more difficult if you don’t know where to start. So, let’s take a little time to explore the most effective strategies to help you increase your small business’s market share, allowing you to reach new customers and maximize your profits. Understand Your Target Market Before you can increase your market share, you need to understand your target market. Conduct thorough market research to identify your ideal customer and their needs, preferences, and buying habits. This information will help you tailor your products and services to meet the specific demands of your target market, making it easier to attract and retain customers. Focus on Customer Retention Acquiring new customers is important, but retaining existing customers is equally crucial. It is more cost-effective to retain existing customers than to acquire new ones. To increase customer retention, focus on providing exceptional customer service, offering loyalty programs, and regularly soliciting feedback from your customers to understand their needs and concerns. Leverage Social Media and Digital Marketing In today’s digital-centric age, having a strong online presence is essential for increasing your market share. Utilize social media platforms to engage with your target audience, share valuable content, and promote your products and services. Invest in digital marketing strategies such as search engine optimization (SEO), pay-per-click advertising, and content marketing to reach a wider audience and drive more traffic to your website. Offer Unique and High-Quality Products or Services To stand out from your competitors, you need to offer unique and high-quality products or services that cater to the specific needs of your target market. Continuously innovate and improve your offerings to stay ahead of the competition and maintain your market share. Collaborate with Other Businesses Collaborating with other businesses can be a powerful way to increase your market share. Look for opportunities to partner with complementary businesses to create joint marketing campaigns, co-branded products, or bundled services. These partnerships can help you reach new customers and increase your brand visibility. Expand Your Product or Service Offerings Expanding your product or service offerings can help you attract new customers and increase your market share. Conduct market research to identify new opportunities and gaps in the market, and develop new products or services to meet the needs of your target audience. Monitor and Analyze Your Competitors Keep a close eye on your competitors and analyze their strategies to identify areas where you can improve and differentiate your business. By understanding your competitors’ strengths and weaknesses, you can develop strategies to outperform them and increase your market share. This will likewise help you uncover and identify some of your own shortcomings – providing very valuable insight. Wrapping It All Up Increasing your small business’s market share requires a combination of strategic planning, customer focus, and innovation. By understanding your target market, focusing on customer retention, leveraging social media and digital marketing, offering unique and high-quality products or services, collaborating with other businesses, expanding your offerings, and monitoring your competitors, you can successfully increase your market share and grow your small business. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at 602-435-5474, or, if you prefer, send us an email. You can also visit us at Waters Business Consulting Group to learn more about us and the services we offer.

Read More »

Most Effective Daily Habits Successful People Practice

Effective daily habits can work wonders in many areas of life. These are particularly useful for entrepreneurs, but others will certainly benefit by incorporating such practices. In surveying a number of successful people, it’s easy to see they all have certain daily habits. Which of course, means, that these practices do a lot to help them get things done and done right. Why Daily Habits are So Important We all have our daily routines. But, the trouble with many routines is that we don’t question how they impact our day-to-day lives. In other words, there is little to no introspection or objective look at what does and doesn’t work. Think about your own daily routine for a moment. If you’re honest, you’ll discover at least one (maybe more) that’s not up to par, is outright ineffective, or just superfluous. Just ask any CEO, politician, professional athlete or inventor out there – they all start their day at the crack of dawn, gaining a leg up on the competition. Create a routine and stick with it. Studies prove that willpower is the strongest in the morning before exhaustion and other priorities get in your way. Adopt a morning ritual and you will start to see big results. —Forbes.com When you take time to identify what does and doesn’t work, you’ll probably discover other ways to improve your daily routine. At the very least, you’ll be able to eliminate things which aren’t necessary. So, it’s definitely a worthwhile exercise. And, it’s one that can easily be repeated periodically to alter or change-up from time to time as you go through life. Most Effective Daily Habits Successful People Practice If you want to really be successful, you simply need to practice the same effective daily habits of successful people. Here are some of the biggest habits you can adopt to help you achieve more: Not getting involved in personal problems of others. This isn’t to say they are uncaring or apathetic. But it does mean they don’t get involved in the drama of others. They know it’s an invitation to trouble. Working in an environment that’s conducive to productivity. Successful people identify what surroundings and tools they need to get things done. They use these to their advantage and you can do the same. Not harboring a fear of missing out. Successful people just don’t worry about FOMO or the fear of missing out. It’s not something they let get to them because they recognize there’s just no way to be involved or in-the-know about everything. The ability to say “No” more than “Yes.” There’s a reason you see this advice time and time again — it works. And, it works well. When you say “Yes” you are making a commitment that can quickly balloon out of control. You need to learn how to spot bad ideas and those which won’t deliver results. “No” gives you the power to be selective. A strong commitment to maintaining good character. Perhaps the most effective daily habit successful people practice is to maintain a strict adherence to good character. What other effective daily habits would you add to this list? Which ones do you practice and recommend? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Read More »

Imagine Selling Your Business…

How Would Your Life Change?

You didn’t start your business just to stay busy—you built it to create freedom, security, and options for yourself and your family. Selling your business can be life-changing, but the real question is whether you’re intentionally building toward that outcome or simply leaving it to chance.

Sign up below for a free consultative session to learn what your business could be worth today and in the future! 

Thank you for your interest in learning what your business is worth. We will be in touch shortly.