10 Ideas you could do if you inherited a business
There's two things that have been and will continue to happen over the next few years, people selling or getting rid of their businesses. These could be small, medium to somewhat large operations, they could be given to family members or a trusted friend or partner, these could be from an inheritance, retirement, or a Boomer who can't find a suitable or willing person to take over. The pandemic may have put some business owners in this position to where they don't want to run it anymore or they can't weather another storm similar to what Covid brought. If you were given a business, or were in a position to buy one for an amazingly low investment, what would you do?
1. Do nothing?
So why would I put that there? Do nothing? Makes no sense right. But to clarify, I don't mean do absolutely nothing, but if you can get someone else to run the operation while you check on it on occasion, or make some adjustments to increase revenue then flip it.
2. Explode the business
Explode not implode! If you get or purchase a business that you have a true passion to grow or work in, take it to a whole other level.
3. Find a Partner
Maybe you see opportunity here, but aren't sure exactly how to execute or some skill set needed you don't currently possess. Find a partner and even if it means you won't make as much money, you may learn valuable skills for the next venture.
4. Make it your own: Put your own spin on the business and make it unique to you.
Maybe a new name? New concept? Additional features, products or functions more specific to you?
5. Make it grow: Expand the business by adding new products or services.
6. Make it sustainable: Sustainability is key in today's market - focus on eco-friendly initiatives.
7. Make it worthwhile: Focus on making the business have a positive impact on people and the planet.
Of course this depends on many other outliers, but if you can't relocate to an area that is untapped, or has potential, see if you could expand in the area it's in.
9. See if there is a way to get bought out
Get help if needed but determine if this is a business that could be bought for a decent profit 2-5 years down the line if certain things are done.