Is Fear Holding You Back From Buying A Small Business?

Erik Caseres - 1/14/25

Why You’re More Ready Than You Think to Purchase a Small Business

It’s easy to feel like you don’t have the skills, resources, or experience to purchase and run a small business. Many people dismiss the idea before giving it serious thought, believing that small business ownership is out of reach. But here’s the truth: the skills you’ve gained throughout your professional career are often highly transferable, making you more prepared for this opportunity than you realize. Let’s dive into why you should consider small business ownership and how your existing skill set can set you up for success.

The Reality of Small Business Ownership Today

According to the U.S. Census Bureau, over 2.3 million small businesses are owned by individuals aged 55 or older. Many of these owners lack a succession plan for their business. In fact:

• 80% of small business owners plan to sell their business to fund their retirement but struggle to find a buyer.

• Often, the owner’s children or family members aren’t interested in continuing the legacy.

This creates a unique opportunity for individuals like you to step in, purchase a profitable business, and not only keep it running but elevate it with fresh ideas and strategies.

Why You Already Have What It Takes

Think about your professional journey. The skills and experiences you’ve accumulated likely translate into valuable assets for running a small business. For example:

• Management Skills: Leading teams, budgeting, and managing resources in one industry are directly applicable to managing employees and operations in another.

• Problem-Solving: Identifying challenges and finding solutions is essential in any business.

• Customer Relations: Whether you’ve worked in sales, customer service, or client management, building and maintaining relationships is key to running a successful business.

• Process Optimization: If you’ve worked on improving workflows or boosting efficiency, these skills can help you identify areas for growth in a new business.

• Marketing Knowledge: Even basic understanding of marketing—such as digital strategies, branding, or customer acquisition—can make a significant impact.

These transferable skills can bridge the gap between industries, making you capable of succeeding in an unfamiliar business environment.

My Journey: From Petroleum to Business Opportunities

After an 18-year career in the petroleum industry, I transitioned into commercial real estate and business brokering. However, I initially started this journey in pursuit of small business ownership. Looking back, I can clearly recall the hesitation that I had when considering acquiring an established business.

When I first met with a business owner who was considering selling, I thought to myself, “This is going to be a short meeting. I have no clue what to even ask!” Yet, as the conversation unfolded, my years of management experience kicked in. By the end of our two-hour discussion, I realized I could not only run that business but likely many others.

Sure, I needed to learn the specifics of that particular industry, but the owner was willing to provide training as part of the transition. Additionally, the existing team—skilled employees who already knew the day-to-day operations—would play a crucial role in ensuring long-term success.

Overcoming Common Concerns

Here are some of the most common hesitations about purchasing a business and why they shouldn’t hold you back:

• “I don’t know enough about the industry.”

  • Most sellers offer training during the transition period.

  • Existing employees are often highly experienced and can help you learn the ropes.

• “It’s a big risk.”

  • Every career move involves some risk, but consider the potential rewards: financial independence, the ability to grow a business, and control over your future.

• “I’m not sure I can handle the responsibility.”

  • You’ve likely faced and conquered challenges in your current profession. Running a business is no different; it’s just a new application of your existing strengths.

Why Small Business Ownership Matters

When you purchase a small business, you’re not just buying a livelihood—you’re preserving a legacy. Many profitable businesses risk closure simply because the owner can’t find a successor. By stepping in, you’re ensuring that employees keep their jobs, customers continue receiving value, and a community cornerstone remains active. Plus, with your fresh perspective, you might:

• Optimize processes to boost efficiency.

• Modernize marketing strategies to attract new customers.

• Expand services or products to increase profitability.

Taking the First Step

Transitioning to small business ownership can be intimidating, but you don’t have to do it alone. With guidance from experienced brokers and the support of the seller, the journey becomes manageable. It’s true that not every business will be the right fit, but with determination and the right team, you’ll find one that aligns with your skills and goals.

Key Takeaways:

• Transferable Skills: Your professional experience is more applicable than you think.

• Succession Opportunities: Many business owners are looking for someone to carry on their legacy.

• Support Systems: Training from sellers and existing employees can ease the transition.

• Potential for Growth: Your fresh perspective can elevate a business to new heights.

Don’t let fear or self-doubt hold you back. The opportunity to own and grow a small business could be closer than you think—and I’m here to help you find it.