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From an Employee to a Business Owner

From an Employee to a Business Owner

Richard T. Hendee
A Silver Fox Advisor

Over the years, I have talked to many individuals who have been employed by a small business or a major corporation who have wanted to start their own business or buy an existing business. The most important thing I discuss with them is theirs and their family’s mindset about moving from a weekly or monthly pay check, annual salary increases, 401K program, paid vacations, paid sick leave, some kind of regular work schedules, office parties and picnics, to being paid after your employees get paid (referred to as making a payroll), retirement fund contributions only if the business makes money, maybe no vacations let alone a paid vacation, working sick, working 10 to 12 hour days and being available 24/7, not making little Johnny’s ball game on time or at all. This is the major life change that most business owners face when they start a business or buy an existing business.

One of the Silver Fox Advisor organization’s founding members, Monte Pendleton, is a firm proponent of “The Personal Purpose”, which is a process of matching up one’s personal life with one’s professional life. Dr. John Demartini wrote a book and numerous articles on this Personal Purpose concept, and I would suggest that you review some of Dr. Demartini’s writing before you make the leap into business ownership.

Most business advisors or mentors will tell you that if your professional life and personal life do not match up or are not in sync with each other, and sometimes both, will fail. 

If you need assistance in working through your “Professional Life and Your Personal Life”, I recommend you start by contacting the Silver Fox Advisors. Silver Fox Advisors, who are former or present business owners themselves, and they have experience in starting and running a business, and in some cases, several businesses, and they have lots of experience gained over the years. We encourage you to visit our website at www.silverfox.org to select a Silver Fox Advisor and also to learn more about the Silver Fox Advisors, as well as our great programs and community outreach endeavors.