Articles

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.                                      

December 2025 Leadership Training/Mentoring Section

THE LEADERSHIP TRAINING/MENTORING CORNER

In August of this year the Silver Fox Advisors introduced a new offering in its monthly newsletter which is called the Leadership Training/Mentoring Section.  

In this section a thought-provoking situation will be presented. In most cases these situations will be real life circumstances. Our readers will think about them and play them out in their minds or on paper, as they consider what they would do or should have done if these incidents actually happened to them in their businesses.

Being a good leader requires you to be able to react to unexpected happenings or developments. Our Silver Fox Advisors have experiences they want to share with you that they have managed through, with the hope of providing you with some touch points so you can become more than a good leader but a GREAT LEADER.

There is an added benefit: if you respond to us and provide a reply to this situation, and your response is selected as the best, you will be awarded a seat at one of our Lunch & Learn events.

DECEMBER LEADERSHIP SITUATION

 You and your spouse own a $25.0 million commercial service business, and your spouse is very active in the business and originally started the business thus he knows every aspect of the operation of the business inside and out. You have really never taken an interest in the business, but have been involved in some of the decision-making over the years. Part of the management group is a husband-and-wife team who have been employees for a number of years in the business, but neither one has an employment contract or any ownership interest. The husband is the head of operations, and the wife is the controller.  The business’ debt is on the land and building and is in the form of a long-term mortgage, which is current, and a revolving line-of-credit with no outstanding balance. The owner and the spouse have wills in place stating upon the demise of one spouse, the other spouse inherits 100.0% of the deceased spouse’s belongings.

On a dark and stormy night the owner is driving home from the airport and is involved in a fatal accident and passes away on the scene. You are the surviving spouse and now the 100.0% owner of a business you know little about, and you do not have any experience in running a business. You know a number of the business’ suppliers, larger clients, bankers and attorneys socially. You do have a degree in business from a major university, and you have pretty a good understanding of financial matters.

What should your next steps be?

Please provide us a brief write-up of What are your next steps? Send your write-up to Lynn Rosado at [email protected]

In our January 2026 Newsletter one or more of our Silver Fox Advisors will provide a response to what he or she would have done and what precautions he or she would have taken in this December Leadership Situation. 

If you need assistance in becoming a better leader, I recommend you start by contacting the Silver Fox Advisors. Silver Fox Advisors are former or present business owners themselves, and they have leadership experience in running a business, and in some cases several businesses, and have dealt with unforeseen and unplanned situations throughout their careers. 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.