When Buying a Business Does the Buyer Have Ethical Responsibilities?

Choosing a Business to Buy – The Daily Grind Matters

A buyer has a responsibility to act in an intelligent manner when looking for a business. You are not only buying a business for yourself but for your spouse and children. The responsibility to your family requires a higher level of care than you would normally take to protect yourself. 

If you buy the wrong business, you have to work at a business day in and day out that you will grow to hate. If you buy a business that requires you working seven days a week, you will not have time to spend with your family.

Does working 7 days a week make anyone happy?

This may or may not be a good thing depending on your relationship with your family. For sure, working seven days a week will not make your relationship with them any better. People who work at a business or job they hate end up making less money, plus they die younger and at the very least they take their troubles home with them. This means they’ll take their troubles out onto their spouse and kids.

Children learn from watching their parents. If they see that growing up means you go to work every day unhappy, this sends them a message that can be very hard to reverse later on. “I do not want to grow up.” This is a perfect invitation for them to run away from their problems by taking drugs or alcohol. This also becomes an invitation to the spouse to drink, take drugs, or find comfort with another.

Who wants to be married to someone unhappy with life because they are unhappy with their work? No one we know.

So, making the correct choice has a long-term impact on your children, your home, your family.

 Now Let’s Look at the Reverse

If you love your work and your children want to visit you at work. They are willing to spend time with you on the job and learn your work ethic. My father loved his work, and I started going to my father’s factory when I was 12 years old and spent every school vacation at the business, for the next 10 years.
While I was growing up my life ambition was to take over the family business. When the business turned out to be too small for two entrepreneurs, I went off and make my way in real estate; I then became a CPA and a business broker. I work 50 hours a week and love every moment of it. When I retire at 80 years old, (I am 67 years young, now) I will probably continue to work at least 30 hours a week, and love every moment of that.
When looking for a business to buy, you are urged to take into consideration what impact it will have on your family. My son reminds me all the time, when he sees me working, “No one cares if you are the richest man in the grave yard.” On the other hand, it is also true, that regardless of how much money you make, your kids are just going to spend your money.
They will, however, remember how good a parent you were. Your friends are a different story. They will remember and talk about how many people you helped who now live better lives, because of your money and your work ethic. Shakespeare said “To thy own self be true.” So, don’t just look for a business that you think is making money. Find the type of business that will fuel your passion, and with your loving care that business will make money — regardless of how the current owner is doing at it.
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