There comes a time in most businesses when what was once just talk starts to turn into some kind of expansion or next step. Perhaps it’s the desire for an additional revenue stream, a passion for a different field, or the hope of cracking a new market wide open—all are great reasons to explore your next chapter as a business owner. If your company or endeavor has hit such a point, you might be considering acquiring a new business.
“Do you have a strong team in place that can tend the business as you turn attention to a new endeavor?”
Before you do, there are important things to take into consideration. The most critical, of course, is the state of your current business. Is it running like clockwork? Do you have a strong team in place that can tend the business as you turn attention to a new endeavor? Are there systems in place to streamline your day-to-day processes? Is it profitable and healthy?
If you are struggling with one business, now is not the time to take on another. A new business will likely take up a lot of your time, so it’s important for your original business to be both solvent and efficient. If you are already spread too thin, taking on extra work is no way to improve the situation.
In the case of Fantasy Sound, I got to a point where I knew it was running well under the guidance of my team, and I realized that I had some extra time on my hands that could be devoted to something else. WeddingIQ happened to become available at the right time for me and I knew it was the next evolution of my own personal brand and career. It was a natural progression and an ideal next step.
If you are looking at acquiring a new business, assemble your team and critically evaluate your current performance, the goals you have for the future, and the vision for how the two businesses might complement and promote each other in the future. If you decide as a team to give the project the green light, prepare for a lot of work, as well as a rewarding and potentially lucrative new experience!
Kevin Dennis is the editor of WeddingIQ and owner of Fantasy Sound Event Services, a full-service event company based in Livermore, California. Dennis is the current chapter president for Silicon Valley NACE, and the immediate past national president for WIPA.