Ways to build a business empireIt's not that I've seen everything but I have seen a lot. There have been corporations which have had ownership of companies in dissimilar industries and those which have had one main industry with complementary businesses in the fold as well. Which is best? I guess it's the way you look at it.
Can I relate? Yes. I've got a story to tell. I bought a number of bulk vending machines with the intent to have my children start their own business from it on the proceeds. Did it work? In a word, No. I wound up being the one servicing the machines. During tax season, ring, ring, "hey candy man, we are out of candy on your machine. I need you to fill it." I couldn't do both my CPA business and the vending machines so now the vending machines sit in storage until I can figure how to make it work for each enterprise.
That is on a small scale the problem with ownership of companies in dissimilar industries. You are just not as efficient with both of them. The other side to the coin is one could do very well in the time where the other isn't. I get it but for me, it didn't work out.
I'd rather own complimentary businesses that could be run from one location. In this way, it's like opening a funnel to a much larger size in order to receive more customers.
Think about starting your own business empire to leave something behind for loved ones when you are gone. If not you, who else will do it?
I am a CPA in San Antonio and provide bookkeeping, payroll, taxes and more. We offer a free initial visit and look forward to serving your business needs.
Richard J. Garcia | 11/08/2010