Q: This question is related to transitioning. My husband has a job with great benefits and is making more than he ever has in his line of work, which he has been doing for 20 years. In the beginning of his career, he always wanted his own business but it just never worked out. As our oldest children are entering the teen years, going out on his own could serve many purposes: to earn income, teach the children about entrepreneurship, and develop a family business. How should we prepare for the big leap so to speak? It just seems like we should have the business somewhat going before he quits his day job.

A: Several thoughts come to mind regarding your situation (and I would definitely not recommend that your husband quit his day job):

  • Your family can begin numerous small enterprises while your husband is still gainfully employed as this family did 
  • Your family can start the business planning and research using the various tools on this site such as this blog series to refine the plan while your husband is still gainfully employed. He can then spend time working on the business during evenings, weekends, and vacation time.
  • Your family can work specifically on starting up a business model that is highly scalable and repeatable with little day-time labor input, such as a web-based business. Here are details on various internet business models to consider in your planning.
  • Narrow the family focus to the best type of business to work on (see here and here for more on that) that is a fit with the family’s skills, experience, giftings, etc.)

Here are some other Q&As with examples of transitioning that may be helpful:

Recommended Resources:

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  • See the Venture Academy training, specifically the Introduction to Entrepreneurship section and the Building a Business from Start to Finish section

About Wade Myers

Wade has founded or co-founded, invested in, and been a director of over 25 companies and has completed 55 financing and M&A transactions. His previous work experience includes the Boston Consulting Group and Mobil Corporation. Wade also served as an Airborne Ranger in the US Army where he was a decorated veteran of the Gulf War. He is a Baker Scholar graduate of Harvard’s MBA program and is married with five children.

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