U.S. News

Want to buy my business? It’s been very profitable. I’ve run it for more than 25 years. But no, you don’t want to buy it. Like most small businesses in this country, there’s really nothing of value here.

According to the Small Business Administration, there are approximately 33m small businesses in the US. But fewer than 7m actually employ people. The rest comprise freelancers, side gigs and independent contractors. I’m sure many of these people are making a living. But are they building assets? A brand? Probably not. If that “business owner” suddenly disappears, their business disappears with them. No one wants to buy a business like that. There’s no value.

My company is no different. Like so many other business owners, I’m a micromanager and a control freak. My company has a few employees but in reality I’m nothing more than a glorified independent contractor. The business is built around me. If I get hit by a bus, my company crumbles into nothing. No one wants that.

We live in a service-based economy, which according to federal data accounts for as much as 77% of US GDP. My business is part of that. I bill for hours incurred. I manage a handful of open projects at any given time. I’m constantly scrambling for more work. There’s no commitment. There’s no requirement to use us. Unlike big tech companies, my clients are not bound to any contract. And even if they were, there would be little benefit to me – enforcing contracts is too expensive and time-consuming for a company my size. A buyer of my company would not be buying any customers – they’re free to go wherever they want. There’s no value in that.