Ok, before you read that subject line and write me off as a total nutter, hear me out. Because I think this is a concept that quite a few new entrepreneurs struggle with, and not all of us make it out alive.

Remember this blog post from a while back about that time I thought my business was dying? Today’s post is about an event that transpired just a few short months after that. I was still in that place of doubting whether or not we’d make it through in one piece, knowing that I couldn’t keep going as a solo small business owner, but having NO idea how we’d ever manage to make Matt my business partner.

The [seemingly] perfect answer landed in my lap: an incredibly well-established, reputable photographer was looking to retire and sell their business, and had hand-picked me as someone they’d like to sell to. It was enormously flattering! This business owner was someone I’d grown up familiar with as our families were in the same social circles, so to have this person choose ME as the one they’d like to pass their business onto, it was SUCH a vote of confidence.

I had a phone interview with the photographer, and we scheduled a time for me to go out and see their studio, ask as many questions as I’d like, and get a better idea of what we’d be inheriting. In purchasing their business, we would have received their studio lease, equipment, client lists, everything. And after talking through their numbers, we learned that the average income for their studio ranged from $250-400K a year.

There were only two problems: 1) that the type of photography this studio offered was nothing like my own style (think: formal family portraits, in-studio maternity sessions, that kind of thing), and 2) that we’d have to take out a small business loan of $75-100,000 in order to purchase.

I’ve never borrowed money for my business, and that alone was enough to give me pause. The year before, we’d just purchased our first home, so we had a mortgage we were already committed to.

And add to that, I was already feeling anxious about the future of my business. I wasn’t sure it was going to SURVIVE the next couple of years, and the idea of tying a $100,000 weight around my business’s neck just felt off. I couldn’t shake the feeling that this wasn’t the right decision for us.

But EVERYONE in my family was telling me to go for it! It seemed like a no-brainer, a “well duh!” scenario. If I was worried about the future of my business, why WOULDN’T I purchase a business with an income as high as $400K?

And that’s when I realized that I cannot allow outsider’s opinions to influence crucial business decisions.

Because at the outset, yeah! It looked like a killer deal! But in truth, the simple act of inheriting a client list doesn’t necessarily mean they’ll choose to work with you once the original photographer has left the picture. And add to that, I’d still be maintaining my OWN couples, my own weddings, and if I was already feeling like I was drowning…adding a whole new list of people to care for was not something I was comfortable with.

But the biggest deciding factor for me was the stylistic difference. I knew that I wasn’t comfortable completely changing my artistic style, vision, and direction in order to serve another photographer’s clients. This other photographer has an immaculate reputation, and I didn’t want to risk disappointing their past clients OR myself by trying to produce a type of work that I’m not passionate about or experienced in.

After accompanying me to meet with the studio owner in person, Matt suddenly understood. Despite the lure of income, he could see the differences in product and knew that it wasn’t the right fit. He’d seen me work over the last several years and had come to trust that my gut instinct was always right. And so that was that- we called the business owner back, thanked them so very much for considering me, but that we were no longer considering the purchase.

So…what are the takeaways for this?

1. Just because an opportunity is good…that doesn’t mean it’s good for YOUR business. Could we have made a lot of money? Potentially. But honestly, I knew I was going to be miserable. AND that I’d be miserable, with no option to abandon the studio idea (due to an enormous small business loan we’d have incurred).
2. You cannot allow outsider’s opinions to contradict your gut instinct when it comes to crucial business decisions. If you’re at a crossroad in your business and need the wisdom of someone else, ask a trusted mentor, another small business owner, someone who understands the workings of what it is you’re trying to decide. As well-intentioned as they may be, I don’t recommend that you rely on your best friend or a family member, if said loved one doesn’t understand your business or the type of decision you’re facing.

If we’d taken out that loan and purchased that business… I’m not sure where we’d be today. And I’m ok with that, because I’m pretty darn happy with our lot in life right now!

First two photos by the lovely Sarah Bradshaw!