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April 1, 2007
Question
I am getting ready to start a new business. Strange, I know it's time for a new business, but I'm not exactly sure what it is just yet. (No, I'm not crazy.) My current business is in printing and packaging and financially I'm doing well, but I want to branch out into the delivery business. Should I merge the two businesses or keep them separate? Should I keep all my existing employees or make some drastic changes in personnel?
Answer
Unusual question - starting a new business without a clear focus would be difficult for most people, but for you, it will be simple. You already know that. You have such an amazing business head on your shoulders, and you can focus your energy with pinpoint accuracy (you are blessed). I suggest that you merge the two businesses and keep your existing employees since the majority of them are dedicated hard workers (like you). So, go ahead sooner rather than later with this idea - you'll enjoy the process and create a healthy nest egg as well. Don't forget to consider retirement in three or four years… travel and have fun.
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