While business ownership, and more specifically small business ownership, hasn’t been a primary talking point throughout this election cycle, we cannot ignore the potential for impact. Business owners always seem to have a lot at stake during election years – and this year is no different.

Every time a new law is passed, it positively affects some while negatively affecting others. While the degree of impact varies, perhaps the greatest impact is felt by business owners, their employees, and within immediate networks.

Business Owners

The areas of uncertainty business owners face in an election year are many, and while they differ depending on the specific
situation, there are a few issues typically associated with business owners. At the forefront, these issues include:

• Minimum Wage
• Health Benefits
• Taxation
• Regulation

When applied to business ownership, any and all of these issues have the capacity to impact the ability to remain competitive and successful.

Options Available to Business Owners

Perhaps the most unsettling part of being a business owner during an election year is the uncertainty itself. While we’re no strangers to making difficult decisions, changes in regulations or taxation take the decision making out of the hands of business owners. This leaves business owners in the position of being reactive to whatever changes are on the horizon.    

Stay the Course

Everything moves in cycles, and business owners are resilient. If you’re excited by the idea of weathering whatever may come these next few years, you’re likely in the exact right place for you and your business.

Sell a Business

If you’re less than thrilled at the prospective future, if you’d rather not be required to dance to the beat of another administration’s drum, perhaps it’s time to sell. Deciding to sell a business is the most certain decision business owners can make during an election year. And, if the potential outcome of the 2016 election could affect parts of your business you currently count on, you might want to go out on your own terms.

To those interested in selling a business, there are plenty of buyers out there. And, there’s quite likely many buyers interested in buying a business like the one you currently have. After all, there’s all sorts of people in the world, and for every business owner looking to sell, there are just as many – if not more – interested buyers.  

Buy, Keep, or Sell a Business

Above all else, remember – business ownership is your choice. To those looking to sell a business during the election year, or any other year for that matter, the decision is yours. While no two situations or scenarios are the same, my advice to business owners this election year is this:

• Trust your instincts and follow the data
• Find someone you can trust to discuss your concerns
• Consider your options

Regardless of which candidate you’re rooting for or which policies you aren’t, know that you have the ability and the right to make your own decisions in the process. By taking action now, you can eliminate the worry about what will happen as a result of the election.