Written for EO by Terry Lammers, certified valuation analyst and managing member of Innovative Business Advisors. 

After 24 years of raising children, my wife and I will become empty nesters soon. When I see a young couple with children, I think, “How the heck did we raise three kids into responsible adults?” That feeling reminds me of what starting a business can be like: It’s expensive.

Starting a business comes with a hefty price tag. You have to buy equipment, lease an office and hire staff. When fighting for survival, you aren’t reviewing financial statements. You know only what’s in your checkbook.

Your vision for the company started long-term, but in the trenches, all you can consider is how to make it through the day, the week, the month. (more…)