Have access to roughly ~1 million cash, and want to invest in my first business. What should I do?
My mom's parents passed away and left their beach houses to her and her sisters in a trust. They sold them last year and my mom now has a cool 1 million sitting in a HYSA at the moment that she is willing to invest as she's financially stable otherwise. She's retiring in October and I presented her with a desire to buy a business and she is in. Looking for advice from those who have done this on where to start, what to look for, what options to weigh, what you wish you would have done on your first acquisition, etc.
What is a realistic timetable to acquire our first business? The long term goal is to build wealth for my growing family (wife and 2 boys so far 2yo and new born). I understand it will be, and potentially would prefer it be, hands-on at first, something my mom and wife would enjoy being a part of? Or even allow me to transition into if I enjoyed it. I have a background in high-level sales/leadership in the health and real estate spaces. My wife is a Family Nurse Practitioner. Just trying to provide context that may be helpful. Thank you!