Selling or Buying a Small Business/finding business
any advice on how to go about finding a business within thirty miles of my home to be a silent partner in or advice on what to do with 300000 in 401k money to create income while still holding down a salaried management job ?
You really have to be careful with the "silent partner" approach. If you are silent you have no control in the operation of the business, and are leaving it up entirely to the active or operational partner. You have to have an awful lot of faith and confidence in someone to do this. You also have to remember, if you go out waving $300,000 around, someone will be happy to relieve you of it.
It might be better to try to find a business that you can buy and control, yet do not have to be onsite full time. I am thinking of a laundromat or self serve car wash. You could own either one of these without having to be onsite very much or often. Both could work with a low-pay manager, or simply someone to keep an eye on them. You might want to search on bizbuysell.com, and see what is available not far from home. I keep stressing "not far from home" because if there is a crisis, you need to be close. A business is not like an IRA; it has to be run, not just watched. You can also contact a local broker and tell him what you want, and have him search around for you. And maybe the best thing is to just have your stockbroker maximize your portfolio so you get the greatest return without as much risk as getting involved in a business? Remember, it's always risk and reward; it's a seesaw. It isnt easy to accumulate $300,000, so you have to be careful where you put it.