What would you do?

[jleo]

Not sure what to do here. Currently own 3 businesses and burnt out. 2 of the businesses are fairly absentee on my part but 1 requires a lot of my time to do well but also makes the most by a long shot. I have been thinking hard for last year of getting rid of the one that requires the most of my time and it's also the one I enjoy the least but it is very hard I find because it makes me by far the most money and I built it from the ground up.

If I get rid of that business this would allow me to pay off all my debts 180k mortgage, 300k business loans. With debts paid off I would have plenty enough to live comfortable off the other 2 businesses.

I don't know why it is so hard to let go of that business when my gut is telling me I should. I had a great run it has blessed me with a lot and I think it is time to move on but actually pulling the trigger on this is very hard for me! Is this normal or is it hard because maybe I am not making the right choice and should just stick it out and grind a few more years and make as much as I can. I find myself with 0 motivation when I am at this business I have ran it for 6 years and put blood, sweat and tears into it. I tried hiring on roles to allow me to move away from the business but this one will always needs me no matter what I do.

Option 1 - Get rid of 1 business & pay off all debts and live off other 2 businesses and investments
Option 2- Put my head down and grind out a few more years with all 3 businesses and save as much as possible then get out.

I am young only 29, but owned my first business at 18 and have been on the grind since then to get here.

[lexde]

If you can FIRE without the big business, do it! It’s hard to let go of something you poured your life into for so long, but you will reap that reward and put your energy into better things once it has been transferred.

Since you’re not in a rush to sell, you also will probably get a better deal on the sale. Whether that’s in a week or in 6 months.

[OtherJen]

Not sure what to do here. Currently own 3 businesses and burnt out. 2 of the businesses are fairly absentee on my part but 1 requires a lot of my time to do well but also makes the most by a long shot. I have been thinking hard for last year of getting rid of the one that requires the most of my time and it's also the one I enjoy the least but it is very hard I find because it makes me by far the most money and I built it from the ground up.

If I get rid of that business this would allow me to pay off all my debts 180k mortgage, 300k business loans. With debts paid off I would have plenty enough to live comfortable off the other 2 businesses.

I don't know why it is so hard to let go of that business when my gut is telling me I should. I had a great run it has blessed me with a lot and I think it is time to move on but actually pulling the trigger on this is very hard for me! Is this normal or is it hard because maybe I am not making the right choice and should just stick it out and grind a few more years and make as much as I can. I find myself with 0 motivation when I am at this business I have ran it for 6 years and put blood, sweat and tears into it. I tried hiring on roles to allow me to move away from the business but this one will always needs me no matter what I do.

Option 1 - Get rid of 1 business & pay off all debts and live off other 2 businesses and investments
Option 2- Put my head down and grind out a few more years with all 3 businesses and save as much as possible then get out.

I am young only 29, but owned my first business at 18 and have been on the grind since then to get here.

Burnout makes it difficult to make rational decisions. As someone who’s been through career-ending burnout, option 2 may not feasible because you may not have a few more years left in good mental health. Once you hit a certain point, recovery isn’t really possible without a major change, and it’s better to decide what that change will be while you’re still healthy enough to do so (i.e., not hospitalized from stress).

Option 1 sounds like it will solve all major financial and health issues. Yes, it will be hard to give up the business, but at a certain point, that level of misery and anxiety may no longer be worth it.

Either way, I hope you can come to a beneficial decision. Good luck.

[jlcnuke]

The business would be gone yesterday if it was me. Earning money I don't need, doing a job I don't enjoy, is not something that is on my to-do list.

[Budgie]

You are young enough at 29 to have more options. If you get rid of Business #1 and pay off all those debts, you can continue to earn the more passive income from the other two businesses AND do something else that you do find rewarding in exchange for income, even if you don't need much.

Being able to live off of the other two businesses and investments doesn't mean you have to. There is a middle way, of continuing to bring in additional income--maybe not as much as Business #1 would bring in, but if the work is enjoyable and the money would be "extra", that's a win-win.

[Chuck Ditallin]

"The purpose of owning a business is to be able to sell it at a profit."

It's a bald statement, which doesn't allow many shades of grey, but there's plenty of truth in it. It sounds like you have won the game and can take your 'potential' profit off the table, de-risk and chill out. Nice!

[Papa bear]

Sell the business.  You can always start a new one.  Get rid of that stress and enjoy yourself for awhile.


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[SwitchActiveDWG]

The business would be gone yesterday if it was me. Earning money I don't need, doing a job I don't enjoy, is not something that is on my to-do list.

Agree. This would unbearable for me.

[nancyjnelson]

The business would be gone yesterday if it was me

+1

[jleo]

Thanks everyone for your replies, I am leaning towards getting rid of this business just harder said then done. I think I will start to unwind the business and payoff debts. Way less income but way less stress and once the debts are paid off my cost of living will drop way down.

I come to realize that I am no happier making 350k+ a year from when I made 80k a year, I actually was happier at 80k a year bc the stress level was so much lower and was not some tied down from the businesses. I feel like I can not even take a vacation at 350k a year level bc I am worried about the businesses. When I was at the 80k year level I was always going places. I guess I need to get back to that place and 80k will look a lot nicer now when debt is gone!

[MonkeyJenga]

It sounds like you know the right path, it's just dealing with the emotional side of it. Understandable for something you built yourself! It'll be worth it once you have your life back, and you may get excited about something new and build a new business. Have you read the 4-Hour Workweek? If you move forward in a new business, or try to offload things in this business, some of the strategies in there could be useful.

[jleo]

It sounds like you know the right path, it's just dealing with the emotional side of it. Understandable for something you built yourself! It'll be worth it once you have your life back, and you may get excited about something new and build a new business. Have you read the 4-Hour Workweek? If you move forward in a new business, or try to offload things in this business, some of the strategies in there could be useful.

Yes just doing it is the hard part but guess so was building it! Yes 4 hour workweek is in my collection read it twice, maybe need to re read.

[MonkeyJenga]

It sounds like you know the right path, it's just dealing with the emotional side of it. Understandable for something you built yourself! It'll be worth it once you have your life back, and you may get excited about something new and build a new business. Have you read the 4-Hour Workweek? If you move forward in a new business, or try to offload things in this business, some of the strategies in there could be useful.

Yes just doing it is the hard part but guess so was building it! Yes 4 hour workweek is in my collection read it twice, maybe need to re read.

Haha, true, building a business with that much income is probably quite hard.

What's the difference between this one and the two low-maintenance companies?

[jleo]

It sounds like you know the right path, it's just dealing with the emotional side of it. Understandable for something you built yourself! It'll be worth it once you have your life back, and you may get excited about something new and build a new business. Have you read the 4-Hour Workweek? If you move forward in a new business, or try to offload things in this business, some of the strategies in there could be useful.

Yes just doing it is the hard part but guess so was building it! Yes 4 hour workweek is in my collection read it twice, maybe need to re read.

Haha, true, building a business with that much income is probably quite hard.

What's the difference between this one and the two low-maintenance companies?

This one has a lot of moving parts and requires much more higher skilled employees, employees = headaches. I have realized the harder the business usually the more money you make. 

[Spitfire]

I would sell it. If you have started 3 successful businesses between the ages of 18 and 29 there is no doubt that you will use the free time to get into something else productive (after a possible break). It is unlikely that money will ever be an issue for you.

[EnjoyIt]

When I wanted to unwind and go part time which is what it sounds like you are looking to do, I ran a spreadsheet looking at expenses, savings and trajectories for early retirement.  It was very eye opening.  It still took me over a year to finally wind down, but my life is so much better for it.

You have those golden handcuffs and it is awfully hard to take them off.  My spouse for a few years before I quite was recommending I do so and that I would be healthier and happier.  She was right. 

Run the math for yourself and it will make the anxiety of quitting less gut wrenching.

[pudding]

I'm following this one as I have a similar situation. Except mine is a rental house that I can't decide to sell or keep.

[jleo]

When I wanted to unwind and go part time which is what it sounds like you are looking to do, I ran a spreadsheet looking at expenses, savings and trajectories for early retirement.  It was very eye opening.  It still took me over a year to finally wind down, but my life is so much better for it.

You have those golden handcuffs and it is awfully hard to take them off.  My spouse for a few years before I quite was recommending I do so and that I would be healthier and happier.  She was right. 

Run the math for yourself and it will make the anxiety of quitting less gut wrenching.

Running the math I should be good financially it is just hard giving up such a high income when I know I could save that much more if I stick it out a few more years, I guess this is just greed but I can say it isn't easy to give up such a good cash flowing business even if it does make me miserable.

I am still leaning towards getting out just can't seem to pull the trigger on it yet.

[Linea_Norway]

You health should be your top priority, as well as your ability to go on vacations. So put the business nr 1 for sale and see if you can get a good price for it.

You are obviously a person who can create a successful business. I think you should sell it, take it easy for a year, do some travelling. And when you are healed from your burn-out, see if you feel like creating another, not so high stress business. Or become a consultant in advising others on how to create a successful business. And only do that, if you need the additional money or need the mental challenge.