Thanks OMY. Well here I go!
Last year I completed the sale of my business. Before the deal, I was already financially independent but this comfortably put our withdrawal rate at 2.5% on a very middle class lifestyle. We've been living off my wage for the past 9 months, which is close to the 2.5% as a pre-fire trial. I'd say I'm in as comfortable a position as I could be. My wife has been a stay at home mom for 5 years and she's likely to never work again unless she chooses to herself. This is of course fine and as a partnership we work incredibly well together. We have a son who is 6 years old.
My question comes around the business. As part of my earn out there are some sizeable golden-handcuffs that vest over a 3 year horizon (1/3 annually). I'm months in to year 1 and while the parent company is hands-off, I'm losing my mind being in the office daily. It's not mine anymore and while I'm doing a perfectly acceptable job, I would rather move into the next phase of my life.
The golden handcuffs come with a caveat. My sister, who was my business partner is directly tied into the same deal I am. If I leave, the golden handcuffs for both of us stop. She is not in the same financial position as me and the handcuffs would give her financial security. She did receive the same payout as me on the business sale, so I would say she's comfortable but not FI. While she was equal partner, I was founder and brought her into the business later on. There's no questioning we would not be in the same position if not for the partnership, but as there are activities I engage in that she has little knowledge of, it would be hard for her to run the company in my absence alone. I know she wouldn't be keen to do so either. I have explained my position to her and she has asked me to stick it out, and we'll both leave next year (this would weaken my position to leave then over now).
If I leave my sister could of course renegotiate her deal, but I'll be honest, she'd struggle to run the business alone. And I dont think wants to
Options I've been considering
I want to be fair to the new owners and give them my intent to leave, not notice as that puts a time on it. (Happy for many face punches on this) This way I can give them a timeframe to put my replacement in without being a mad panic. I could suggest a 3 day work week in the interim, but this could be a red flag to our team and cause some of the senior managers to leave. Making it harder for me to do so.
An alternative is to give my 3 months notice after year 1 (Nov) and maybe do contract work for the company beyond that to support them.
I have a loyalty to the business. I started it and want to see it succeed. But ultimately I'm only an employee now.
Please give me a reality check. I'm driving myself mad trying to figure out what to do. Appreciate any and all feedback.
Other info for substance/background
I have few plans post-fire. I may start the cliched personal finance blog to teach personal financial literacy to entrepreneurs. I may play xbox for 6 months. I may deep-dive into music or languages. I will concentrate on getting fitter after neglecting myself for years.
I plan to decompress and spend time with my wife and son. I can think of nothing better than bringing my son to school. Something I get to do only a couple of times a year. Why because I am a work-aholic. I need to be at my desk by 8am. I was in this mindset for 15 years. Be the hardest worker, work all hours, be the best. If I arrive at 9, what does that say for my work-ethic to my team. I appreciate how ludicrous this sounds as I type it.
My parents are ageing, they play golf. Maybe I'll do that with them. I will have no issue filling my day meaningfully.
Sorry a bit of a rant at the end there. Help and Thank You!