I own a small business that has helped me save 3M by the age of 40. I am now burned out, however, and don't want to be at the office everyday and I would like to ER now. The business still requires my attendance full time due to a lack of employees with the skills to run the business as well as I can.
I have tried to find someone to run it for me but have had no success yet finding the right person. I have attempted to sell the business covertly, but that has not worked out so far either as no buyers have materialized with the ability to pay or run the business.
If I am able to find a buyer I will probably net, after taxes and fees 750K. The minimum I think the business would bring in a "fire sale" situation would be around 400K.
I am now considering bolstering the employee count to cover some of the things I do and then let my existing employees run the business with my oversight, and then I would semi-ER. My thinking here is even if they don't run it as well as I could, they may be able to run it at a profitable enough level given the right incentives. If that doesn't work out I still think I could get the "fire sale" price in 5 years or so.
Has anyone else had a similar situation where they were able to semi-ER from a small busienss with success?
I have tried to find someone to run it for me but have had no success yet finding the right person. I have attempted to sell the business covertly, but that has not worked out so far either as no buyers have materialized with the ability to pay or run the business.
If I am able to find a buyer I will probably net, after taxes and fees 750K. The minimum I think the business would bring in a "fire sale" situation would be around 400K.
I am now considering bolstering the employee count to cover some of the things I do and then let my existing employees run the business with my oversight, and then I would semi-ER. My thinking here is even if they don't run it as well as I could, they may be able to run it at a profitable enough level given the right incentives. If that doesn't work out I still think I could get the "fire sale" price in 5 years or so.
Has anyone else had a similar situation where they were able to semi-ER from a small busienss with success?