Hello!
I have been a frequent reader of this forum for quite some time and I appreciate all the wisdom on this site.
I have a quandary:
I am 51 YO, wife is 49. I make pretty great money (for me) at about 200K per year (I am in sales). Problem is, I am seriously burned out in my job. I have been at it for 20 years, I am tired of traveling and our company has morphed from a smaller company with great culture and great people into the evil empire. Through several acquisitions and mergers the company is now run from what I call strip miners who are from outside the industry, but have been brought in to prepare the company for sale. The money and job description have not changed much, except now the company is run on fear and the atmosphere is horrible. I compete with our own sister companies as well as different divisions within our own company. Operationally, we have become a dumpster fire. The job is very stressful and I often lay awake at night worrying. It has gotten to the point where I dread even getting out of bed in the morning to face all the fires and issues that I will surely need to address that day (every day). I could go on and on, but I will get to the point.
In 2008, my wife left her practice. About that time a little business came up for sale that we were both familiar with and is in the same general industry as I am........so we bought it. The thought was then that I would quit my job and that my wife and I would run it together in a much lower stress environment than we were both experiencing. It was kind of a dream of ours. However, it was 2008 and the economy was tanking. She went ahead and started running the business but we thought I should probably stay at my secure job for the time being through all the economic uncertainty.
Fast forward 6 years later....."Her" business is doing ok. She took home about 70K last year, but there is absolutely no marketing or outside sales. All business is from existing customers and word of mouth. It really, really needs someone with experience to drive sales if it is going to get to the next level.
So, here I am....seriously thinking of revisiting the original plan, quitting my job and going to work with my wife in this business. However, I am terrified of giving up the security of my current job - even though I have begun to loath it.
Our situation is:
-1.4M in investable assets, invested 45/50/5 stocks/bonds/cash, mostly in broad based Index Funds
-No debt, other than 180K on 3.5% mortgage
-My wife still gets 35K per year for 4 more years from the sale of her previous business
-We live fairly modestly, spending on average 52K per year.
-We will be eligible for SS
My thought is, with the 35K per year coming for the next 4 years from the sale of my wifes previous business, even if we only maintain the 70K per year in existing income from the business, we will still exceed expenses by roughly 40K/year. This takes into account the new Health Insurance costs we will incur. However, I am very confident that I can increase sales, which would also increase income.
I have no intention of touching our investments until I am at least 60.
Oh yeah, and one more thing. I have a 1 year non-compete. Even though we only have 2 of the same customers in the entire state, and the business only very minimally overlaps my market, I would likely have to sit out for a year.
I apologize for my long and rambling first post. I am hoping that some of you wise folks could give me some objective thoughts because right now my head is spinning with should I stay....or should I go.
Thoughts, comments or otherwise?
Thank you!
The Kook
I have been a frequent reader of this forum for quite some time and I appreciate all the wisdom on this site.
I have a quandary:
I am 51 YO, wife is 49. I make pretty great money (for me) at about 200K per year (I am in sales). Problem is, I am seriously burned out in my job. I have been at it for 20 years, I am tired of traveling and our company has morphed from a smaller company with great culture and great people into the evil empire. Through several acquisitions and mergers the company is now run from what I call strip miners who are from outside the industry, but have been brought in to prepare the company for sale. The money and job description have not changed much, except now the company is run on fear and the atmosphere is horrible. I compete with our own sister companies as well as different divisions within our own company. Operationally, we have become a dumpster fire. The job is very stressful and I often lay awake at night worrying. It has gotten to the point where I dread even getting out of bed in the morning to face all the fires and issues that I will surely need to address that day (every day). I could go on and on, but I will get to the point.
In 2008, my wife left her practice. About that time a little business came up for sale that we were both familiar with and is in the same general industry as I am........so we bought it. The thought was then that I would quit my job and that my wife and I would run it together in a much lower stress environment than we were both experiencing. It was kind of a dream of ours. However, it was 2008 and the economy was tanking. She went ahead and started running the business but we thought I should probably stay at my secure job for the time being through all the economic uncertainty.
Fast forward 6 years later....."Her" business is doing ok. She took home about 70K last year, but there is absolutely no marketing or outside sales. All business is from existing customers and word of mouth. It really, really needs someone with experience to drive sales if it is going to get to the next level.
So, here I am....seriously thinking of revisiting the original plan, quitting my job and going to work with my wife in this business. However, I am terrified of giving up the security of my current job - even though I have begun to loath it.
Our situation is:
-1.4M in investable assets, invested 45/50/5 stocks/bonds/cash, mostly in broad based Index Funds
-No debt, other than 180K on 3.5% mortgage
-My wife still gets 35K per year for 4 more years from the sale of her previous business
-We live fairly modestly, spending on average 52K per year.
-We will be eligible for SS
My thought is, with the 35K per year coming for the next 4 years from the sale of my wifes previous business, even if we only maintain the 70K per year in existing income from the business, we will still exceed expenses by roughly 40K/year. This takes into account the new Health Insurance costs we will incur. However, I am very confident that I can increase sales, which would also increase income.
I have no intention of touching our investments until I am at least 60.
Oh yeah, and one more thing. I have a 1 year non-compete. Even though we only have 2 of the same customers in the entire state, and the business only very minimally overlaps my market, I would likely have to sit out for a year.
I apologize for my long and rambling first post. I am hoping that some of you wise folks could give me some objective thoughts because right now my head is spinning with should I stay....or should I go.
Thoughts, comments or otherwise?
Thank you!
The Kook