Mid-life crisis?

[Texas Proud]

If you want to continue with the business for the time being, but protect your capital, have you considered incorporating and courting funding? Doesn't solve the burnout problem but should solve the assets-at-risk issue.

Yes, this is what I was thinking when I said to let the employees help fund the next project... your suggestion goes even further.... however, getting funding from outside people without some guarantee from the 'owner' might be hard... we do not know enough about what he does to have an informed opinion....

 

[edubya404]

Yes outside funding is a big part of the business and historically we partner with large/institutional investors once a concept is somewhat proven out. These types will gladly value a project at a premium once most of the kinks are worked out; the risk capital is for the kinks stage. The trick is, even if you're only risking a dollar (meaning you spread the "kinks" risk amongst employees or others) you want and need to fully understand the risk - which takes time. Time is really what I'm after and maybe there is a way to restructure to allow for more free time as an intro to ER.

 

[someguy]

With 72 x, you are set financially beyond any reasonable doubt. If I were in your shoes, I would not put part of that 72x at risk and lock myself in for 5-7 more years for a shot to push 72x to 73x. You are obviously an intelligent guy with useful (if non-traditional) skills so I am sure you will find a good use for them. It may be 180 degrees from what you might think/expect now, but there will be something. And it may be absolutely nothing for a while, too, and that's also fine. As I mentioned before, it's rare to truly see a new beginning until you've had a proper ending.

What does your significant other think or say in all of this?

 

[BigNick]

It sounds like the OP might benefit from speaking to a good life coach, who could help him to explore all the options.

(Full disclosure: I am starting a small part-time business as a life coach, specializing in existential dilemmas.)

 

[edubya404]

Thanks some guy and big nick. DW is open to and cautiously excited for change. Her caveat being as long as I'm not laying on the couch eating Cheetos,

 

[braumeister]

as long as I'm not laying on the couch eating Cheetos,

So switch to healthier snacks and you're golden!

 

[jclarksnakes]

You have already won the game. Time to do what you want without having to put your money at risk to make more. The only good reason I can see to not retire today is loyalty to your employees. Perhaps you could tell them you are leaving in 3 months and between now and then they have to figure out a way to make the business run without you.

 

[seraphim]

Just curious - not being a businessman - could your employees buy you out? They keep their jobs, but your money's not at stake. Excuse any potential ignorance in my question lol

 

[ER2CR]

I am not sure how to relay this, but I feel I was in a similar position. I was at a point where I felt I had 120 families dependent on me. As founder and visionary of a company that was successful, everything was great until a rough patch occurred. The level of stress and anxiety at that point nearly destroyed me. After successfully traversing the abyss, I was able to agree to a sale of the company and the beginning of the next phase of my life. This resulted in most of the employees losing their jobs within 1 year, but they all ended up in a good position. The weight lifted off my shoulders was unbelievable. I realized that my belief that I was responsible for all their families was very toxic and destructive to my health. At some point you must look to your own happiness and family when determining what to do.

 

[SVHoper]

Hi,

If I am reading right: Congratulations, at 72x high expenses you have certainly "won the game" and to continue for another 5 - 10 years with a 10 employee burn rate you have gotta really love what you are doing. It's not the money right

Kinds sounds like you don't really love it, but think you should continue to really run up the score/support employees/72x is not sufficient/ (I really did not understand your thinking here).

IMHO you have no need or duty to keep working, so then the problem is how to:
Extract value, for all, from current business (while lowering your risk and time);

Others have made lots of good suggestions including a sabbatical where I think you will be in the best position to work out a solution to your current situation.

If your answer results in retirement, I am guessing that after a decent period of enjoying options, your innate entrepreneur will probably will want to build something new. Perhaps then you can identify something that has a lower burn rate (cost of failure) but still be satisfying

BTW: I have previously done this on a much, much smaller scale and am about to jump ship again - my driver is that time is more scarce than $

Good luck!

 

[edubya404]

Thanks -

Your collective comments and this posting exercise has forced me to fast forward my thinking.

The unique circumstances of the business don't really make it an employee buyout candidate, but I have decided to plot an immediate course toward semi-retirement starting with the baby steps of a 30 day sabbatical this summer.

DW is also ready for a change and, possibly contrary to my earlier posts, it seems as if the business can be re-tooled to do a lower volume of projects which will free up 50-75% of my current work time but keep the enterprise a going concern. This would reduce to an easily manageable level any new risk capital.

I agree that time is more scarce than money, and with a new outlook of "better is more" rather than "more is better", semi-retirement may be the right answer for now. At least I'll have a month to test it out-

 

[Turboslacker]

Awesome choice for you and your family!
Best wishes and please post back how the sabbatical works out.