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Business Exit Strategy Advice Please!

Discussion in 'General Entrepreneur Discussion' started by summer_ceo, Jun 21, 2018.

  1. summer_ceo

    summer_ceo New Contributor

    Likes Received:
    May 6, 2018
    Rep Bank:
    I have a fairly new business (autim therapy-insurance funded) that has grown significantly in the last few years. We are 2 years into a 4 year lease on our office space (in practice for 6 years prior). My original plan was to exit the business when our lease is up in 2 years. I don't love the stress of owning my own business or managing employees and like the idea of returning to solo practice again. I was considering either shutting down the business altogether or having an employee take over ownership.

    However, I am realizing that even this plan may not work out so smoothly as my Employees are very young and don't have nearly as much experience in our field as I do (15+ years). I am entertaining the idea of giving our longest Employee part ownership of the company, and fading out slowly from the business while she gradually takes over full ownership. Does this sound wise for someone looking to eventually exit their business?

    I would entertain the idea of staying on as owner of the business for longer if I wasn't involved in the day to day aspects of running the business and could do my own thing while still pulling in passive income from it . However, I feel as if unless I am bringing on a partner--no employee will be quite as invested, and if my key employees leave, I will always run the risk of being sucked right back into running things myself.

    Any thoughts? Our business is profitable and is likely to stay profitable for some time. I have invested years of time and money into the business and am kind of on the fence about when and how we should exit.

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