summer_ceo
New Contributor
- Joined
- May 6, 2018
- Messages
- 5
Rep Bank
$25
$25
User Power: 80%
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.
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.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
