Posted 3/23/2014 1:35 PM (GMT 0)
**First off, please forgive my OT posts lately. I've tried to be on this site replying to people about their UC issues in order to not just take from here, and I've genuinely tried to seek outside advice from friends, family and my therapist.
I've been to my therapist a couple times lately talking about my work and the opportunity to sell out verses staying in business with my dad. I keep reading things about how hard it is for older people to find work. My dad could do a driving job and get by though, and I'm sure he could find work around here (Nebraska) as the economy is not that bad. It's just hard to discount all the negative info on the internet with older people commenting on how they've been out of work forever and nobody will hire them.
I am going to be thirty this year, and am weighing selling out verses keeping our business for different reasons. The biggest benefit to selling out for me would be that I am able to get a college education in a field I'm extremely passionate about (Accounting/Economics/Business) and get more into that field before I myself am too old.
The harder part of this is two-fold. One: We can earn a good income (better than I expect to earn after a degree) while being able to sleep in and be our own bosses. We are able to look at things and accept a lower amount of business in order to ease our stresses, and still make good money. Two: We have an entire lifestyle/culture created with some of our customers... and I feel like we really fill a need for some of these people. It would be hard to give up that sense of meaning.
Financially, my parents could survive without my dad working and without tapping into his savings or business sales proceeds if we sell the business. It would be tight, but they could do it... which frees up some pressure.
I financially would also be fine without working. My fiancee could even get a 40% pay cut and we could still live our lifestyle.
So, I'm weighing out keeping our business vs. selling still and am not certain what to do. Our industry is not really stable... we work in a commodity business and even when things are stable there is still a lot of uncertainty. Selling would eliminate A LOT of stress, but I'd question if my dad could find the same sense of meaning again at the age of 60, career-wise.
I personally know these things... ONE: I do want to be an expert in a field I'm passionate about, and this will involve getting an education. TWO: Keeping our business, if it stays successful, would be a smart financial move for the next few years while I meet the last couple goals I have for myself and my wife-to-be. THREE: Selling the business releases our access to a way of life where income earning potential was high if we were willing to thoroughly work for it. FOUR: Selling our business also releases a high amount of risk, mostly financially, for us.
It seems like there are equal pros and cons for each decision, and I would appreciate any insight any of you may have.