Thinking about giving up my business

[KarlBrad81]

Hi, I need some help please.


It's a business question but it's closely related to my mental health. I need to get some opinions from other business owners before I can decide on what to do.

OK here goes...
I worked for my dad in the family business when I was in my 20's. My dad became ill and I took on more responsability running the company when he was undergoing treatment for cancer. He then died back in 2012. I'm 45 years old now and I'm still running the business. I am the only family member who works for the company.

The business is doing well. We're only a small team of 5 staff (myself and 4 drivers). We turn over around £1.2 million a year and we make around £70/80k a year net profit.

I own 52% of the business, I have two sisters who own a 24% share each. I draw a good wage and we also draw dividends depending on how we've done that year.

My sisters are not involved in the business at all. Our dad left us these shares, with we more as I am the one doing the work (to which I'm grateful for).

As I'm getting older, I'm finding it hard both physically and mentally to do what I once did. I know i'm only 45 but I have constant back problems and my mental health has taken a battering the past few years. I quit drinking alcohol back in 2022 to try and help my mental health. I used to drink a lot to try and escape the pressures. I'm still dry to this day (I wouldn't say I had a problem but I could see my relationship with alcohol changing so I stopped). Now I'm not using alcohol to supress my feelings I'm on anti depressants.

I'm just not happy. I have a lot on my shoulders. All the pressures that running a business entails are on me. We earn a good profit (I think), and it's let us invest in a new fleet of trucks and other asssets. But I'm also burning myself out in the process. I have two daughters who are young, I can't see them wanting to get into the indusrty (and I wouldn't want them too).

I have a good life financially but health wise it's taking its toll. I don't know what the answer is. I feel without me the company wouldn't last two years. We'd have to employ another director and probably two more staff to do what I do.

Part of me thinks I'm being ungrateful and I should suck it up. But I also deserve a life. I don't mind working, but it's a 24 hour / 365 day noose around my neck.

I just wanted some opinions from others who maybe have been in similiar situations.

Thanks for taking the time to read my story.


Regards

Karl

 

[DavidAshdown]

Karl, I think the fact you've written this probably tells you something in itself.

From what you've described, you have built and maintained a successful business through some very difficult circumstances, but it sounds as though the business has also become completely dependent on you. That isn't a criticism, it happens in an awful lot of owner-managed businesses.

I certainly wouldn't see wanting to change that as being ungrateful or "not sucking it up". If a business is financially successful but the owner is exhausted, unhappy and feels permanently on call, something probably does need to change.

The answer doesn't necessarily have to be selling it or walking away either. There may be a middle ground where you gradually make the business less dependent on you, even if that reduces the profit for a while. £70-80k profit is great, but if some of that had to be sacrificed to give you back a life, that might actually be money very well spent.

I'd also separate two questions: "Do I still want this business?" and "Do I still want to run it in the way I'm running it now?" They aren't necessarily the same thing.

You are only 45 and, from what you've said, you've spent a big chunk of your adult life carrying this since your dad became ill. I wouldn't make any sudden decisions, but I do think you've earned the right to seriously look at what you want the next 10 or 20 years to look like.

There are plenty of people on here who have probably faced variations of this, so hopefully you'll get some useful perspectives.

I can also relate to a lot of what you’ve written. I’ve been in the position where a business that is doing well on paper can still become all-consuming personally, so I do understand that feeling of being trapped between gratitude for what you have and wondering how long you can keep carrying it.

 

[EnterprisePro]

Hi Karl,

First, take a deep breath. It takes great courage to speak up and I think its a responsible thing to do. Your father has left you a wonderful legacy, in terms of the business that is yielding a good income for you.

Have you stopped and considered what you want? You're probably right in the sense that if you leave the business, it may not survive in future years and that may hurt you from a sentimental point of view.

Have you sought any help for your mental health condition? Perhaps you need to address that and maybe you'll be much better placed to think strategically about what you want to do. See what others think on here, but for now I wouldn't change anything until you've addressed your own personal health. Take care of yourself first and then you can take care of the business and your wonderful family.

 

[Ozzy]

If you are not enjoying the work or the industry, then if you worked for someone else the advice would be leave and work somewhere else. Generally, people think you cannot do that when you own the business, but you can. It just takes longer and needs more planning.

Start thinking about how you can exit the business. That is one option to consider, could you sell it to someone else - but that only works if you have a management structure in place so the business doesn't rely on you.
Alternatively, could you bring in some support, perhaps a deputy or someone else as the Managing Director to run it for you?

The thing both these have in common is bringing in more business management support so that you are not the only one running the business. So I would suggest start there, how can you make the business less reliant on you so that you can get your life back - then see how you feel, do you want to sell, or have you got a passion for the business back.

 

[Lisa Thomas]

I think you have answered your own question - you are not happy.

Next question is - what do you hope to achieve?

• Reduce your hours?
• Sell the business (I can recommend some people who can assist with this)?
• Appoint another Director?
• Promote the existing staff to take some of the load off you?
• Subcontract/outsource parts of the job you are not enjoying?

 

[chenmichael]

Although it's obvious that you've created something successful, it seems like the company has grown overly reliant on you. I don't think it's ungrateful to want a piece of your life back. Before making any major decisions, it could be a good idea to bring someone in to relieve some of the daily stress.