The Dilemma Of Success: What would you do?

18 replies
I am facing a unique challenge here. It's not how to create, launch, market a product, or even how to make money from it.

My product has been making $500K+ over the past couple of years. But I am no longer passionate to work on it.

I am pulled between two polarities: the desire to take advantage of this opportunity and grow the business into a multimillion dollar venture then sell it. Or move on to a new idea/product that I am more passionate about (I don't have any new ideas yet), and let the revenue from this product die away over the next couple of years.

I am not a businessperson. I can do business and marketing really well, but I am a creator at heart. I like creating things, not selling things. Doing business and marketing makes me feel that there is something inside me dying every day, and that if I keep doing it, I may never recover that part of me.

I tried doing both at the same time, splitting my day between working on new projects and maintaining my business, but that made me depressed coz it left me no time for social activities (I'm single) and to take care of my health.

I thought about hiring someone to run the business for me, but the challenge with this one is that my business is built around my personal brand and core skills (I am a jack of all trades in writing, technology and design), and finding a similar person has been a challenge.

Hiring a virtual team and going down the outsourcing route will probably require as much time, if not more, to manage all the contractors needed to run the business.

And trust me, I recognize the unique opportunity and blessing that I have, and I am grateful for it every day, but I am no longer able to put in more time into this. I tried forcing myself, and I got sick and miserable. I recognized that I would be doing it just for the money.

I'm looking for some ideas and insights, especially from folks who've been in a similar situation: what would you do when your business starts pulling in $$$ but you no longer want to work on it?

Thanks in advance for your hlep!
#dilemma #success
  • Profile picture of the author origin
    Originally Posted by markethacker View Post

    the challenge with this one is that my business is built around my personal brand and core skills
    To what extend is this going to hamper you should you want sell it?
    {{ DiscussionBoard.errors[9526527].message }}
  • Profile picture of the author LGSresources
    If you don't want to do it anymore and you don't think you hiring someone to run it for you will work then I would strongly consider cashing in and selling it.

    The risk with putting this off is that if your passion is low you might not work as hard on it and so your business will lose value - and then when you do want to sell it you'll get less money or find it harder to sell.

    You can use that money to provide for yourself while you start new exciting projects.

    Disclaimer: I have never been your position so this is just an opinion - not from experience! This is just what I would consider doing if I were in your shoes.

    James
    Signature
    >>LGSResources.com launches on the 25th October! <<

    Want to know more? Go to LGSResources.com and sign up for updates and exclusive pre-launch freebies.
    {{ DiscussionBoard.errors[9526605].message }}
  • A few years ago, I was stuck at the same cross road: my main website was generating a VERY good and VERY consistent income, but after 3 years putting in 10 hours a day into it, I simply lost the drive. Just like you, I was fed up with the daily nitty gritty, and unfortunately it couldn't really be outsourced since the site was built around my own persona/knowledge.

    So I sold it for the industry standard (12 months of net profits), and I was happy with my decision... BUT it was easy for me because I already had another promising online project in mind, so my decision was simple: cash out and reallocate my resources into the new project. No downtime, no pondering, no cash flow shortage: just sell out and reallocate.

    Your main problem here is this: as per your own admission, you don't have any new project to work on, plus you describe yourself as a non-business person, and you dislike marketing and selling.

    That makes me think that, with your current business, you might have scored a one-time blockbuster that you might not be able to replicate in the future. Therefore, if I was you, I would be VERY apprehensive to let go of your golden egg goose.

    My advice? stick to what you got, find ways to ease down your daily work load (automate tasks and systems, hire an assistant, etc), grow it to a solid 7-figure venture, and then eventually sell it for an amount that will set you up for many years to come. It's MUCH easier to ponder about the next step in your business career when your bank account is swimming in dollars and you have no pressure to pay any bill any year soon.
    {{ DiscussionBoard.errors[9526705].message }}
  • Profile picture of the author travlinguy
    Tell me, why in the world would someone making a half million a year come to a forum for advice where the MAJORITY of members haven't made their first dollar yet?
    {{ DiscussionBoard.errors[9526717].message }}
    • Originally Posted by travlinguy View Post

      Tell me, why in the world would someone making a half million a year come to a forum for advice where the MAJORITY of members haven't made their first dollar yet?
      Very good point indeed But then again, if the large majority of members here havent made their first dollar yet (which is true), what type of sound advice or solid information can ANYONE share here?

      Aahhh the Warrior Forum... you gotta love it!
      {{ DiscussionBoard.errors[9526781].message }}
    • Profile picture of the author The Niche Man
      Originally Posted by travlinguy View Post

      Tell me, why in the world would someone making a half million a year come to a forum for advice where the MAJORITY of members haven't made their first dollar yet?
      I'd be curious to hear that myself. Wating by the phone for answer.
      Signature
      Download "Free 80 Page E-Book"
      "201 Ways To Live Better On Less Money".
      "Because The Easiest Way To Make Money is ... ... By Saving Some First!"
      {{ DiscussionBoard.errors[9527240].message }}
    • Profile picture of the author agmccall
      Originally Posted by travlinguy View Post

      Tell me, why in the world would someone making a half million a year come to a forum for advice where the MAJORITY of members haven't made their first dollar yet?
      Because he/she is not making that, because if they were then they would know exactly what to do

      al
      Signature

      A bar of iron cost $5. Made into horseshoes, it's worth $12. Made into needles, it's worth $3500. Made into balance springs for watches, it's worth $300,000. Your value is determined by what you are able to make of yourself

      {{ DiscussionBoard.errors[9553471].message }}
  • Profile picture of the author Daniel Evans
    Originally Posted by markethacker View Post

    I'm looking for some ideas and insights, especially from folks who've been in a similar situation: what would you do when your business starts pulling in $$$ but you no longer want to work on it?
    I recall your dilema in this thread too where you wanted to know what to do with 300k.

    If you are still in that predicament, as I mentioned in that thread there are many charities that could do with your assistance to whatever length you can stretch. Since that post of mine, I've connected with some awesome people who are doing their bit who I can put you in touch with who I know donate 100% (and more) to the cause.

    This might help take you out of the "money loop" whilst keeping productivity sky high.
    {{ DiscussionBoard.errors[9526796].message }}
  • Profile picture of the author Jan Brzeski
    Here's what I'd do.

    You must have a really decent product/service/whatever it is you're offering. You can obviously get burnt out - you did. So, you don't really want to be the guy taking care of everything anymore...

    Why not hire others to do 99% of the work for you?

    What I would recommend is find a few good employees and make them take care of basically the entire product. Your income will slightly go down, but you won't have to torture yourself by working on it (when you're doing something that you have no passion for, that's like torture, or at least so it feels to me).

    I can't really tell you exactly what to do since I don't know your exact situation/the product but this is what I would do. There's a ton of talented individuals out there that can take care of almost everything for you... leaving you with a nice, passive income stream

    Jan Brzeski

    PS. I know you said it'll take a lot of time and effort to manage people working for you. You can easily 'remove' that obstacle by hiring an intelligent manager
    {{ DiscussionBoard.errors[9526805].message }}
  • Profile picture of the author Dark Trinity
    To better determine what your course of action should be. What is your business? You don't have to give away any trade secrets. But are you creating products virtual/real? Are you designing websites?

    Also what takes up the majority of your time?

    Just so you don't think I'm throwing crap at the wall to see what you say I have an MBA and I run a steady offline business with 15 employees. I also work as a business consultant part time. PM me and I'll be happy to offer insight.
    {{ DiscussionBoard.errors[9527209].message }}
    • Profile picture of the author salegurus
      Originally Posted by travlinguy View Post

      Tell me, why in the world would someone making a half million a year come to a forum for advice where the MAJORITY of members haven't made their first dollar yet?
      My thoughts exactly... But then again most people here are experts....
      Signature
      Think of how stupid the average person is, and realize half of them are stupider than that.

      ― George Carlin
      {{ DiscussionBoard.errors[9527234].message }}
      • Profile picture of the author agmccall
        Originally Posted by salegurus View Post

        My thoughts exactly... But then again most people here are experts....
        And they are Guru's also

        al
        Signature

        A bar of iron cost $5. Made into horseshoes, it's worth $12. Made into needles, it's worth $3500. Made into balance springs for watches, it's worth $300,000. Your value is determined by what you are able to make of yourself

        {{ DiscussionBoard.errors[9553475].message }}
  • Profile picture of the author TonyAG
    Hey think about the lottery winners who have gone bankrupt for simply not caring anymore.

    Put your skills into use and help others.
    Signature

    {{ DiscussionBoard.errors[9528050].message }}
  • If it's growing, then recommended that you just sell it now.
    Signature

    [CENTER][B]==> Do you want to make money online? [/B]
    Free video: How regular people are making 6-figures per month on the internet! [URL="http://www.clkmg.com/fc27/UDCL-IN2WF"][B]Watch this free video now![/B][/URL] <==[/CENTER]

    {{ DiscussionBoard.errors[9553404].message }}
  • Profile picture of the author discrat
    Originally Posted by markethacker View Post

    I am not a businessperson. I can do business and marketing really well, but I am a creator at heart. I like creating things, not selling things. Doing business and marketing makes me feel that there is something inside me dying every day, and that if I keep doing it, I may never recover that part of me.

    Not trying to rude here, but you may be in the Wrong Forum.

    Most of the people in Warrior Forum are about Creating products and Selling them...... or Selling and Marketing Products others have created



    - Robert Andrew
    Signature

    Nothing to see here including a Sig so just move on :)

    {{ DiscussionBoard.errors[9553442].message }}
    • Profile picture of the author Steve B
      Hire a young and ambitious business manager that can take your place and remove 95% of the workload from off your shoulders.

      Pay him a salary plus a very generous bonus for revenue generated over and above what you've been making. Also let him buy the business from you and pay for it over time out of his bonus earnings.

      You maintain control of the business . . . he does most all the work. Plus he has an incentive to outperform what you have done. You realize the sale proceeds of a business that is growing but you take your equity out over time (which is good from a tax standpoint.)

      Steve
      Signature

      Steve Browne, online business strategies, tips, guidance, and resources
      SteveBrowneDirect

      {{ DiscussionBoard.errors[9553480].message }}
  • Profile picture of the author RyanJohnson1
    Originally Posted by markethacker View Post

    I am facing a unique challenge here. It's not how to create, launch, market a product, or even how to make money from it.

    My product has been making $500K+ over the past couple of years. But I am no longer passionate to work on it.

    I am pulled between two polarities: the desire to take advantage of this opportunity and grow the business into a multimillion dollar venture then sell it. Or move on to a new idea/product that I am more passionate about (I don't have any new ideas yet), and let the revenue from this product die away over the next couple of years.

    I am not a businessperson. I can do business and marketing really well, but I am a creator at heart. I like creating things, not selling things. Doing business and marketing makes me feel that there is something inside me dying every day, and that if I keep doing it, I may never recover that part of me.

    I tried doing both at the same time, splitting my day between working on new projects and maintaining my business, but that made me depressed coz it left me no time for social activities (I'm single) and to take care of my health.

    I thought about hiring someone to run the business for me, but the challenge with this one is that my business is built around my personal brand and core skills (I am a jack of all trades in writing, technology and design), and finding a similar person has been a challenge.

    Hiring a virtual team and going down the outsourcing route will probably require as much time, if not more, to manage all the contractors needed to run the business.

    And trust me, I recognize the unique opportunity and blessing that I have, and I am grateful for it every day, but I am no longer able to put in more time into this. I tried forcing myself, and I got sick and miserable. I recognized that I would be doing it just for the money.

    I'm looking for some ideas and insights, especially from folks who've been in a similar situation: what would you do when your business starts pulling in $$$ but you no longer want to work on it?

    Thanks in advance for your hlep!
    here's what isn't really clear...if the business at some point is sellable even though you are the face/star...then it's sellable today as well...

    So one of two things is true...the business is completely attached to you so you cant bring on an employee...then that also means no one in their right mind would also buy the business because they obviously cant be you...

    or #2 you can bring on someone else...you're just too scared to let go of it...

    It's just hard for me to believe they both are true...
    {{ DiscussionBoard.errors[9554151].message }}
    • Profile picture of the author TishTopicsTV
      Hmmm. I have a client facing the same dilemna. My advice to him and with my help is to build a strong and reliable team that can work to continue to strengthen his existing business. You may not enjoy the business anymore, but things get really ugly when the bills go unpaid and the kids are looking at you like "really, you just let our legacy go".

      Okay, okay, if that does not move you at all, I would still suggest to you as I did for him... Continue to build the business. If you can use outsourced help, then use that. If you can reasonably expect to get it to a million in 1 year or less, then whats a year versus a million dollar payout.

      With a few million in the bank you can test and tweak what ever you want. Besides...

      Couldn't you continue to build that business with the help of outsourcers, while also working on the foundations of your next business. That's in fact what I am working with him to do.

      Your situation does not seem hopeless, or that it is a matter of one or the other. You are probably like most successful business owners simply burned-out. I get it.

      I say above all, of course make a prudent and well thought out decision, as I suspect you will hence, your message to this group.

      My thoughts, outsource, build existing business, and simultaneously build the new business that you don't have in mind yet...

      Whichever path you choose, I wish you much success...
      {{ DiscussionBoard.errors[9608202].message }}

Trending Topics