Lost, Confused, Scared and burnt out
I'm at a crossroads in my career. For 7 years I've been a partner in a general contracting company working towards buying my partner out when they retire. Due to health issues that had developed over the course of 2 years my partner stopped working last fall and failed to put in place a retirement or buyout plan. I've more or less been running the company solo for over a year and because my partner failed to execute the marketing plan we had in place to announce their retirement and my assuming leadership of the company (they had a popular radio show and announced their retirement on the air) our incoming leads have dried up. The data from our marketing shows that people are visiting our website but not contacting us as they don't know what is going on with the company.
Six weeks ago I gave them a buyout proposal that I crafted since they weren't crafting one of their own and last night they rejected it and are indicating that they don't want to go public with any talk of the upcoming 25 year anniversary for the company until a buyout plan is in place. We're about $150K apart in our price points of what I am willing to pay and what they want for their half of the company. Adding to the strain is the fact that they've collected their full pay since last fall when they just stopped working.
As a company we're close to being finished with every active project and any new projects are still in design which for us means it could be 3-5 weeks before those projects are ready to launch.
The past three years dealing with my partners health issues, changing economy, the lockdown, assuming all of their responsibility, dealing with a health issue of my own, and other issues has left me totally broken and without energy, hope, creativity and physically-emotionally and mentally drained.
man this sounds ruf but remember uh you can do this, those guys are ***
@QuestForAnswers
It sounds like a lot of things to sort out. You've been carrying the weight of the company and they are reaping the benefits and rewards of that.
As I read your post, it made me wonder, since you have been running this company alone, and their buy out price is significantly more than yours, have your considered openings your own company and having them buy you out or someone else buy you out? You've obviously been successfully running your own company for the last 2 years, and know how to be successful doing it, and have had limitations by things not in place, and yet have been able to put out new product line.
I see a lot of potential in what you've shared that if they are unwilling to meet you in the middle, that perhaps there is another option. Mind you, I know nothing about your line of work, but I do know a lot about people and seeing when there is potential for success based on what they've already accomplished. Based on what I know about running a non-profit, I know you would need to jump through a lot of hoops to get a new business up and running, but you're ahead of the game because of all you have learned through where you are.
With all that said, I hear your brokenness and the exhaustion. I'd like to ask you a couple questions to think about.
If you could do anything you wanted right now for a career, what would it be?
How would you make it happen (dream a bit here)?
What is your "why" for your line of work? What did you love about what you've been doing all these years with your company? What made you get into it that you wanted to take over the company and make it thrive?
Sometimes remembering your why, can help us find our hope and energy again.
Please keep posting. Your're not alone and we want to support you through this.
@KristenHR
My partner and I will finally meet this week and start the conversation. At this point I'm 100% done with this company and will be telling them that when we talk. I do have a contingency plan in place and have already formed a new LLC and website for a new company on my own should it come to that. My preferred plan is to sell the current company and take a couple of weeks to a month off to recover. I'm also working with professional resume writers and headhunters / recruiters to help me find my next thing as I'm not sure I have the mental energy to start anything up totally on my own at this time.
I'm not sure what I would do if I could do anything. I've never been that person who has a burning passion for one particular thing. I've told my wife that I really don't think I care what I do as long as it's fulfilling, provides a good living and I have freedom.
I am working on discovering my "why". The idea of my "why" as a motivator was introduced to me earlier this year at a work convention I attended. As of now my "why" is tied closely to my industry (remodeling & general contracting) as I've really done nothing else since I was in my late teens / early 20's. It's hard to separate out my "why" and what I do for a living.
@QuestForAnswers
It sounds like you've already been planning for this in spite of feeling burnt out. That's really great to hear you aren't to the point where you haven't shut down your thoughts about what to do.
What do you like about remodeling and general contracting? I only know a tiny bit about your career field. What is it that you do that regenerate you or makes you satisfied and can say well done when you are finished? The one thing I do know is that it takes a lot of hard work in your field.
I will be sending good thoughts and prayers for your meeting with your partner, that you will be shown favor for both your needs and your satisfaction.
Well......
My partner cancelled our meeting for today citing "I have too many doctors appointments this week and I'm stressed out". All we were doing was meeting for coffee and recording a couple of videos for social media to talk about the 25 year company history to help out in marketing. It's time to accelerate the process of getting out of this company and finding a job or starting my own thing in the interim.