I am 29. My business makes me $2m in income a year. What next?

[Ejf03]

Hi everyone.

Grateful for this community here. I first created an account here almost 6 years here with the dreams of becoming a millionaire. That dream is now achieved but I am thinking of what to do next.

Context:
-I am 29. I founded a business 4.5 years ago in the online education space.
-Got lucky and made a killing during COVID, made around $10m in profit a year.
-Profit is now reduced to around to $2m a year, but business is very stable.
-I own 100% of the company so all profit essentially goes to me.
-I am the CEO and run a team of around 30 people.

Fast-forward to today, I want to take myself out of this business and start other ventures. Although the business is still profitable and makes me $2m a year in income, I am getting rather tired of doing the same thing day in day out. I have the entrepreneurial itch and crave the thrill of doing other ventures.

I operate in an extremely niche space, so it is impossible to sell the business.

Hence, I am thinking of hiring a CEO, giving him equity, then myself taking a step back to become Chairman instead. But it is extremely difficult to find a CEO. Even if I do manage to find one, how do I structure his remuneration in terms of equity + salary?

My question is: what do I do next?

I’d love to chat with you more and learn about your business as a potential buyer if you’re still looking to sell. I currently own and operate a 3.5 year old business in a niche e-commerce and online education space as well. Let me know if you’re open to a conversation!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[WilliamSherman]

Congrats if it's all true!
But I usually don't buy stories like this. It all sounds too good to be true. Besides, I don't think that real billionaires sit on forums just to brag how rich they are. They usually use Instagram for that purpose!

 

[wade1mil]

Congrats if it's all true!
But I usually don't buy stories like this. It all sounds too good to be true. Besides, I don't think that real billionaires sit on forums just to brag how rich they are. They usually use Instagram for that purpose!

Thanks for your contribution.