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Can't imagine how you got this far while also managing multiple other buissnesses. Question is, are you solidly on partner track? If there is even a little bit of doubt, I'd definitely concentrate on expanding your other buissnesses. You are already making close to beginning partner salary on those (more than small firm partners)
What kind of business are they?
Coach
Jesus dude, spend it on your business. Grow more, have something that has solid foundations and runs without you so you can sell at a multiple later down the line.
Use your job to fund yourself and grow the business as much as possible. Do as little as possible in your job.
If this is real you're on a roll, don't stop
Coach
Honestly sounds like what you really want to do so good on you. I have thought about doing similar but I have my family relying on my sole income too, so I feel you there!
Potentially you could find a role in industry with less hours, remote. Even if it's less pay, having that with benefits as you continue to scale would be great to have there until you no longer need it. As you say good for your own peace of mind and stress levels too so that doesn't distract you. But less hours is the big thing.
You can likely make more as a partner than you’re making currently, but that doesn’t account for the possible growth in your businesses over time, using some of that growth to reinvest in even more businesses down the line, or selling those businesses at a multiple in the future.
$400K in net income from your businesses is an impressive feat for someone who’s only running them passively/part-time. Personally, I would focus on that. Be your own boss. Choose your own projects and hours. Have more control over the relationship between your desired lifestyle and desired income level.
I am curious: what kind of businesses were you able to successfully startup and run while working such an intensive job?
Base salary for a partner is at least $400k a year such as BDO. And from what I understand, that is only salary. For larger firms, I’m sure it’s more.
Do BDO partners get any other benefits based on tenure?
More of a question of do you want to work for a broader firm where, even as a partner, you’re somewhat still an employee? Or do your own thing? I’d do the latter all day.
Rather do my own thing but am trying to milk it for as long as possible. Would lie if I didn’t feel like the taste of freedom has made me feel unemployable but I live in a VHCOL area so it’s nice having the stable income.
Unless you feel a lot a risk in the small businesses, can’t see why you’d stay. Talk to partners in your group. Long term comp can get to 7 figures, but it takes a while. I also assume you have to be spending at least 50 hours a week as a senior manager. I can’t imagine you don’t grow your businesses getting all that time back.
Crazy. I’ve asked multiple partners in my group and always got straight answers.
I’ll buy your businesses if you decide to sell, just give me good price