Do I sell my business or stick it out?

Question

I started a small business at the age of 19. I ran summer camps and did this independently for 5 years. The business went from a small seasonal business that grew. After having my first child I hired someone else to run it but quickly got bored so I opened another location. I then sold my first location and made a good buck so my current business has very minimal debt (almost none).
Fast forward to now...I am a mom of 2 kids...again someone else is running the company and is doing quite well. But I want to try something new...I've been in this daycare field now for quite some time and want to explore other options. It just feels impossible to do anything else. If I sold now I would cash in huge. If I didn't sell my business I still make a very very good income with "fring benefits" such as car, insurance, groceries, toys for my kids etc...I don't know what to do...what would you do? Sell or stick it out?

Answer 1

Residual income is the best income. most young millionaires rely heavily on theirs as I do mine.

you have a great residual income business, I would learn from that. borrow from that and start another business with residual income in mind. Relationship Marketing... MLM's (Avon, Tupperware, Mary Kay are just a few well known ones) is the up and coming industry in America and people are making millions, It takes work but it is so worth it.

Keep the business you have and let it run itself while you start a new enterprise....

Answer 2

It seems like you have a rare opportunity. A business that essentially runs itself. If I were you I would try to grow it into something more substantial. The ideal scenario would be if you could grow it into a decent income with out doing anything. Then just pay the manager a good wage and scim the profits for yourself. That is the ultimate goal of any good business person. Seems like what ever you did is working, so invest and grow the business into an empire.
Or you could sell, take the money and run. But eventually you would have to start all over again so . . . it ultimately is up to you. But bare in mind that you have a rare opportunity that most people only wish they had.

Answer 3

U have very good advice coming in. Keep this as a residual income. Then when you become larger in this business expand into what ever you would like. Always remember "residual income".