To give it all up and get a part time job?

[Ohdoleavemealone]

DH and I started a business last summer. It is a weekend and school holidays event and it really took off so we left our jobs in September to concentrate in it fully.
We make pretty good money doing it but as it is weekends, the kids have to come with us and are miserable. DH is struggling as it is really hard work and although financially lucrative, he is struggling mentally with how hard it is.
Tonight whilst setting it up ready for weekend trade there was an incident and DH declared, as he has many times before that he has had enough and can't continue.
If we sack it off we can use the money from the business to pay off our mortgage on our small 3 bed house.
However, this business took 5 years to get off the ground. We have poured so much into it and would be closing in less than 12 months.
We would never get an opportunity to make this sort of money again and would never get an opportunity to get a bigger house (DD bedroom is tiny!)
But everyone is miserable. I prefer this to my old job but would equally be okay in a part time role behind a bar or a little cafe.
Would you admit defeat and walk away or try to push through and hope it got easier?

Could you leave the business (and get a job that works with family life) while DH hires someone to help him? He wouldn't make money as fast, but it might make for a happier life?

Can you employ people to do at least some of it?

DH is the one that wants to sack it off. I would carry on if his heart was in it.
It is too much for one of us to run. The mental load is too great.

Sounds tough on your kids if you are working every weekend and holiday. When do you get time with them?

@vastgrandupgrade

Can you employ people to do at least some of it?

We do but because it is only weekends and holidays it is hard to find reliable people.

Don’t forget you have to pay tax, you can’t just help yourself to the money in the account from the business just in case that hadn’t occurred to you. I know people that did that and then Inland Revenue wiped the floor with them nine years later.

Surely you just employ staff?

Pay them double then people will always work if they’re financially rewarded to do so if the choice is Chuck the business in and have no revenue stream or pay somebody 75% of the profits and have 25 for yourself surely that’s preferable

@OwlinaTree

Sounds tough on your kids if you are working every weekend and holiday. When do you get time with them?

After school and evenings. Usually I take a day off in the holidays to take them out.

We do but because it is only weekends and holidays it is hard to find reliable people.

Sounds perfect for uni students?

Can you sell it as an established business?
I don’t know how to do this.

@Bringsexyback

Pay them double then people will always work if they’re financially rewarded to do so if the choice is Chuck the business in and have no revenue stream or pay somebody 75% of the profits and have 25 for yourself surely that’s preferable

Honestly, it would be too complicated I think. Our house is basically a warehouse during the week. No one will take on the level of disruption it causes.

How old are your DCs? I think if they are primary school age it won't be long until they want to do their own thing on a weekend and you may then regret giving it up. I would try hard to find someone to run it for/with you for the short term even if you don't make a great deal from it

@cuppycakey

We do but because it is only weekends and holidays it is hard to find reliable people.

Sounds perfect for uni students?

They go home! We have a couple but they are hard to recruit in a city with lots of much easier jobs.

If you’re making really good money from it you should be able to invest in quality staff.

Could you franchise the idea? Or sell it?

I'd keep trying to recruit the right person, at least till after the summer holidays. It seems a shame to stop a successful business after one year, and it's not easy transitioning from owner-run to taking a step back, but it's possible.

I'm intrigued what the business is where you are doing weekends and can take your DC!

Yes been there done that the whole of our cellar was like a smaller version of Mothercare at one point what I wish I done is actually just hired some warehouse space.

You’re miserable, sell it, pay off the mortgage and find a new job.

Would you admit defeat and walk away or try to push through and hope it got easier?

Neither...but you do need to change or close it if you're all miserable.

Don't think of it as a failure or defeat though. Life is a series of challenges and changes.

You set it up, you did well and made money from it, you've realised the lifestyle is not for you so are moving on. It's a change yes, but not defeat - it's positive, a great thing in fact. So many people stay in jobs they hate or push ahead with businesses until they meet mental or financial ruin. You're not doing that which is a win in life terms.

@MoonbeamSprinkles

If you’re making really good money from it you should be able to invest in quality staff.

Could you franchise the idea? Or sell it?

Selling is possible but it is really so difficult I don't know if anyone else could be bothered!

I think lots of people would be willing to work hard to make the kind of money where you could pay off the mortgage of a three bed house in 12 months

I would speak to a broker and look into what you could get for selling.

Could you and DH write down a list of pros and cons for the business and different options. Would it help his mental health to get a part time job and you concentrate on this one? Do you both have careers you could return to, and eventually climb the ladder in pay again?

I'm not British, so what does 'sack it off' mean? Its is rude, like 'f*ck off the company' or 'close it down'?

Thanks everyone. The goal was never to have to slog it like this this every weekend. We always said we would pay people to do it but it has been so hard to get staff that I don't even have good staff!
We will get this weekend out the way and see if we can have a proper conversation about moving forward.

I would keep the business but with the mind that you’re going to sell it, so systemise all the things you do now, focus on making branding strong and really look at creating reoccurring income etc

When you’re running a family business it’s easy to let these things slide, but if you change your mindset to that you could sell in a year it’ll really kick you up the arse to get all the systems in place.

Then you’ll have a choice.
You should always be trying to get to the point where your business could run without you.