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Started By
Message
Breaking away and going off on your own
Posted on 6/21/16 at 8:39 pm
Posted on 6/21/16 at 8:39 pm
31 years old, married with 2 kids under 2 years old. Interested in getting some responses from those who have left a former employer to go off on their own. I currently work in healthcare and have a great boss who I have a ton of respect for and genuinely enjoy working with, but am starting to get the itch to go completely off on my own.
I am a provider, I work in an outpatient setting, receive a 75k salary with a decent 401k match, but also have a side business I started and run on the side in a different setting that I will likely take home 100-110k on this year. I am putting away about 13k a year in a solo 401k for my business, totaling 23k/year in retirement with my salary gig. I'm aware this is likely a little low on the savings end for an income of 175k-200k, but I am aggressively paying down student loans, just bought a house, and have 2 young kids so I'm doing the best I can. These two businesses are not a conflict of interest, as the two settings do not compete with each other and even provide some cross referrals back and forth to one another. Eventually id like to do what my boss is doing now on my own while keeping my current side venture going. I have an exceptional "number 2" in my business who I can grow with.
My question is at what point did some of you more successful guys decide it was time to do your own thing and leave an employer and go off on your own, even one that you really like and respect. I am in line to possibly take this business over as I am second in command there, but it would come with a very hefty buyout, definitely a 1.5-2 million dollar sum. I grew up relatively poor, don't have any family money and would have to take a large loan to do this. I guess I'm just thinking aloud but having a hard time deciding whether or not to make the leap. I'm looking at the salaried gig more and more every day and thinking I could easily leave, keep the same income by doing more of the labor in my own business and not paying other providers, and have much more time for my family.
I respect you guys and always get good advice in here. Interested in other people who have had similar experiences.
I am a provider, I work in an outpatient setting, receive a 75k salary with a decent 401k match, but also have a side business I started and run on the side in a different setting that I will likely take home 100-110k on this year. I am putting away about 13k a year in a solo 401k for my business, totaling 23k/year in retirement with my salary gig. I'm aware this is likely a little low on the savings end for an income of 175k-200k, but I am aggressively paying down student loans, just bought a house, and have 2 young kids so I'm doing the best I can. These two businesses are not a conflict of interest, as the two settings do not compete with each other and even provide some cross referrals back and forth to one another. Eventually id like to do what my boss is doing now on my own while keeping my current side venture going. I have an exceptional "number 2" in my business who I can grow with.
My question is at what point did some of you more successful guys decide it was time to do your own thing and leave an employer and go off on your own, even one that you really like and respect. I am in line to possibly take this business over as I am second in command there, but it would come with a very hefty buyout, definitely a 1.5-2 million dollar sum. I grew up relatively poor, don't have any family money and would have to take a large loan to do this. I guess I'm just thinking aloud but having a hard time deciding whether or not to make the leap. I'm looking at the salaried gig more and more every day and thinking I could easily leave, keep the same income by doing more of the labor in my own business and not paying other providers, and have much more time for my family.
I respect you guys and always get good advice in here. Interested in other people who have had similar experiences.
4
Posted on 6/21/16 at 8:43 pm to Saint5446
Do you want to do outpatient or do you want to do home health, you have to answer that question first then go from there
And I would be very surprised if your bosses biz is worth 1.5-2m
And I would be very surprised if your bosses biz is worth 1.5-2m
This post was edited on 6/21/16 at 8:44 pm
Posted on 6/21/16 at 8:45 pm to Tigerpaw123
I want to do both, overlapping.
And I have to add that it's impressive you nailed it down that specifically.
And I have to add that it's impressive you nailed it down that specifically.
Posted on 6/21/16 at 8:47 pm to Saint5446
I was in a very similar position years ago
And again you have to answer the question, which do you want to do, bc you can not be committed to an op clinic and still messing around with HH, if you want it to succeed you have to go all in
And again you have to answer the question, which do you want to do, bc you can not be committed to an op clinic and still messing around with HH, if you want it to succeed you have to go all in
Posted on 6/21/16 at 8:51 pm to Tigerpaw123
My thought was maybe me and my "number 2" go into OP together and bring in someone else to step into his HH role.
Can I ask what did you decide? What region are you in?
Can I ask what did you decide? What region are you in?
Posted on 6/21/16 at 8:55 pm to Saint5446
Op , glad I did , but was unique opportunity
Somewhere between you and Lafayette
I would be happy to share my thoughts and what I have learned , but not so much on this forum
Somewhere between you and Lafayette
I would be happy to share my thoughts and what I have learned , but not so much on this forum
Posted on 6/21/16 at 8:58 pm to Tigerpaw123
I would greatly appreciate that. As you may know I'm in a saturated market but with all the recent changes in our industry in LA and given the success I've had on my own I think I could do well with it. You have an email?
Posted on 6/21/16 at 9:05 pm to Saint5446
Can also give you mine if you don't want to post it.
Posted on 6/21/16 at 9:10 pm to Saint5446
Post yours and I will copy and let you know when I got it, getting close to my bedtime but surly we can get in touch soon
Posted on 6/21/16 at 9:17 pm to Tigerpaw123
Thanks for the help!
This post was edited on 6/21/16 at 9:19 pm
Posted on 6/21/16 at 9:17 pm to Saint5446
Got it, go back and edit
Posted on 6/21/16 at 9:19 pm to Tigerpaw123
Appreciate it, I really do.
Posted on 6/21/16 at 9:21 pm to Saint5446
The best number of all those is your age, 31. You are doing quite well and appear to have good options for the future. You like your boss and you say you might be in a position to buy him out. You seem to have a handle on how much the buyout would cost. You need to get some professional, financial advice from someone who knows valuations for your industry. Your boss may be open to something other than a straight purchase - think of him make you a partner with a stated path toward senior partner or owner.
Posted on 6/21/16 at 9:28 pm to PlanoPrivateer
Thanks for the input Plano. Have a decent idea about valuations for this type of business based on his books and a multiplier for value, but this is a pretty big operation that I feel has become somewhat bloated. I often wonder if doing my own thing on a much smaller scale would be comparably profitable without the same large scale headache. I need to bring in a professional but was doing some preliminary thinking on this board.
Posted on 6/21/16 at 10:37 pm to Saint5446
quote:
I'm looking at the salaried gig more and more every day and thinking I could easily leave, keep the same income by doing more of the labor in my own business and not paying other providers, and have much more time for my family.
You answered your own question. Sounds like the time is now. I was young, hungry and foolish when I took my leap but glad I did not let security and fear hold me back.
Posted on 6/21/16 at 11:07 pm to Odinson
Stop your retirement for 6 months or a year and go out on your own already. The longer you wait the longer you allow someone else to possibly make the decision for you.
I don't have a clue what your boss makes but if you go out on your own and just take a small piece of his while maintaining his connections, his business is worth very little to you financially at that point.
I don't have a clue what your boss makes but if you go out on your own and just take a small piece of his while maintaining his connections, his business is worth very little to you financially at that point.
Posted on 6/22/16 at 7:58 am to Saint5446
I am a PT in Baton Rouge. I think personally the most important thing is if you can get the referral sources coming in on the outpatient side if you went out on your own. The same referral sources that do well for home health will probably not be as profitable for outpatient. If you can't get the referrals than that will not succeed. I am in the same position as number two and have worried about the buyout and that sort of thing and thought about going on my own to avoid that as well. I know it would be a huge amount of work in time to get a clinic up and running from the ground and get a steady referral source in place. At this point waiting to see how things play out.
Personally, I would be interested in hearing how your business model works to get the referrals for home health and manage your hh therapist like you do around your job. I have a wife that's a PT as well, and between the two of us would be interested in trying something like that as a side job and will even pay you for your consulting if you're interested.
Personally, I would be interested in hearing how your business model works to get the referrals for home health and manage your hh therapist like you do around your job. I have a wife that's a PT as well, and between the two of us would be interested in trying something like that as a side job and will even pay you for your consulting if you're interested.
Posted on 6/22/16 at 9:10 am to mtcheral
We could talk more, I've actually done some consulting on it in the past. I'm at work right now but if you bump this thread tonight at about 8 pm I will leave you my email.
Posted on 6/22/16 at 10:17 am to Saint5446
Sounds good. I'll try to remember after the kids go down. I've been at this a while and been in the same position so I may have some more insight that may help.
Posted on 6/22/16 at 8:12 pm to Saint5446
Hey Saint, if your available I'll be on the lookout for your email and will let you know when I've got it so you can pull it down.
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