[USER]

Help me out y’all. I have slowed down and cut my business in half. It pretty much breaks even after making a land payment.

I have run the numbers. I will never run out of money.

We can have what we need and add $4k a month for the next 25 years for our gogo years (we’re early 50’s).

I’m to the point I hate being tied down. We’re living off our portfolio.

Problem is I have one employee, but he is kind of a hard luck case and has nowhere to go. He lives in a house on the property.

I feel like I’m ready to be done, but I genuinely don’t know what to do about my employee.

He’s a friend, has health problems, and I doubt can get another job.

I genuinely feel trapped.

[John]

What’s his age? Have you thought about dividing the property and selling the business side, while retaining the part with the house?

Perhaps there’s a way for him to keep running the business without requiring your constant involvement.

You might also look into whether he qualifies for disability benefits, retirement options, subsidized housing, or other forms of assistance that you could help him navigate.

More details about the business might be helpful in providing more specific guidance.

[Sarah]

Is there anyone in your network that could hire him, even part time? A huge piece of this is support and that doesn’t always have to be in the form of money.

Time to get creative and explore with him what else he can bring to the table for a new employer or business of his own

[Sonja]

That is kind of you to care about his wellbeing. If the goal is sell the property and exit, he has time to figure out his next steps while it’s on the market.

You could give him a severance package to cover a year of income or whatever you feel is fair.

He would have the time and funds to secure new housing and gain skills. You are not trapped.

You have options and that is fortunate!

[Tom]

Whatever you decide, thank you for trying to do the right thing.

That’s the sort of kindness we need in our country today.

[Grace]

Severance and ample notice are kind things to do in this situation to help him transition.

Maybe you can even help with a resource to guide him.

My partner did something similar and the employee was very grateful.

[Kim]

Have you considered selling the business with the stipulation that he be employed there for how many years you feel is adequate.

Thank you for your compassion and love for someone less able.

Very few would step up the way you have.

[Bonnie]

Do you need the $ from the sale of the business to be able to retire?

Is it a business you could hire someone else to take over the management while you step away, under the agreement your friend continues to be employed?

Dies your friend have a retirement plan?
Good luck, tough decisions.

[Howard]

Talk to him and give him a 120 day, 90 day, 60 day and 30 day transition plan. That doesn’t mean you have to do everything for him.

It means you are giving him this much notice that his life is going to change significantly, and you can assist up to the 60 day point.

After that, he’s on his own. You can create your own plan/schedule but need to create boundaries and have him leave the property at some point.

Good luck!

[Michelle]

How did you meet this fella? Does he have connections from before this job that he can return to ask for help?

Does he have a network of folks that can help strategize with you, too?

Maybe a social worker in his life?

[Lynn]

Do you think he’d qualify for disability? If there’s private disability insurance (through your business?), he could be setup pretty well for at least a while

The two people I know who went on on private disability were switched to part private/part SSDI for a while with still good benefits similar to their most recent pay.

One will lose the private portion at her full retirement age so will go from $5k to $2k/mo

[Sharon]

How wonderful you are concerned about your friend / employee. What skills does he perform now for the company? Are they transferable?

Can he run the business on his own?

[Bryan]

I’d check into if he can get disability if he’s unable to do any work.

On top of other suggestions around a long notice window, one company I know that did layoffs hired them a coach service of some sort that helps with resume writing, interview practice and tips, and other assistance.

[Krisa]

You aren’t responsible for being his forever paycheck.

You should however, give him a decent notice that employment is ending and that the home will turn into a rental.

[Lori]

I’m so glad you have been showing compassion for your employee. The only real way to help him file for disability would be to just gift him money until the decision is made.

It’s not a quick process.

He must also show 2 years of medical documentation of his disability or SS will not approve it.

It’s also tough to say that “now he’s disabled” because he has been working and earning an income from your business for years.

If he has had some sort of recent medical event that changed that, then maybe there’s a chance.

Not knowing what the disability is, I can’t say if he would qualify. I have years of experience with disability and SS.

Feel free to PM me if you’d like to ask more questions or get more information on the process.

[Author]

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