Hey everyone, I’m here seeking advice on a situation regarding our family business. Let me share the story:

About 25 years ago, my dad started a healthcare business. He poured his heart and soul into it, being intensely involved in patient care. The business was his life, but it always needed him at the forefront. He had envisioned it as his retirement plan, but the business, stagnant in its old ways, wouldn’t have sustained without his active participation.

Fast forward, and I stepped in about five years ago, not initially intending to. In college and post-grad, I was immersed in entrepreneurial ventures, always seeking and creating opportunities, and the plan was to continue on that path after graduation and just figure it out. Joining the family business wasn’t the initial plan, but it just unfolded that way, with no pressure from my dad. He was supportive, allowing me to make my own decisions post-graduation.

Currently we’ve enhanced the business, now valued around $3.5M. Our partnership is a 50/50 handshake agreement. I had an initial $841k seller-financed note from my dad, which has now reduced to $585k. Financially, things are stable. I take a modest salary, and most profits go to paying off the debt to my dad. For instance, if the business profits 300k, I take 50k, 250k goes to my dad, and 100k reduces the note.

I’m at a crossroads now, feeling drawn towards exploring new avenues, like acquiring and revitalizing small businesses. Essentially what I did with the family business. There’s a sense of loyalty to the family business and gratitude towards my dad’s generosity and support that is crippling me. Currently, I’m treating patients three days a week, and any change would leave a significant void in the business and not to mention the management of the business with my dad being completely hands off in regards to management. My dad has transitioned to a passive role, focusing only on treating a few patients for his contentment. If I were to leave, there would be a massive void that would hinder the business.

So, here I am, seeking your advice. How do you think one can balance between familial loyalty and personal aspirations in business? Looking forward to your thoughts and thank you in advance!