With radical transparency in mind, this is a blog series providing ongoing insights into my transition from being stuck in the corporate world to the challenging freedom of entrepreneurship.
We set a goal for Minette of $100,000 before I could jump from my job. That would be a big jump .. almost a 4X increase from the previous year. She wasn’t thrilled about that pressure as it implied big changes. I started tracking her gross income in a Google Docs spreadsheet to get a feeling for how things were going.
We talked a lot about why I would make the transition. Minette’s original hope was that maybe she would be doing well enough that I would be able to take a year off after 20+ years working 9 to 5. I wasn’t as concerned about that as just being able to get out of my current stagnation and do something new! In talking it through it was clear that she would be unable to grow the business further without a ton of help: it made zero sense to hire someone other than me because that would just leave us in the same boat.
In the summer of 2015 we were looking at a cash out refi of our house (it had climbed in value) to give us some money to remodel. Somehow the amount coming out of the refi was going to be close to exactly what we thought we needed to live off of for two years while we grew the business. At the same time there was continuing talk about interest rates going up. Minette’s coaching income was continuing to grow at a good pace. These things combined to spur me to action and get the refi done. We went from “let’s get a new kitchen and have a pretty indoor/outdoor living space” to “once the loan is funded Brad’s quitting his job” in the space of a few months. I felt like I was playing with fire.