High income + high debt + low super.
36M + 34F + 1 and 3 year old
I've been self employed for 11+ years (sole trader for 10 years + current business for 5 years) and for most of that everything has gone back into the business or into property. Paid myself no super the whole time. Our current business is doing really well but only recently started providing any real profit, first 4 years we put everything back into it.
PPOR is worth about 1.7m and we still owe 440k on it. The IP is worth around 1.2m with 900k owing, rents for $740 a week. We've got 220k sitting in the offset and no shares. Super is 10k for me and 80k for my wife.
Additional business debt of 185k business loan + a 70k car loan. Both run through the business.
Income wise, the business generates around 550k profit a year before our wages, we draw 135k out of that between us (90k me, 45k my wife). Business also holds stock worth around 750k. It's a service business and runs through a family trust. We spend roughly 135k a year, though a fair chunk of that is currently going straight onto the PPOR loan as extra repayments.
Here's the plan I've more or less talked myself into. Pump cash into the PPOR offset until it fully covers the 440k. Once that's done, all in on super for both of us. While doing that, continue to structure the business to be a sellable asset that runs without us, in the hope of selling it for a decent number. We could step away 12ish months from now, but as far as I know we need 3+ years of consistent profits or growing profits to cement any real value? It has been quite a stressful business to build/run up until about 6 months ago where we hired a manager, but would definitely prefer an exit plan than holding onto it. Feels stupid wanting to sell something that's so profitable and isn't far from being very passive.
Feeling super unsure about what direction is best, any advice would be very welcome