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Info Seeker
Posts: 1
Registered: ‎08-14-2014

Re: Do you want to sell your business or stay in business when you retire?

Message 1 of 7 (124 Views)

I own a 40 person engineering firm, having completed the buy out from the founder in January of 2014. I'll turn 61 in a few months and have two partners that are in their early/mid 40's. I have already told them I Intend to retire at 65.

Our company has started to stash money for my final buy out.

I'm looking forward to the end of commuting and 12+ hour days.

My partners have offered me the option of working 2 or 3 days a week in retirement. I may consider that as an option as I get closer to retirement.

In either case, my intent is sell, sell, sell!

Recognized Social Butterfly
Posts: 788
Registered: ‎03-06-2010

drdroad: Do you want to sell your business or stay in business when you retire?

[ Edited ]
Message 2 of 7 (903 Views)

drdroad - Your business sounds like a good one - you can enjoy your freedom and still have income. I'd love to hear about your travels. What sort of photography do you enjoy?

 

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drdroad wrote:

I'm 68 and will never let go of my business until I die, it provides me a nice income. My degree was in Photography, so traveling full time is my current position. But the Property Management business I own in SoCal is easy to run from the road, as I have an excellent Manager. I have no kids, so the business will go to my staff when I pass, 40-50 years from now.


 

Info Seeker
Posts: 3
Registered: ‎10-04-2011

Re: Do you want to sell your business or stay in business when you retire?

Message 3 of 7 (1,083 Views)

I'm 68 and will never let go of my business until I die, it provides me a nice income. My degree was in Photography, so traveling full time is my current position. But the Property Management business I own in SoCal is easy to run from the road, as I have an excellent Manager. I have no kids, so the business will go to my staff when I pass, 40-50 years from now.

Bronze Conversationalist
Posts: 24
Registered: ‎12-03-2012

Re: Do you want to sell your business or stay in business when you retire?

Message 4 of 7 (1,123 Views)

Owned a restaurant and leased it to a chef when I retired. I let my corporation die a natural death.

Started working at 12 years old planting tobacco in Southern Maryland and retired at 67!

Info Seeker
Posts: 1
Registered: ‎03-30-2016

Re: Do you want to sell your business or stay in business when you retire?

Message 5 of 7 (1,406 Views)

I am 62 years and in service business for past 27 years.  I was pondering this question for past 4 years or so.  I just sold my business.  (closing is this Tuesday August 15) Buyer came and offered me amount I could not refuse. I have worked hard but business climate was changing and declining in my opinion. Amount received from buyer  will last me for the next 3.5 years of our living expenses. I feel I still need to do some work to keep mind and body occupied.  Now what? 

Any suggestions will be greatly appreciated

Thank you

Info Seeker +
Posts: 2
Registered: ‎09-08-2009

Re: Do you want to sell your business or stay in business when you retire?

Message 6 of 7 (1,489 Views)

It probably depends on the business.  I'm 65 and still run my business, however, my business is relatively easy to run (for me).  I'm a software developer (Mac and iPhone) and sell my apps thru the app store.  All I need is a Mac computer and Internet connection.  I take my Mac with me in our trailer when we travel, and use it to answer the occasional tech support question, or maybe fix a bug.  

 

If my business required that I stay in one place I would sell it.  But I'm keeping my for a few more years.

Conversationalist
Posts: 5
Registered: ‎12-27-2012

Do you want to sell your business or stay in business when you retire?

Message 7 of 7 (2,710 Views)

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It is reported about 10,000 baby boomers retire daily. Some of them have small businesses.

They want to sell their businesses and enjoy their retirement.

Do you want retire and need sell your business?

Or do you want work part-time still keep your business with other partner(s)?

 

Carin