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Respected Social Butterfly
Posts: 35,603
Registered: ‎02-27-2008

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

Message 1 of 12 (168 Views)

ws8444 wrote:

Travel, photography, fishing, music, golf, grandkids, mornings at the gym...the list is pretty long but very relaxed 😎 


Relaxing.  Good key word!  I hope you enjoy your retirement.  I plan to spend plenty of time pursuing that!

 

 

Life's a Journey, not a Destination" Aerosmith
Info Seeker
Posts: 2
Registered: ‎08-14-2014

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

Message 2 of 12 (198 Views)

Travel, photography, fishing, music, golf, grandkids, mornings at the gym...the list is pretty long but very relaxed 😎 

Respected Social Butterfly
Posts: 35,603
Registered: ‎02-27-2008

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

Message 3 of 12 (220 Views)

ws8444 wrote:

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!


@ws8444  Congratulations!  So what now. Golf. Boating. Grandkids. Travel?

 

 

Life's a Journey, not a Destination" Aerosmith
Respected Social Butterfly
Posts: 35,603
Registered: ‎02-27-2008

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

Message 4 of 12 (223 Views)

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.


@drdroad  How did you get into the Property Mgmt business ? If you don't mind my asking?  

 

 

Life's a Journey, not a Destination" Aerosmith
Respected Social Butterfly
Posts: 35,603
Registered: ‎02-27-2008

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

Message 5 of 12 (224 Views)

paresh54 wrote:

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


@paresh54 Have you considered joining your local branch of I believe it is called CORE.  Council of Retired Executives?

When  I started a business some years back I went to CORE for advice and they matched me with  retired businessman from the industry I was involved in. His advice was invaluable and it was free. Offered by the State  of Ohio for new businesses.  You might be able to really help someone !

 

 

Life's a Journey, not a Destination" Aerosmith
Info Seeker
Posts: 2
Registered: ‎08-14-2014

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

Message 6 of 12 (515 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: 790
Registered: ‎03-06-2010

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

[ Edited ]
Message 7 of 12 (1,294 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 8 of 12 (1,474 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 9 of 12 (1,514 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 10 of 12 (1,797 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