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Years ago, I had a business (17 years - 34 employees). I sold it. Now, I have another firm - different type of business but it's mainly just me so I don't think it's something I could sell.
How did you transition if you were working for yourself? Did you stay on?
Any seller's remorse? (if it was a business you could sell).
Sometimes, in a corporate job, you know when it's time to pack it in or sometimes it's done for you. When you work for yourself, it's not so cut and dried.
I'd like to hear how some went through the transition or if you still work part time - consulting work, etc.
Years ago, I had a business (17 years - 34 employees). I sold it. Now, I have another firm - different type of business but it's mainly just me so I don't think it's something I could sell.
How did you transition if you were working for yourself? Did you stay on?
Any seller's remorse? (if it was a business you could sell).
Sometimes, in a corporate job, you know when it's time to pack it in or sometimes it's done for you. When you work for yourself, it's not so cut and dried.
I'd like to hear how some went through the transition or if you still work part time - consulting work, etc.
Since I was about 40 I always did freelance work on top of my day job. Many, many hours working. I'm grateful for the overtime now because when I retired from the day job I had something already in place to do at my own pace and with me as my own boss working for clients. I don't charge enough is my only problem, otherwise it's enjoyable and takes into consideration a health challenge I have. I think many retirees can, if they wish, be a consultant/freelancer in some way without largely compromising their retirement lifestyle. Even if you travel during certain parts of the year, you can work freelance around that.
In June of 2000, four of us quit the company I had been with for 19 years 3 months (it had been owned by one person and sold to a big holding company in NY and things changed dramatically!!) and started our own company.
The first year we all lived on our accrued sick/vacation pay, and took no salaries. We have been in business now going on our 12th year and all work from our homes and I have never been more happy. We just hired a sales person in NY and have one other full time employee.
My husband will retire from teaching in 2014 and we just purchased a home on the lake. I still plan on working as I love what I do. Two of our partners are younger so I don't think there are any plans to sell the company anytime soon.
Spent the last ten years of my career doing computer consulting on my own. I retired earlier than expected due to illness. I didn't sell the company to someone else, but I did help my clients find someone to take care of them (tried being the key word - there are a lot of incompetent geeks out there), and worked for the "best" of them off and on for the last 2 1/2 years.
It will end this year. The last two have either stopped doing the things I was still doing for them, or are planning on closing their doors.
You need to set some objectives and then determine what is a reasonable transition. It was a huge responsibility to have 34 Employees!!!, and to transition that business.
I would look first at what you want to accomplish in the transition, and what would bring most value to the business (customers) and employees. Also to provide the best payout for you. It is an order of magnitude more difficult to have original owner present in company AFTER they retire, yet I have known many who had to return to bail the joint out.
Is there something you desire to preserve in the present company you have built?,
or do you want to optimize your payout?
I've owned several businesses over the years and had decent returns on those that actually got off the ground. On March 23. I'll have had my psychic business for twenty-one years. It's the best; I could work lying in bed. That's good because I could never retire and leave my clients; I can't even die.
Last night I was talking to a Canadian client who had been trying to get me earlier in the day. I told her that I had to go to my attorney to make some addditions to my will to insure the best disposal of my library at my death, in other words, getting the most money. She was horrified that I was even thinking of death and was shocked to find out that I have a will. I reminded her that I'm old; she didn't care; she needs me alive.
A few years ago I enraged several happy retirees on this forum when I mentioned that I wasn't able to eat Christmas dinner until the next day because I was so busy. What they really didn't like was the fact that I mentioned it had been a very lucrative day.
Goodness golliwogs, I'm planning an outing to the grocery store tonight, my first trip off my property in eleven days. How much better can it get? I know my pets, two dogs and one cat, would think it better if I never left; but I can't get everything delivered.
I have rental properties; but that's not the same. I like creating wealth, my wealth, from nothing.
I retired once and have a decent DB pension (at 49)
Then I started a one man business. Have done pretty well the last few years.
I have only one prospecitve buyer that wants to buy but having a hard time getting ready to sell because of accoutning issues that I had ignored ( I was too busy). I'd need to quit work for a couple weeks at least to get the accounting figured out. nothing illegal just out of hand ARs.
I'm selling because I'm stressed to the hilt with how busy I have become. However, I'm more stressed because I dont want to just shut it down and walk away. If I dont sell very soon, my prospective buyer will become my competitor.
Im 56 and its a tough choice between
- income today
- future $ requirements
- lifestyle (crappy, work too much)
- maybe health
Last resort is to keep working but its a business where you either go hard or go home.
If it counts, I've been an independent contractor (not building) for the past 6 years. Started out with two clients about 6+ years ago, lost one two years in. Could have obtained more, but decided to ride the last as long as I could, or wanted. It is 'where' I was in the interest department at the time.
Current contact period ends 12/31/12. I am undecided if I'll renew for one more, or just hang it up. I know this when I do, that's it.
Oh, and there won't be anything to sell, unless it is my body to science.
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