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Have you thought about what you want to do when you retire? At this point you should be impatient and enthused about what you want to be able to do. If not, well, I just feel sorry for you and hope you find your way.
Scared to quit my lucrative business and suddenly not work.
Anyone else been through it? Any suggestions?
I'm in a similar situation at 61. Self-employed internet retailer.
I could just stop working now, right this moment. But I don't want to. I have goals I haven't accomplished yet, plus this is fun and I still feel I'm growing and learning.
I sell jewelry on the internet. It's all warehoused somewhere else. All I have to do is package it and ship it to the warehouse. When an item sells, it's shipped out of the warehouse. I never have to make runs to the post office or anything like that. I can take a month or two off and the business keeps going. It would take years for the warehouse to run out of my jewelry even if I never replenished my stock again.
If I could work six months out of the year and take six months off, why retire at all?
One way to do it: if your business can be sold, hire a business broker. Don't say anything to your customers/clients. When the business is sold, you write a letter saying that you have taken on a partner or manager and you stay on to introduce him to everyone who is a big customer/client. You teach the new owner the business. After about a month you start being more and more absent. After two months you retire.
In this manner you receive compensation for your business asset and you leave your customers with a trusted person to carry on.
one way to do it: If your business can be sold, hire a business broker. Don't say anything to your customers/clients. When the business is sold, you write a letter saying that you have taken on a partner or manager and you stay on to introduce him to everyone who is a big customer/client. You teach the new owner the business. After about a month you start being more and more absent. After two months you retire.
In this manner you receive compensation for your business asset and you leave your customers with a trusted person to carry on.
I was a self employed dairy farmer and set my 62nd birthday as the day the cattle all got sold and I exited the dairy business. ( that was 10 years ago )
I had planned to sell the farm and machinery a month after that, but my son decided he wanted to come back .
I stayed an extra 4 1/2 years living there and renting land and facilities to my son until he could get a govt loan and purchase it from me.
You don't get any days off if you are a one man dairy farmer.
Cows need to be milked 2x a day at 12 hour intervals.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Self Employed how do you quit/retire?
As per above... create an attractive business for someone to buy and grow.
If it is a 'brick and mortar', which is likely to stay put and to stay healthy.... keep the tangible asset (Real Estate) and sell the business headache.
Use a NNN rental agreement (Tenant pays taxes, insurance, improvements). You collect checks while exploring Tahiti.
A cousin just retired and sold a manufacturing business (Capital income from sale, +$14,000 / month rental income on facility), Then they built a Dairy Queen on the highway frontage (Which she will grow to success and sell the business and keep the RE). Should be a pretty 'sweet' retirement.
If you can you sell the business to an employee or a competitor. If a competitor that you might have to stick around for a few months.
I would also cut down to 5 days a week and then maybe 4 if you do not close shop in the next couple of months.
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...good good stuff...
