Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Right now we are making a killing w/work. But I hate it, the work involved that is.
Ive been doing it almost 7 days a week for the past 25yrs. Clients love me, at least most of the time.
I have saved a bundle and we are ready to exit. Its just hard.
We are moving out of state and have a house full of stuff to downsize, which will be harder than working.
Scared to quit my lucrative business and suddenly not work.
Anyone else been through it? Any suggestions?
you set a date -- 3 months away, 6 months away -- whatever and you let all your clients and business associates know. Make a plan with your family for a getaway trip at the time you're quitting then come back and attend to the details of selling/moving and making plans for the next phase of your life. Have you decided what you want to do? Will you be happy retired? Do you have outside interests? Lots to consider.
Right now we are making a killing w/work. But I hate it, the work involved that is.
Ive been doing it almost 7 days a week for the past 25yrs. Clients love me, at least most of the time.
I have saved a bundle and we are ready to exit. Its just hard.
We are moving out of state and have a house full of stuff to downsize, which will be harder than working.
Scared to quit my lucrative business and suddenly not work.
Anyone else been through it? Any suggestions?
This is me. Let me know when you figure it out and we can both exit gracefully together.
This is me. Let me know when you figure it out and we can both exit gracefully together.
Or not so gracefully as might be the case. Self employed and driven folks like yourselves do often find it very difficult to just quit. Good luck to you 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.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,585 posts, read 81,225,683 times
Reputation: 57825
I sort of retired from my business of 16 years in 2009, when the recession took away many of my best customers and others stopped spending as much, so my income was reduced greatly. I ended up getting a job, though, not retiring as I was only 57 and was having to dip into savings to pay the bills. Since I had a good relationship with several others in the same business, a couple of them managed to survive so I referred my customers to them. I emailed the regulars that were still left, and put the contact information of the other businesses on my website for a year before I took it down. Like you, I had been getting tired of the long hours anyway, and was ready to leave, but obviously selling would have been a better financial move, if it had still been worth anything.
Now age 68. Worked 65-90 hours per week, last 40+ years, only two get-a-ways in those 40 years. Now have a "business for sale" sign in the window of the retail store. Small town, so there will not be any takers. Have set December 30, 2016 as the final day no matter what. Will give us 18 months to reduce inventory. Actually thinking about just closing doors, leaving all fixtures in building, after mdse is sold off. Then 10-15 years in future have an auction of what is left, but the insurance on a vacated building will most likely not permit. Came up with date of exit as the same time as beginning to draw S.S., for the maximum monthly payout, of age 70. Good luck to each of you that have same problem.
Right now my situation is similar, although my job is not very demanding. I could stay for a lot of years yet, but my wife has allergies, so its a good thing to move away from here. So I've set myself a one or two year time limit. After that, I'm out. I will not retire rich, but we will not be hurting either. Its just a change of habit lifestyle. Start making some small changes now, and it might get easier. First stop buying and accumulating and try to throw or give away some of your stuff.
Its sad, driving around town thinking this is the last time Ill be in this particular neighborhood.
But new memories abound.
We have our work cut out for us and that's the hard part, Im a packrat have a ton of stuff I haven't even looked at in 3 yrs(2 busy), I don't need this stuff but it has value.
We are going to use a local Estate Auction Co we know well. The owner recently died @48 from a heart attack, he was a good friend and is missed.
Makes me want to do this exit even more..
A day doesn't go by that I do the math to make sure our timing is good.
I may fly back to the old home town and work some weekend appointments. Just a few will help, besides that's all I know.
It depends on the business. Have a friend who recently retired having been self employer since 1969. He sold his businesses when he retired. He did it over a five year period.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
