Should I close my business and sell off properties

[REWahoo]

Please explain FIRE. I am new to this site?

This should help: http://www.early-retirement.org/for...slang-frequently-used-on-the-forum-34884.html

 

[fireorbust]

Please explain FIRE. I am new to this site? I am assume you mean FIRECALC

Basically, make sure that your nest egg covers your retirement. If you close down the funeral home and auction the assets, the proceeds of the sale should be considered gravy. If you need the sale of the assets to fund your retirement then maybe work a couple more years and save like crazy. Maybe a buyer will pop up.

Do you have a group of employees who rely on the business for their livelihood?

I considered converting my company to an employee owned COOP to transfer ownership from myself to the employees and cash out at the same time.

Hope you get it figured out.

 

[PoorOldCountryBoy]

[ OP, this is meant as straight talk, not to offend, just saying... ]


Heaven's sakes you're pushing 60 and its time to retire! Get over it. The guilt you describe is really (understandable) pride, yes?


A gradual closure likely makes the most sense. Make it well known - when you make a move some times the word spreads far and fast and new offers show up.


As some others have said don't include anything in your planning with the business value. If there are no buyers you're likely in a depressed area and the actual sale value will be far less than you expect.


Once you are done, you may want to take a few weeks vacation away from your community to see a different part of the world.


FWIW, I don't believe for one minute the lack of people to hire. A funeral director in our area just hired someone a few years ago, so it is not impossible. Is there something out of date with the business that may be turning off potential hires? That may sound harsh but every labor shortage I've seen over 40 years can be cured by paying people more. Charge customers $800 to $1000/day for their professional services and pay them $100k to start and you'll find plenty of employees. A barista can make $75K these days so you need to pay up.

 

[jetpack]

Is there a chance for a deal w/ local competitor? At least your future clients will have somewhere to take care of them?

 

[Monterey298sc]

Well I wish you were correct in that there are people to hire. ,
You would need an education on our laws and industry to understand. There are 10 times more firms looking for licensed staff in my state then there are people looking for jobs. This is because of the tough educational requirement to obtain a license. You could go to a neighbor state and get a license with 2 years of collage. Our state requires 5 years and 1 year apprenticeship. . All FH are regulated by FTC and just can’t change anything we want.
Also children of an owner of a Funeral home back in the 80s would follow in the foot steps. 85% of the time. Now in 2018 only 17% of the children want to carry on the funeral homes to the next generation. So sad. ��

 

[Woodsrider]

I had 3 options for my business. Close the doors and sell the land, Sell the business and land, or find someone to run it. I was to the point that I was fine with closing it. It was pushing one year with the broker and I was tired of waiting. If I got someone to run it I would have to pay them big money, not leaving me with much except some headaches and liability.

I am convinced you could find someone. If you walked into another business and told the guy that you are doubling his pay he would probably show up. Then you find yourself in the same position that I was in. What's the point in keeping the business if you are paying all the profits out? The only way I can see it making sense for you would be if you paid up and owner financed the business to the new guy, assuming he wanted it. This is similar to what I did. Otherwise, get out ASAP and enjoy what life you have left.

 

[ncbill]

I had 3 options for my business. Close the doors and sell the land, Sell the business and land, or find someone to run it. I was to the point that I was fine with closing it. It was pushing one year with the broker and I was tired of waiting. If I got someone to run it I would have to pay them big money, not leaving me with much except some headaches and liability.

I am convinced you could find someone. If you walked into another business and told the guy that you are doubling his pay he would probably show up. Then you find yourself in the same position that I was in. What's the point in keeping the business if you are paying all the profits out? The only way I can see it making sense for you would be if you paid up and owner financed the business to the new guy, assuming he wanted it. This is similar to what I did. Otherwise, get out ASAP and enjoy what life you have left.

Yep, from the posts by the OP any potential candidate who had to do that much education/training could find a different job paying the same or better that didn't:

1. require them to be on call 24/7

2. physically handle dead bodies.

So like the OP I'd sell (or more likely 1031 exchange) the property & retire...

 

[ivinsfan]

Yes , in our area about 70,000 plus benefits .

Are you making a return on ownership that totals more then the 70, if so offering a buy in plan should enable you to find someone.

 

[MarieIG]

You have honored your family business. I am sentimental myself so understand the way your feel. Could you imagine giving someone a reduced price and then see them run it into the ground. Under the circumstances, I would close it with dignity, and sell the building and property for your best price, and put the proceeds towards your retirement.

 

[Monterey298sc]

I have offered 2 past employees to buy in to pass on ownership. Both said no way, I did not want my stress and hours they said. So they both left our profession and moved on. Both in there early 30s . Just don’t understand why they would not want a 134 yr established business. Hear from many friends that own other type of business, same thing happening to them.

 

[RunningBum]

Stress, lousy hours, and low pay. What is wrong with the young people today who do not want to jump on such an opportunity!!

 

[Monterey298sc]

Depends on where u live, east or west coast, no way . But in mid west that is way above the 40,000 average income for just employee here.