Those that retired from their own Business

[MichaelB]

Quote:

Originally Posted by phil1ben 3d UPDATE: I AM RETIRED. ./. Been planning this for years and finally did it.

Congratulations!

[AnIntentionalRoad]

Congrats, phil1ben! I went through this in 2011, then a 1 year earnout, then a 1 year trip to the Bahamas with the family. Best year of my life! I'm excited for you.

Sent from my SM-T377P using Early Retirement Forum mobile app

[phil1ben]

4th Update:

It is a rainy day here on Mykanos (a rarity) so I thought I would post my fourth update which also helps me to organize my thoughts. Since January we have spent a total of 40 days on vacation: St. Martin, South Beach, Savannah, St. Augustine, rented an Airstream for 7 days to try it out (never slept in a trailer or camped before) and now Athens, Mykanos and Santorini.

It is somewhat surprising to me how easy it has been to let the business go. Something I built and worked at for 27 years rarely now enters my mind. I do stop by the office once a week when I am home for a meeting with the new owners (who had been my employees for the past 20 years) but the business itself is truly out of my life. I don't miss it. I guess that this is an indication that my timing was about right. I am still copied on many e-mails but they no longer affect my mood or schedule. Previously, my life revolved around "the business".

Have spent more time with my two sons (20 and 23) in the last 12 months than I probably spent in the prior 15 years. Also have spent more time with my 85 year old mother. Have done a lot of reading on my favorite topic (European history 1650-1918) but here in Greece realized that my knowledge of ancient history is lacking.

Have started to personally do more work around our homes rather than always calling a contractor. I spent a whole day painting a fence in the sun with Carulli playing on my phone. I also seem to notice more things out of place or needing repair so we have spent more money on fixing and sprucing things up than expected. Never thought about many of these things before.

Still trying to decide whether to buy an Airstream. Surprisingly, my wife is more pro-buy than I am. I am leaning towards the rental concept but we shall see.

After we return, summer to be spent at the beach and setting my oldest up with an apartment in NYC. He just completed the CPA exam and starts at a Big 4 in October. I am sure he will need roommates. Youngest back to college in late August. Starting to plan travel for the fall around all of the Penn State football games. Wanted to audit some classes at the local university but have been closed out.

As I said before, the only negative is that all my friends still work during the week and my wife and I often find ourselves in places where we are the youngest ones in the room. And we are not that young (53 and 57). When we rented the Airstream we found that the average age of the couples camping was much more senior than us. We hope to still be so active in our 70s. All in all my timing on starting another chapter was good.

[Rickt]

Phil1Ben:

Thanks for the update. Glad to note evrything is working out well for you.
I am selling my business of 14+years next week and retiring as well. Look forward to traveling and spending more time with our 2 kids 28 & 22 Yrs old.

Cheers,
Rick

[YeahNo]

Awesome update, Phil! I love getting caught back up with how things are going for you. Don't stop doing them!

[phil1ben]

5th UPDATE:

John Adams wrote to his son John Quincy Adams in 1783 (when the later was 16), that "We think, and improve our Judgments, by committing our Thoughts to Paper". We do it a little differently in 2017 but nevertheless the exercise is helpful.

In the last five months I did a little better finding things to do outside of travel. I am auditing a course in Ancient Rome at a local University and enjoying it very much. It is like watching PBS live. Spending time on that beautiful campus is also very enjoyable. There are five other auditors in the class who are also retired. Also attending a furniture workshop in Philadelphia where I returned to a hobby time took away 25 years ago. I am considering putting a shop in the house. I have also been able to spend much more time reading history about my favorite time period 17-19th century up to World War I. By the way, strongly suggest John Quincy Adam's autobiography for those similarly interested.

The Airstream still has not been bought but we talk about it often. My most recent excuse is that they came out with a Globetrotter model that we like but it is too big. Perhaps they will come out with a 25 foot model that will take all my excuses away. Also, we still have not found a place to store it. I would hate paying $300.00/month for storage.

We did do some traveling spending 10 days in California driving up the Pacific Coast highway in October. It was a great trip and we finally saw Hearst Castle, Carmel, San Francisco, LA and Napa. Our time in Napa was shortened because of the fires. Other than short business trips I had not been to California for many years and my wife had never been there.

Our oldest son is all set up in an apartment in Manhattan and he started work at a Big 4 Accounting firm. The roommate thing didn't work out when the parents got involved because no one wanted to personally guarantee the full amount of rent on a 4 bedroom apartment in NYC. So we ended up renting him a 1 bedroom coop where I help him with the rent for a while. It all worked out for the best.

The year closes out with a short trip out west and a cruise with my 85 year old mother and the whole family. Really don't like cruises but it is best for my mother who has mobility issues.

So many of my friends have asked me if I did the right thing selling my business and retiring. One year in I can honestly say that my timing was right and I truly love it. I visit the office about once a week for 15 minutes and don't miss it one bit. Till next time.

[Ronstar]

Congrats, phil1ben! You have found the nirvana of retirement. Woodworking, study of history, travel, time with family - it doesn't get much better than that.

[Stormy Kromer]

I'm fairly new to this forum and didn't see this post when it first came on board.

I sold my small business in January 1, 2016. I worked there over 31 years, 28 of them as the sole owner. I groomed my successor for 3 years and sold it to him on a 10 year contract, no money down.

It was a very hands on business, if the owner/operator isn't there it doesn't generate income. It is a small town and customers expect to talk to the owner. It was all consuming, 24 hours a day 7 days a week. Slowing down wasn't an option, it was grow or get out. In a small town if you own a business, it owns you. It becomes your identify and you lose yourself in it.

Selling it probably saved my life. I moved 350 miles away the day of the sale, that was a big help. Nobody in my new community even knows what I used to do and I like it that way. The new owner is doing fine, but is learning what the stress of ownership is like. I told him to planning to exit by age 55 (he's currently 34).

Financially we've been fine, we still save about 40% of our gross income (I can't help it). For me, making a clean break was necessary. I have no desire to own any type of business again, I'm afraid it would take over my life again. I've seen way too many people sell their primary business and try to start a side business only to realize that even a small side business takes a lot of your time & energy. I don't want to invest in a small business either, I've seen too many people lose their entire investment. Just give me a Vanguard index fund any day....

One challenge would be that most people our age are still working, I've made good friends with people 20 years older than me who have similar hobbies and they're great role models in how to stay young and active in retirement. We're active in our church and volunteer a bit with two charitable organizations in our community. I was in Rotary Club for a while but found I didn't fit in, it was too "business" oriented for me. Now I'd rather do volunteer work than meet for lunch and talk business.

Having a wife on board with ER made this possible. Good luck to you.

[Asher Aion]

I have been away from the forum for a while, my story is very similar to yours. However I am still wo*king PT for the new owners for maybe another 6 months. I plan to stay in the same smallish town as I have DD at home in college yet (DS is in college but away from home).

I know what you mean though as you are identified so much with your business in your community. We have talked about moving away in the future, will have to wait and see.
great to hear of another former business owner on the same journey.

[phil1ben]

6th Update:

Since the last time I wrote, I have again enrolled in classes at a local University. This semester taking British History between the War of the Roses and the Glorious Revolution and an English Literature class on Essays. The classes are excellent. We are fortunate to live near an Ivy League university which often also has excellent speakers and concerts. It is a joy being on campus two days per week.

We spent 10 days in South Beach, Nassau Bahamas and Key West. Had not been back to Key West for 25 years and we liked it very much. Somewhat surprised at the cost of real estate in Key West but keeping this location in the back of our minds.

I spend about 30 minutes per week (when we are home) at the old office occasionally participating on a call or two and giving my two cents only when asked. This amount of time is about right and I enjoy staying slightly connected. I still receive e-mails from clients that I forward on. I am told by the Buyers that there is a comfort level with my staying slightly involved which I will continue to do as long as they desire.

We have been spending much more time in New York City (where I was born) than in the past to visit my oldest who now has an apartment there. It has been a great joy going to the Met, Broadway Shows and great restaurants WHENEVER WE WANT. Strongly recommend the new Versailles show at the Met which just opened.

Have never been to Spain so we are going in July (also for a destination wedding of a friend's daughter) and will tack on southern France. May also take our youngest to Scotland and England in June but still waiting to hear about his internship schedule.

During the past few months also devoted some time to getting all the medical check-ups I delayed while working and fortunately everything OK. Have read more than ever and finished some books I enjoyed very much. Among my favorite were "Traces of Vermeer" a short book detailing how he did what he did and "The Curious World of Samuel Pepys and John Elliot", two 17th century diarists. Playing with the idea of taking piano lessons with the knowledge that I had tried this before while working and did not practice sufficiently. Lastly, have not made a decision whether to buy an Airstream which I think will get kicked down the road another six months.

This past weekend my wife and I attended the funeral of a dear friend who died at 60. I am thankful I was able to retire at a relatively early age so we have the opportunity to do the things we want to do.

All the Best until the fall.

[NoiseBoy]

Quote:

Originally Posted by phil1ben 6th Update: We spent 10 days in South Beach, Nassau Bahamas and Key West. Had not been back to Key West for 25 years and we liked it very much. Somewhat surprised at the cost of real estate in Key West but keeping this location in the back of our minds.

I agree. I looked up RE in Key West some months back after reading another one of those "where to live in retirement" threads, which I enjoy by the way, and found that Key West is out of my price range. There are other keys, which I did not search, so you may want to go back and visit a few of them. Key West strikes me as a place where you are still in the US of A, but it has a different vibe. Keep posting updates. They are an inspiration to those of us still working.

[MRG]

Quote:

Originally Posted by NoiseBoy I agree. I looked up RE in Key West some months back after reading another one of those "where to live in retirement" threads, which I enjoy by the way, and found that Key West is out of my price range. There are other keys, which I did not search, so you may want to go back and visit a few of them. Key West strikes me as a place where you are still in the US of A, but it has a different vibe. Keep posting updates. They are an inspiration to those of us still working.

My FIL had a dream home on Marathon Key. Views of the Gulf and Atlantic. Paradise for a guy who loved to fish.

He tried to evacuate for hurricane Andrew and couldn't get off the key. Sold the place at a huge loss several months later.

[CardsFan]

Quote:

Originally Posted by NoiseBoy I agree. I looked up RE in Key West some months back after reading another one of those "where to live in retirement" threads, which I enjoy by the way, and found that Key West is out of my price range. There are other keys, which I did not search, so you may want to go back and visit a few of them. Key West strikes me as a place where you are still in the US of A, but it has a different vibe. Keep posting updates. They are an inspiration to those of us still working.

An EXTREMELY different vibe, but one of the most fun places to visit. Last time down we met a couple that had been coming for years. They bought a house, for north of $500k, as a rental until they can move there. And $500k is CHEAP for that area.

Somewhere further north, like Marathon, might be better.

[phil1ben]

7th Update:

Since April we spent two weeks in Spain (south and north) and the South of France including Monaco. It was our first trip to Spain. I think we will be returning to France in October, 2019 on a historical trip tracing the path of Thomas Jefferson when he was minister to France from 1784-1789. Also traveled to Lake George, Montreal and Ontario with my youngest son who is now a junior in college. He has secured a nice internship with a fortune 100 company in his desired field. Oldest still working for a Big 4 and traveling around the country. He passed the CPA exam and is now in the midst of the CFA. Most recently went to the west coast of Florida and then to South Beach. My wife hates the cold weather. I like the change in seasons. Every so often for her we need to head south. Florida is an easy trip for us but not my favorite place.

In the fall took Politics of China at my local University which I enjoyed very much. It was not my first choice (normally like history) but I am happy I took it. I didn’t realize how much I didn’t know about their political system and recent history. I have been striving since retirement to learn about areas I have long ignored—which are many. Have been working out more regularly in the gym. I like to lift free weights but the aerobic exercise has always been tedious for me.

I still stop by my old office weekly to check-in. It has now been two years and I am virtually out of the picture in terms of conference calls and requests for advice. They re-did the website and I am now listed as “founder”. Suits me fine. The payout continues for three more years and everything has been going very smoothly. A visit in mid-December brought back memories of how busy this time of year is in my field. Rarely did I get a day off in December except Christmas Day.

Planning a trip to either Russia or China in May. Still trying to figure out which one appeals most. Have been spending time redesigning one of our homes with an architect. Work will begin in the fall. Also commenced piano lessons in May. I am starting from scratch. Even had to learn how to read music. All Cows Eat Grass……Enjoying it very much but I am slow…….at it. Decided we have too many rental properties that we actively manage and will sell one in the Spring.

Amazingly my 86 year-old mother is still going strong despite continuing to smoke a pack of cigarettes per day (for the past 70 years). She claims to have cut back to a pack per day 5 years ago….. I am now able to visit her weekly. Since my father passed she now smokes in the house which is difficult for me to take. My wife’s parents are still living independently and are both in their early 80’s.

Until next time, enjoy the time we are all fortunate to have.

[YeahNo]

Life is good my man! Don't you wish you were still working all those hours each week

[RIGM]

Yesterday I turned down a consulting gig: 3-4 months of work, and about $100,000 in income. I guess I’m fully retired now (versus partially retired). I’m finding the hard part of easing into retirement is deciding when, or if, I should stop working completely. It might have been easier several years ago to stop fully and all at once.

I struggled yesterday with the decision to turn down this project. Thinking about it over night, here are my thoughts:

- I love, or loved, my work, but there’s always stress in any endeavor. Plus, any gig could go well, or not. I virtually never had even remotely bad stuff happen on projects or in business, but the chance still exists for an unpleasant or worse outcome.
- So is the compelling reason to do this just to add $100k to my income (say, $60k to my net worth)? I had to conclude the answer is yes, but for me it is not so compelling. The question is, “Would that money make any difference?” In a word, “No.”. There is a good chance my estate will grow, not get smaller over time. So $100k will not make any difference (and if it seemingly might make a difference, it still wouldn’t because then there would be bigger, systemic problems; $100k more still wouldn’t make a difference, we all are eating dog food).

So to take the work, or not? I previously may have answered this question (not remembering last night that I had done so). Several years ago, I was talking with a friend, the woman in a husband/wife consultancy. The man is older, in his 70’s, still working; she is in her early 60’s. I asked her if the plan was to sell the business (as I had done with mine). She said, “No,” that she like working and would continue after he exited. Later, I thought that this is answering the wrong question. The wrong question is, “Do you like your work?” She was answering, “Yes, I do.” (Or maybe she was saying, “I have to work for the money, but that doesn’t apply to me.). The right question, however, is, “What would you like to do among all alternatives available within your budget and health?” So while I like what I did for work, there are many things I enjoy more that I can afford. So last night I made the right decision and I guess I’m fully retired now (...unless I get a really compelling, fun project... or can’t be creative enough to keep my retirement activities interesting and exciting).

On 3/8/2016 in this thread, I posted my small business story (founder of INC 500 engineering company, sold in 2000’s, solo after that, and working part-time since 2012).

[COcheesehead]

Quote:

Originally Posted by RIGM Yesterday I turned down a consulting gig: 3-4 months of work, and about $100,000 in income. I guess I’m fully retired now (versus partially retired). I’m finding the hard part of easing into retirement is deciding when, or if, I should stop working completely. It might have been easier several years ago to stop fully and all at once. I struggled yesterday with the decision to turn down this project. Thinking about it over night, here are my thoughts: - I love, or loved, my work, but there’s always stress in any endeavor. Plus, any gig could go well, or not. I virtually never had even remotely bad stuff happen on projects or in business, but the chance still exists for an unpleasant or worse outcome. - So is the compelling reason to do this just to add $100k to my income (say, $60k to my net worth)? I had to conclude the answer is yes, but for me it is not so compelling. The question is, “Would that money make any difference?” In a word, “No.”. There is a good chance my estate will grow, not get smaller over time. So $100k will not make any difference (and if it seemingly might make a difference, it still wouldn’t because then there would be bigger, systemic problems; $100k more still wouldn’t make a difference, we all are eating dog food). So to take the work, or not? I previously may have answered this question (not remembering last night that I had done so). Several years ago, I was talking with a friend, the woman in a husband/wife consultancy. The man is older, in his 70’s, still working; she is in her early 60’s. I asked her if the plan was to sell the business (as I had done with mine). She said, “No,” that she like working and would continue after he exited. Later, I thought that this is answering the wrong question. The wrong question is, “Do you like your work?” She was answering, “Yes, I do.” (Or maybe she was saying, “I have to work for the money, but that doesn’t apply to me.). The right question, however, is, “What would you like to do among all alternatives available within your budget and health?” So while I like what I did for work, there are many things I enjoy more that I can afford. So last night I made the right decision and I guess I’m fully retired now (...unless I get a really compelling, fun project... or can’t be creative enough to keep my retirement activities interesting and exciting). On 3/8/2016 in this thread, I posted my small business story (founder of INC 500 engineering company, sold in 2000’s, solo after that, and working part-time since 2012).

Good story. The thought of working in my industry again after retirement floats through my brain from time to time and I just can't see it. The last day I walk out the door will truly be my last day. I am moving 250 miles away so other than maybe a once a year "hello", I will be done with the company I helped found and grow. A tiny amount of sadness, yes, but big amount of relief.

[Ronstar]

Quote:

Originally Posted by COcheesehead Good story. The thought of working in my industry again after retirement floats through my brain from time to time and I just can't see it.

+1. I cannot conceive going back to work, unless it was for a short term, on an extremely interesting project, and for a huge amount of money that I could spend on something that would truly make a difference in my life. Something that would be worth giving up my free time. I may or may not have enough $, but I know that I don’t have enough free time.

So for me, going back to work would have to be something like a < 1 year consulting gig on the border wall for a fee not less than $500k. Probably won’t happen.

[phil1ben]

8th Update

Completed two more classes at the University this semester. One on the structural engineering aspects of bridges and skyscrapers and the other on the history of the high Middle Ages from the period 1200-1400AD. As always very interesting and provides good separation time for my wife and I. We each need our own space. Made a trip to Puerto Rico in February to warm up. As we get older my wife (55) is less tolerent of the cold. Then we took our youngest to Scotland and London in May for two weeks. We started in the Scottish Highlands and made our way down to Edinburgh then took the train to London. We had a great time. So much has changed in London since I was last there 34 years ago on my honeymoon and thankfully so much has stayed the same. My youngest completes college in December and started a summer internship last week in data analytics at a major candy manufacturing company. We followed that trip with another to the Bahamas with my oldest and his girlfriend. Oldest is in the real world working at a Big 4 and enjoyed the break. He is now studying for the CFA II next week.

We spent alot of the winter working with an architect to redesign our beach house. Bids came in about 30% higher than the architect estimated. We were not surprised and have built many homes so this is often the case. The architects never get the cost estimate right. Now in the process of working with bidders to reduce their prices and to an extent our scope of work. Also remodeled our in-ground pool in April at our primary home. A real pain brushing the newly laid plaster every day for a month.

Turned 59 in February and more and more of my friends are seeking advice about retiring. It seems I have become their consigliere. Don't know if I am the right person but my friends get what they pay for........free advice. Now retired over two years and on a scale of 1-10, I would rate it a 15. No downside. Have been doing alot of reading of British history between 1750 and 1820 (end of the Regency period). In this regard I can suggest The Regency Years by Robert Morrison and When London was the Capital of America by Julie Flavell which are both excellent social histories. Also liked Benjamin Franklin in London by George Goodwin. Benjamin Rush by Stephen Fried was also an excellent read.

We will spend most of the summer at the beach with our boys joining us on weekends hopefully....That is the thing about a beach house. It is the home the kids want to come to. In September we have a 12 day trip planned to northern Idaho, Montana and Wyoming. Have not been to that part of the country since I was 10 driving cross-country with my parents in their 1968 Chrysler 300 my mother smoking the whole way. In fact she is now 86 and continues to smoke a pack of cigarettes a day. Since my father passed in 2012 she now smokes in her house (she still lives independently) and the smell is atrocious. I think the nicotine is keeping her together. I now manage her funds (after she determined on her own that the fees she had been paying an FA are no longer deductible) but she remains as sharp as a tack. My wife's parents are each 83 and it is time for them to move to assisted living. They have not yet come to this realization and it is taking a toll on my wife and her sisters. Over the winter they asked me to take a look at their finances which I have always tried to stay away from because my wife has so many siblings. A non-sibling getting involved in a family dynamic often does not end well but I had no choice. Fortunately, except for some ridiculous annuities they were sold years ago by "a friend" their assets will suffice. I was pleasantly surprised. Cleaned up an old mortgage they had from an aunt that was never discharged and will help to sell their house in the fall if they are ready to leave. As I said, I take my orders from my wife and try in vain to avoid getting involved. In October and early November we head to France for three weeks for the Thomas Jefferson trip described in the prior update.

Just decided to buy myself an entry level road bicycle to ride at the beach. It is flat and I have been putting in about 10-15 miles per day three times per week during the summer on a hybrid. I was surprised how technical this has all become. The store actually scheduled a "fitting" for me on a computer assisted modeling apparatus that determines the exact fit of the bike. They claim they can put a package together for me on a Cannondale bike for under $1,500. We shall see. I hate to run and enjoy the bicycle getting to see what is going on down the island we are on. The piano progresses slowly but I am enjoying it.

Lastly, my prior firm is doing well and that passes on to me for two and a half more years. I still visit each week to pick up checks and shoot the breeze. I get about a call every two weeks seeking advice or suggestions on one issue or another and I would be happy to accept such calls after the two years pass. My exit deal worked out well for both me and the firm.

I wish everyone the best and to enjoy the time we have.

[phil1ben]

9th Update:

We did all of the traveling described in my prior post. Three weeks in Idaho, Montana and Wyoming in September followed by three weeks in France tracing Thomas Jefferson’s travels while he was the minister to France from 1784-1789. Boston, Puerto Rico, Cuba, South Beach and Lake Placid all scheduled as separate trips prior to March 1. Lake Placid at the Lake Placid Lodge for my 60th birthday with my wife and kids (22 and 26). The trip in Cuba will be spent learning about Hemingway’s time there and the Spanish American War fought there in the summer of 1898.

Much of our time has also been spent doing a rebuild of our beach house which was essentially a gut renovation. For this reason, our traveling away from home will be done for 2020 after the above trips. Because my work involved so much writing and numbers I do enjoy building homes so this has been enjoyable. It is nice to do something tangible.

I hope to take more classes at the local University in the Spring. My youngest starts his first job (post-college) in February and we will help him move into his first apartment. It is fantastic being able to be so involved with my sons as they start their adult lives. My 87 year old mother is still living independently and enjoys her pack of cigarettes per day. I am able to stop by weekly and take her shopping and help with what she may need. My brother does the same. My wife’s parents are having somewhat more difficulties and we are dealing with that. Usually once per week she is off to her parents and I am off to my mother for one reason or another. Had I not retired none of the above would have been possible.

Slowly a few more of my friends are starting to retire. I became reacquainted with a friend I knew years ago who also recently retired. We have been doing 20 mile bicycle rides together for exercise, to catch-up on years passed and to talk about our kids who are the same age. My piano lessons continue and I am enjoying them, however, I quickly realized I am somewhat slow at this.

But where’s my rush………..