Join Early Retirement Today
Thread Tools Search this Thread Display Modes
What next?
Old 09-10-2013, 01:06 PM   #1
Confused about dryer sheets
Join Date: Sep 2013
Posts: 1
What next?

Hi ,

Been lurking for years. I have learned a lot. Decided to finally post. 49 years old , married , 2 teen age kids.

Want to leave mega corp. Good payout when company sold a few years ago but now we are corporate, I'm exec waiting on one more bonus. Have zero debt but not ready to retire yet.

I want to leave the corporate world and probably can swing buying a business in the 500k range but very apprehensive. Don't want to consult in my current field. Want to run small business and have been looking at many but the right fit is hard to find. I can handle the big pay cut but want some income as I feel I have a good 10 years of doing something but I just want to call my own shots.

Anybody else use savings to buy business and do what they want?


when64 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 09-10-2013, 03:47 PM   #2
Full time employment: Posting here.
Join Date: Nov 2008
Posts: 728
Lots of small businesses make good money......lots of small businesses go broke.

Take a look at shopping malls; there are always empty buildings and I wonder how many of those business people retired rich and how many went broke. And, most small business owners work a ton of hours.

I've been part of the corporate world and have owned my own successful small business. I worked far harder and made more money and worried more owning my business. I've had owner associates make more money than me and I've had others lose everything they had because of their business failure.

What do I think you you should do? Think hard and carefully before you decide. Go work in a comparable business for a week or two before you decide. Frankly, I don't think it's for most people.....especially if they aren't committed to really serving their customers and working as few or as many hours as it takes to be successful.

jerome len is offline   Reply With Quote
Old 09-10-2013, 07:10 PM   #3
Thinks s/he gets paid by the post
Join Date: Feb 2013
Posts: 4,505
I am too much of a coward to invest a lot in a business. I have always done things from scratch with services or intellectual property where the investment was more my time and not much money required upfront.

It is a dated list, but The Millionaire Next Door has a list of occupations / businesses of self employed millionaires. Maybe there is a more updated list in the author's most recent book.
daylatedollarshort is offline   Reply With Quote
Old 09-10-2013, 08:57 PM   #4
Recycles dryer sheets
slowsaver's Avatar
Join Date: Aug 2013
Location: Norcal
Posts: 69
I would also be nervous about buying a business. Have you thought about just getting a new job instead? Maybe a startup? That should be exciting.
slowsaver is offline   Reply With Quote
Old 09-11-2013, 10:40 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 13,201
Even if you have the skills to successfully run a small business, 10 years is a pretty short time horizon to acquire the business, improve it and then dispose of it. Not to mention the risk of a big loss if things go sideways or worse.

It may be easier/better at this stage to change jobs/careers but continue to work for someone else. BIL and a friend both made late job/career changes and it seems to rekindle their fire for work.

Good luck.
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
pb4uski is offline   Reply With Quote
Old 09-12-2013, 11:31 PM   #6
Thinks s/he gets paid by the post
MooreBonds's Avatar
Join Date: Aug 2004
Location: St. Louis
Posts: 1,895
Originally Posted by when64 View Post
Hi ,
Want to run small business...I just want to call my own shots.
I have your similar feelings about not allocating that much capital into a single business. I was offered a chance to take over the family construction company with my brother (from my father). He wanted waaaaay too much. I simply said "sorry, too many issues and reasons for me to walk away". If the price had been reasonable enough, I might have done it.

Any comment is about what you typed above: when you run a 'true' small business with employees (and not just offering consulting services as a self-employed business of just 1 person), you will quickly find out that you do anything BUT 'call your own shots'. You are at the mercy of employees (who many times truly don't care about your business), customers (who will demand the world from you), gov't goes on and on and on.

It can be a great way to occupy your time, but please don't overly romanticize the concept and instead realize all of the potential problems you can have.

It's like owning a real estate rental - ___ times however many employees you have.

Dryer sheets Schmyer sheets
MooreBonds is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


All times are GMT -6. The time now is 11:35 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.