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Why The FEAR?
Old 03-13-2018, 06:17 AM   #1
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Why The FEAR?

I have a great opportunity to sell my company to a couple of long term employees. I will still have to stay on for about a year and maybe consult after that .. part time. Our conservative passive income (before taxes, limited because of muni bond ladder) will be around $4000 per week. We do not have very many bills, etc.

It should be an easy decision but I am having a fear of not having any direction after working 60 plus hours a week at a very stressful job. I know many of you have been thru this, Any advice would be appreciated. I feel for 25 years I have lived to work,
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Old 03-13-2018, 06:26 AM   #2
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It's human nature to be attached to something we own and value it more than what we don't yet own.

In your case, you own this company and have been strongly attached to it for 25 years. You are comparing something that know to something you haven't ever done. No wonder you are fearful. Completely normal.

One way to approach this is to remind yourself that you are easing into it. You'll stay a year, then maybe longer as a part-timer. You aren't making as drastic a leap as it could have been. This approach worked for me. I was a part-time consultant for a year. It was fun, completely stress-less, and made my transition easier.

Another way is to realize that if it isn't what you hoped, you can always do something else. Lots of retirees spend time on hobbies, travel, volunteer work, or even a second career - or finding other fulfilling ways to spend their time.

Sooner or later we all need to take a "leap". If not now, when?

You'll get there. Give yourself permission to do it.
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Old 03-13-2018, 06:30 AM   #3
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It has been said before that you not only retire from something, you need to retire to something as well. You could use the transition year to work out what you will do going forward to spend your time and feel satisfied.
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Old 03-13-2018, 06:42 AM   #4
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Obligatory reference to Ernie Zelinski's "How to Retire Happy, Wild, and Free". :-)

Don't be too hard on yourself - change is scary for everyone. DH and I have been planning ER for 20 years and have about 2 to go. I foresee some fear on my part, even though it's been a dream a long time coming.
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Old 03-13-2018, 07:13 AM   #5
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I recently sold my company to an employee and remained as a consultant. I worked there 31 years and was 50 at the time I sold it. It was an adjustment, I moved 350 miles away to give the new owner his own identity and room to run the business the way he wanted. That helped.


I'd highly recommend considering the offer from your employees. I see many business owners stay til retirement age and then look for a potential buyer and can't find anyone. An internal sale may also goes over better with your customers.


You're going to leave one day anyway, do it on your own terms while the company is strong. Another thing to consider, if you have good employees that want to run the company, they may go somewhere else if they don't get to run yours.
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Old 03-14-2018, 07:24 PM   #6
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As someone whos started several businesses and now sells them, my fear would be that the payments you described sound like an earn out. In this environment SBA loans are easy to get and Id hold out for a deal that puts the cash value of the business in my pocket now instead of relying on the future performance.
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Old 03-14-2018, 07:28 PM   #7
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Quote:
Originally Posted by pletal View Post
I have a great opportunity to sell my company to a couple of long term employees. I will still have to stay on for about a year and maybe consult after that .. part time. Our conservative passive income (before taxes, limited because of muni bond ladder) will be around $4000 per week. We do not have very many bills, etc.

It should be an easy decision but I am having a fear of not having any direction after working 60 plus hours a week at a very stressful job. I know many of you have been thru this, Any advice would be appreciated. I feel for 25 years I have lived to work,
I had similar fears before ER. I was able to work 1/2 time for 6 months. Family medical issues then prompted a 12 month leave of absence with the guarantee of a job upon my return. After being away 12 months I was able to loose the fear. I decided not to return with the potential for contract work at my employer if I desired in the future if I changed my mind.

Also, getting hooked up with a couple of volunteer gigs definitely continues to challenge me up to this day ~ 6 years later.

As I used to say "Come on in .. the waters fine..".

-gauss
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Old 03-14-2018, 08:23 PM   #8
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If you like to live to work you should keep on working until you die at your desk.
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Old 03-14-2018, 11:31 PM   #9
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I sold my company. I found that I do better with some "work" in my life. For me, it's been mostly part-time, project based consulting. But volunteering or anything "work-like" seems to fill the need.
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Old 03-14-2018, 11:31 PM   #10
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Ive never owned a business but Im sure if I had built a company, Id feel much more attached to it and reluctant to leave vs just leaving a corporate job. I think the idea of retiring to something is important. Also whether moving physically or involving yourself in some other pursuits, I think its important to distance yourself from the company and allow others to take over. Good luck.
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Old 03-15-2018, 08:08 AM   #11
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Don't know if this helps but I started a thread two years ago which traces my decision to sell my business with 5 updates since then. Good Luck.

Those that retired from their own Business
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Old 03-15-2018, 09:51 AM   #12
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If you don't turn the page you cannot start the next chapter!

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Old 03-16-2018, 07:07 PM   #13
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I've worked 50-60 hours all my life. Bought and sold a business while still relatively young. Took some time off and found out the retirement dream wasn't for me (sacrilege, i know). What a wake up call. Entered business again and still at it.

I found I am happier and healthier working. I will work until my DW retires and then try to figure out how do it.
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