What I am overlooking?

[MichaelB]

One of the things I like most about ER forum is the friendly and respectful way members treat each other. Let's keep it that way, eh?

Quote:

Originally Posted by COcheesehead No, that wasn't the point. You said I should retire now. I can't, I am in the middle of a buyout and need to work until 2021. I stated that a few times in the thread.

That part seems pretty clear.

[Bestwifeever]

Quote:

Originally Posted by COcheesehead I won't get the rest of the buy out money. Right now that stands at about $650,000 plus I'll make about $275,000 a year. So saying FU costs me about $2 million gross. I can work 5 more years for that.

Not to mention you have a contract--your continued presence for the next five years must add value to the deal well beyond what is being paid to you. I imagine the buyers would need to recoup that if they would even agree to let you out early.

I think you're covered in your plan and I love the charitable giving you are committed to.

[2017ish]

Quote:

Originally Posted by COcheesehead I think everyone is missing the point. I have to work. I have a buy out in process and it requires me to remain a part of the company until 2021. Trust me, if I could bail now, I would.

You are in good shape and seem to have carefully thought through everything. Hopefully, the five years will go fast with your ability to cut back your time commitments a little bit. I respect the fact that you are committed to your obligations with the sale.

We are nearing the home stretch of 2+ years notice of retirement (more than contracts required, but we wanted to maximize chances of employers finding replacements). It went pretty fast until the past month or so, when we started planning and making reservations for big trips in late 2017 and 2018. Five years seems forever, but those on the board who were/are eligible for pensions/health_insurance likely faced the same long transition--albeit without the portfolio to theoretically walk out early.

[timemoveson]

Cheese, congratulations on your situation. I've read the entire thread and understand your views on your work situation.

I would only add the following for your consideration. As a chief executive/equivalent, I have led the purchasing of several companies and been on-point to customize earn-out deals of the nature you describe, as well as negotiate and close on many senior hires and legal partners. All of those deals had contracts and rigid legal structures behind them, carefully negotiated with the right intent in mind to satisfy (slightly dissatisfy? ) all parties at the time.

However, many of those deals ended up being scrutinized as circumstances changed or needs of one or more of the parties changed. I can think of a number of instances where it was easy, convenient and very appropriate to change the terms of reference.

I would just seriously invite you to think about changing yours. You are NOT a servant to a deal if you don't want to be and your partner(s) agree to talk about it, you don't HAVE TO do anything you can negotiate out of, and five years is a hell of a long time to be "locked up" in something in your 50's when you are already financially independent.

TMO

[COcheesehead]

Quote:

Originally Posted by timemoveson Cheese, congratulations on your situation. I've read the entire thread and understand your views on your work situation. I would only add the following for your consideration. As a chief executive/equivalent, I have led the purchasing of several companies and been on-point to customize earn-out deals of the nature you describe, as well as negotiate and close on many senior hires and legal partners. All of those deals had contracts and rigid legal structures behind them, carefully negotiated with the right intent in mind to satisfy (slightly dissatisfy? ) all parties at the time. However, many of those deals ended up being scrutinized as circumstances changed or needs of one or more of the parties changed. I can think of a number of instances where it was easy, convenient and very appropriate to change the terms of reference. I would just seriously invite you to think about changing yours. You are NOT a servant to a deal if you don't want to be and your partner(s) agree to talk about it, you don't HAVE TO do anything you can negotiate out of, and five years is a hell of a long time to be "locked up" in something in your 50's when you are already financially independent. TMO

I appreciate your view. It comes from an experienced individual. My situation isn't one that most people will ever find themselves in so I can understand how it would be challenging to relate to it. I thank you for your thoughts.