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Oops I meant 8 figures sorry!

No "number" for us. Always maxed 401k, bought investment properties, wife has a pension and we're set for healthcare (teacher). I sold my company last year for 10 figures. We could easily retire today. I guess we've realized we like our jobs and continue to work. Maybe when we hit the...

Time to take me off the list! Sold my company, we closed Monday. I agreed to a very lucrative three year earn out. I'll probably state for two of those years but not Firing anytime soon.

Well, here we are it's Christmas Eve. We close 12:01AM November 1st. I couldn't even put into words how difficult the quality of earnings and due diligence were. We signed the LOI Sept 7, so to get all of the work done in seven weeks made it I think 2x harder. Anyway very little to do...

Sold my company. Well, we close 12:01AM Nov 1st. It's been a Hell of a ride, started the business in 1983 when I was 20. When I began to think about FIRE I was very apprehensive about staying busy and having some place to be. Asked a lot of friends who retired early what are you doing today...

Jersey Shore

Totally agree with OP. Spent a lifetime investing in 401k, IRA, bought investment properties, built my business. We raised our kids to be good people and hard workers. If you asked them "would you like to win a million dollars or earn a million dollars" 10 times out of 10 they would say earn...

Awesome information thank you for taking the time to post. My broker is a master negotiator and has done deals with this buyer in the past. This is both good and bad as they know they'll see each other again down the road. There is a fair amount of trust and integrity between them but my guy...

Yes all cash. We have a small amount of loans and leases which will be paid off at closing. We're trying to get to 90/10.

No

Corn18 this is gold please keep going I'm taking notes.

Thx for the responses very helpful information. They offered 80% cash at close, 20% in the EO. The earn out is based on a 15% increase in EBITDA yoy, which I think I could do. It will have a sliding scale for over performance and under performance. We're negotiating the terms now. I...

Update II: The broker and his team have done an amazing job organizing our information and planning the transaction. They identified 43 possible buyers in my space and created a "top 5" list based on fit and their history of closing deals at a good price. After reaching out to each to assess...

Agreed! (like me)

Update: signed the exit agreement with the broker and started the process of creating the pitch deck. A lot of work ahead but excited to be executing my plan. My intention from Day 1 was to build a salable business. It's been a hell of a ride since that day in 1983 but I've enjoyed minute of it!

Whelp, you can ad me to the list! Signed on with a broker to sell my company, will get closed this calendar year. I had planned on '23 but I have interested parties and who knows what the future holds regarding "you know what" that I can't speak of. So after slogging through due diligence we...

Good article thx for posting. I'm surprised it didn't mention the massive tax increases coming our way. I would think that a lot of people are making strategic moves to avoid the inevitable. I had planned on selling my company in '22 or '23 but now am going to fast track it and get it done...

Scrapr that's a cool website. I've listened to a few already.

Circling back with a follow up question. What did you do to maximize your EBITDA? I already started to clean up our financials and reduce spending that isn't essential. Was there anything strategic that you did to make the business more attractive? We're looking to put the company up...

Hell Yeah! I see this whole thing as a competition and yes, I want my ribbon when I win. My wife and I could have retired a long time ago but we decided we would work and continue to build wealth so that we could live the life we dreamt about as high school sweethearts. We take a lot of...

Phil interesting read, glad you "conquered" the great transition. When I sell I will have 40 years in. Vette there is a lot of PE money flowing into my industry, they would be the buyer. I have two friends who just sold their company (same market) and the terms were really good-the best I've...

I go to Costa Rica once a year with a group of 6-10 friends. We stay in Los Suenos, a spectacular resort on the Pacific coast. You can rent a condo or house, or you can book a room at the Marriott that's on the property. We've done everything from hiking on an active volcano, to climbing up...

Hey guys still fairly new to the forum but enjoying my stay. I'm a business owner and did a search on this topic but did not find any threads. This surprised me as I would assume a fair amount of people who FIRE are business owners that built wealth over time. My wife (56) and I (57) could...

My DW's Christmas present arrived-Nordic track 1750! Today she is jogging in Croatia 🇭🇷. Love this machine it's awesome. I will mask up and go to the gym, 20 min. Cardio, 30 min free weights

I would also rent unless you're heart s set on living in one area and getting socially established. Travel is so easy there with the high speed trains! BTW we loved Porto, did not like Lisbon.