Retire at 51?

[MikeSC]

Hello all, sorta new here. Just getting time to check this forum out more and absorbing some ideas. But I'll get right into it. I have the opportunity to sell my company for 7 figures. Started young and been at it hard for 30 years. Getting a little tired and burnt out. The business is very profitable and stable. I love the idea of selling and retirement but I'm scared to death. I'm young, healthy and didn't need a lot to live off of. I've spent most of my buying real estate on the side, mostly buy and hold. Financially I'm set for life and could have retired 10 years ago. Id like some thoughts, opinions or advice..

Thanks

 

[GrayHare]

Welcome to the group. Think about what you are retiring to, i.e. what will you do with your new found time? There are many options, but it helps to have some in mind.

 

[NgineER]

Mike - welcome!
It sounds like you are set financially. What are you scared to death of?

If you are set, then you are trading life (time) for more of something you don’t need.

 

[Gallaher]

Sell it! This retirement thing is better than your told.

 

[Diogenes]

A number of us got serious about early retirement around the age of 50. Some have definitively retired, others are part-timing it, and others are beset with "OMY" (the "syndrome" of working for one more year, and conceivably, one more, and so on). Something happens around age 50-55, where youthful zest has waned, our literal accumulated capital now well-exceeds our so-called human capital, and it all feels a bit silly and contrived.

Much depends on one's family situation. Gen-X tended to have kids later in life. Folks who started at 35 would have teenagers in high school at 50, with college looming. That might mean postponing retirement until 55-57 or 60. Others may have elderly parents who require care. That could delay retirement (for financial reasons) or accelerate it (to serve as caregiver).

The OP doesn't provide much information, but it sounds like he or she isn't a family-person. This increases the freedom to retire, but also raises the burden of choosing wisely. If we have more responsibilities, say as parents or spouses or caregivers, we also have more requirements driving the retirement-decision. Our decisions are less personal and more event-driven. But having more freedom means more reliance on subjective and personal judgment, leading to fear, lest we choose wrongly.

 

[disneysteve]

Welcome!

“Scared to death” of what exactly? It doesn’t sound like you’re concerned about money if you retire.

 

[pb4uski]

Welcome. Congratulations on your success and being positioned to retire at 51 and do whatever you damn well want to do for the rest of your life. What is that, by the way?

 

[Koolau]

Welcome to the Forum, MikeSC. I agree that a bit more info would help us possibly help you decide what to do.

My gut tells me that you might still want to "hang on" to something you created - even though it's becoming a pain. Deciding what you really want can be difficult - especially when it means a total life change.

My dad never really wanted to give up the family business. Even after he sold it, he would still come in and "w*rk" for free. It was HIS baby, after all. Eventually, the new manager (my DW) had to tell him to go find a different hobby!

When I became financially independent at age 51, I could have retired from Megacorp. But I had carefully "crafted" my own position within the company and was now enjoying the fruits of my l@bors. I stayed 7 more years because it was now "fun" to go to w*rk! The day it was no longer fun, I pulled the plug and left.

Since you've got the finances w*rked out, you just need to get your head wrapped around no longer owning the business that you created(??)

Please keep us posted on what's happening and let us know if we can help you ruminate on the whole concept of changing your life. We're here to help.

 

[pacergal]

Welcome to the forum. Congratulations on your financial situation.
A book recommended on the forum and one I like is:
Ernie Zelinski "How to Retire Happy, Wild, and Free". It helps you think through what you are retiring to instead of from.
Have you run firecalc? Although it sounds like you have the financial stuff set.
Also, run through these questions in the Early Retire FAQ section:
Some Important Questions to Answer Before Asking - Can I Retire?

Feel free to ask questions here, there are many folks willing to share their knowledge and stories.

 

[38Chevy454]

Welcome to the forum. You seem to be in great financial shape to retire, but are you in great mental shape? Retirement is an opportunity to do what you want to do. But retirement also needs something to retire to. I think it is harder for those that have built up a business, since that is such a part of your everyday life, to change course and be retired. Ultimately yours is an emotional decision, not a financial decision.

 

[Out-to-Lunch]

Welcome aboard!

 

[MikeSC]

Wow thanks for all the replies and welcomes. Well....I'm scared I'll get bored mainly or have a heart attack lol. Thinking I could have made a few more million. My drive and ambition is definitely gone. Caused my divorce and some health issues from anxiety in such. I handled stress well till the last couple years. Now it does all kind of weird **** to me.

I just bought an RV. Would like to travel a good bit. Play golf in such. I should net 30k plus a month in income. Pretty good health, no meds, love to exercise. I think my energy is lacking because of work. Ive worked hard with little play. So it's time to play?

 

[disneysteve]

If you’re scared of having a heart attack, staying in a job you no longer like and where the stress has you burned out will get you there way faster than retiring and enjoying golf and RVing.

You’ll have 30K/mo in income if you retire? I recommend starting the process to get out tomorrow. Do what needs to be done to initiate the sale of the company.

 

[aaronc879]

Sounds like you should have retired years ago. What are you waiting for? No reason you should ever be bored. There is an endless amount of things to do especially for someone like you who has a lot of money. I have very little money and I still could never get bored as long as I have a laptop and internet connection.

 

[Drake3287]

I retired from the best job in the world (think ball player, astronaut, etc) at age 54 and couldn't be happier retired, best thing I've ever done. You only live once, take full advantage of it. To many of my friends have died early and only wish they had retired early.

 

[livingalmostlarge]

It's time to play! Go enjoy life

 

[pb4uski]

...So it's time to play?

Yes, it's time to play!

Here's an idea for you if you like to golf and travel. A friend of mine has a bucket list item to play a round of golf in all 50 states. He completed it a few years ago and added the Canadian provences on the US/Canada border for good measure.

 

[MikeSC]

I'm not sure I like golf that much lol. I decided to sign contract and move forward. Hard to pass up. It seems it will still take months to close and I will have to stay on a year.

 

[WhenIsItTime]

I'm not sure I like golf that much lol. I decided to sign contract and move forward. Hard to pass up. It seems it will still take months to close and I will have to stay on a year.

Congrat's! Some find work as great 'purpose'. So be it. Others, 'work to live'. I'm in the latter category. Once I knew I hit my number, I left the rat race quickly. No regret's leaving work. Retired at 47, 7 years ago. Since, I've been bored on about 6 different days. Those 6 days are my only regret!

 

[disneysteve]

I'm not sure I like golf that much lol. I decided to sign contract and move forward. Hard to pass up. It seems it will still take months to close and I will have to stay on a year.

Congratulations! That's exciting. I'm sure the process will take time and part of the deal is you staying onboard but at least you can start seeing the light at the end of the tunnel. Keep us posted.

 

[OK EE]

Not sure how big your business is (number of employees) but as a fellow business owner that is a partnership of 3, I will tell you if I could get out tomorrow for 7 figures I would. We're finding that it's tough to sell a business where the most valuable asset is the employees. Anyone willing to buy our business could legitimately anticipate 0.5-1M/yr with low effort in sales, but no bites despite interest from 3 or 4 industry adjacent businesses.

Get out now while you can.

 

[pb4uski]

I'm not sure I like golf that much lol. I decided to sign contract and move forward. Hard to pass up. It seems it will still take months to close and I will have to stay on a year.

It took him about a decade to do it. There were a few years that he would take a couple weeks, drive to an area of the country where there were a number of states on his list and play a number of them.

 

[ransil]

Our plan was to RV and golf or do nothing, We are on plan.
We purchased an RV lot that has a golf course onsite for our winter stay over then hit the road when the weather get hot.
We don't golf much on the road as our monthly budget is 1/10th of yours and we are cheap.

Stress for us is having to put pants on for the day.

 

[MikeSC]

At this point I'm taking it a week at a time. I'll figure it out as I go I guess. Who knows where I'll end up. But feel I'm 99% ready to go a different direction