The High Cost of Waiting
There is a particular client that will probably stick with me for the rest of my career, he worked very hard and had amassed considerable wealth and when he finally decided to start the process to transition into retirement he passed away unexpectedly.
He could have started the process when we first met over 10 years ago but he said he wasn’t ready to retire and had too much on his plate to even spend the time it would take to getting things ready.
So he continued to work, build his business and made even more money. When he passed away his personal net worth was in excess of $3 million, of which he will never get to spend.
In reflection, I believe his delay in starting his retirement was based on fear. It wasn’t the fear of not having enough money, it was the fear of not knowing what to do with himself once the day-to-day work routine ended.
After all, he was an important person to his employees, suppliers and customers. People wanted to meet with him to share new ideas and get his approval, what would it be like when this was not longer part of his routine?
There are two important parts of making a decision; they are the logic and the emotional. Between the two, the logical is actually the easier of the two.
For a Blue Collar Business Owner™ to retire they must first get their business ready for sale, meet with their lawyer, business valuator and accountant, find a buyer, agree to the terms of sale and sign the contract. Easy right?
Well for the logic side it is, but it’s the emotional side where all of the delays happen. Not only are you worried about the selling process, but you are also concerned about employees and how your business will maintain its reputation that took decades to build.
It was emotionally tough when you started your business and it will be emotionally tough when you sell you business; but you will get through it.
Selling a business is actually easier then starting one and you are in a significantly better financial situation now and your only concerns going forward to should be figuring out new ways to have fun.