Half-Retirement™ can be a life-changing financial decision for a business owner, but you can blow it. We have seen perfect candidates lose many of the potential benefits of Half-Retirement™. There tend to be four types of business owners who pursue Half-Retirement™:
- The Dreamer
This person runs the math and loves the concept of Half-Retirement™. However, two years after saying, “I’m Half-Retiring™,” they have not made any significant progress toward being Half-Retired™. Other than a cool Half-Retire™ polo shirt, the Dreamer doesn’t have much to show from their Half-Retirement™.
- The Turtle
This person says they will Half-Retire™ and they mean it. They take immediate action. Usually, they make significant strides towards Half-Retired™ status early in the process. Then the easy victories are won. As the Half-Retirement™ process gets more intensive, their commitment wanes. They stick with the plan, but it takes years instead of months. When the owner was 45, an extended goal time frame wasn’t an issue, but in Half-Retirement™, slow progress can cost millions or even the failure of the business. This person needs to fully commit to Half-Retirement™ or be prepared to live with the consequences.
- The Jack Rabbit
Also known as a “check next’er,” this person gets the concept of Half-Retirement™, has good people they trust, and quickly removes themselves from the business. They forget that it took them 20 years to learn their job and that turning over key aspects of the business is a process, not a decision. This business owner needs to be more patient and make sure each step in the Half-Retire™ process is fully functional while avoiding the tendency to “check-next” things.
- The World Traveler
Also known as the Executor, this person has both urgency and patience. They follow the Half-Retire™ process and avoid the typical business owner tendency to “check-next” items. The rewards of their stellar execution are many. They enjoy stable income, plenty of stress-free time off, a happy staff, and a valuable business asset.
Most business owners seeing the Half-Retire™ concept for the first time have understandable enthusiasm for the personal and financial possibilities Half-Retirement™ creates. For many business owners, Half-Retirement™ is the only good option to provide both the requisite income and time needed to retire with gusto.
However, Half-Retired™ is not just a phrase; it’s a status – a state of affairs. Your business ownership process either qualifies you as Half-Retired™ or it doesn’t. Feel free to throw around the term Half-Retired™, but if your business is still stressful and you still have a job (where you are needed badly) you are not really Half-Retired™. To be Half-Retired™ you have to execute the plan in a timely fashion.
We are here to help if you need it. Drop us an email with any questions!