if you have ever owned a business, you have daydreamed about selling it for a large pile of cash. It’s not really about the money, right? It’s about flipping a switch and having all the stress and headaches turn off instantaneously. However, for many business owners, this is nothing more than a daydream. When they run the financial scenario, the numbers simply don’t work. They will have to curb their lifestyle dramatically if they sell their business. See the numbers for yourself. Download the spreadsheet here. Many business owners who have sold their business tell us that they miss the perks of business ownership. Too many times, business owners forget the status and perks of business ownership because they are so focused on flipping the switch off of their stress and headaches. Read the Entrepreneur Magazine article “What You’ll Give Up When You Start a Small Business.” As a reminder, here are a few of the perks you will forfeit when you sell your business:
o If you don’t own a business, you may not be as important on a company board o Leadership positions within an association o Status as a company owner with friends and acquaintances o Business owners are viewed as thought leaders
- Meaningful work
o Sure, some of the work drives you crazy, but some of the work you enjoy o It’s nice to have a reason to get out of bed in the morning o It’s a proven fact that retirees don’t keep mentally and physically active have shorter lifespans
o Company car o Deductible meals o Event tickets and entertainment o Travel that’s half fun and half business
- Social interaction
o Retirement can be lonely, and there’s a team of people you already know and enjoy spending time with at work o It’s nice to have the occasional watercooler talk, and you have a built-in social group at the office If you can sell your business for enough money to retire comfortably, selling may be a great option. For many business owners, the numbers simply don’t work. If this is you, you are not alone. We estimate that over 70% of all small business owners will take a significant lifestyle hit if they sell their business. That’s why half retirement is such a great option. When you Half-Retire, you can always sell the business later, but you can also keep your income while ditching the headaches. If you would like to learn more about half-retirement, download the half-retire blueprint or take the Half-Retire short course.