What is a Graceful Exit?
Many business owners do not want to retire completely. When we talk to business owners, we hear statements like,
- I don’t know what I would do with myself if I retired
- I still like to keep busy
- I can’t sell my business for enough to retire
- My spouse would kill me if I were around the house all day
- There’s only so much golf I can play
What if there was another way to gracefully exit a business? There is, it’s called Half-Retirement™. Half-Retired™ business owners work a light schedule but keep their business income. Financially, this is a vastly superior deal vs. selling the business (read our article The 44% Rule). Imagine working a couple of half-days each week but keeping your current income. Why would anyone ever sell a business like that?
Just like any other retirement option, Half-Retirement™ is a process. To Half-Retire®, you will need to:
- Create Magnetism. You must have a powerful reason to Half-Retire® to create the motivation necessary.
- Remap your mindsets. Many business owners are a “certain type.” These personality traits and mindsets have served you well to build the business, but they will work against you in Half-Retirement™. You must remap unhelpful mindsets to Half-Retire Mindsets™ to
- Fix the Jenga Issue. Watch the Jenga Video below to see if you can pass the Jenga Test. Most cannot. Don’t worry; it’s a fixable issue.
- Releverage your assets. You will be removing a valuable asset from the business when you Half-Retire®, you. To stabilize your income, a replacement for this lost asset is needed. By finding hidden assets, you can fund your Half-Retirement™.
- Set the Autopilot. You will need to create processes to “manage in your stead” while you are Half-Retired™.
- Enjoy the spoils of Half-Retirement™. Half-Retired™ business owners who “do it right” enjoy life to the fullest. They travel, enjoy hobbies, spent time with friends/family. They do this while enjoying the financial, mental, and psychological benefits of business ownership.