Over the last few years (since hitting 50) this has been on my mind more and more. I have found that since I started thinking about it (beyond stuffing money in a pension) the more out of love i am becoming with working.
Its like the end is in sight but I just can’t quite touch it. More and more things are beginning to piss me off about work. It feels like the death throes of a relationship when the way your partner chews their food irritates you when it hadn’t been a problem for ten years previous
So now I want out as fast as I can wangle it.
Then comes the big questions, how much do I need, what will I do with the 50 odd additional hours a week etc
If you worry about growing old you’ll hasten the inevitable. Adjust the excesses and live on what you have. I have no credit cards, just a Debit card that feeds off my pensions.
I now get a Pension
It is £12 a month.
But I had a job thatbket me do most people’s dream retirement free of charge between the ages of 40 and 50.
A different set of questions than income.
Is the roof over my head safe stable and paid for?
What actually are you going to do?
Everyday. Every fucking day.
More than money you need targets and objectives so time can be filled by plans.
You will have done them everyday for work
Doing them for yourself fills a hole and doesn’t cost money.
I have a mate who got an electric bike that was his plan, a year on he doesn’t ride as he has been everywhere.
I keep sane planning shit. For me, Mrs P_F MiL.
They never think of stuff
You and me, both CB!
Basically, I fucking hate work now and want out. I co own a business, so it’s not so easy as giving notice, but fortunately other owners think the same as me (relentless persuasion worked!).
I’ll love having the time to do what i want. Already got it planned - fitness improvement, online courses, take up hobbies (guitar, piano, photography, art, writing), travel, will do some volunteering. Aside form the obvious redecoration of the house and redoing the garden. Also, Golf. I’m shite, but got three mates who’ve retired recently and we’ll play more regularly. I’ll have to look after elderly parents, but they’re local, so hopefully won’t be too difficult.
On the money, i guess it is all down to personal circumstance. For me, i’ll have small mortgage which is serviceable. Pension is OK, investments / savings are OK and what i can walk away with from the business will be OK. Should give me enough.
I think people over estimate how much they will need. Financial advisors and pension companies paint a picture of sprightly 80 year olds prancing around tennis courts before jumping on a cruise boats and giving their 12 grandkids deposits on houses, saying you need fucking loads of money. All bollocks. A lifetime of work fucks you up, generally. I’ll be lucky to make 80 anyway and if i do i’ll be grateful to be able to get to the bottom of the garden without shitting myself or wondering where i am.
I’m not worried about it, I just want to get out ASAP.
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My pension is average but enough hopefully for me to retire at 62 possibly earlier, can not wait to go, avc’s are the only way if you can afford it, state pension will be a joke for possibly our generation but defo for our kids.
After the advanced fire fighting course done today i did not think they meant advanced age fire fighting course. I will not be doing another. So yes it,'s coming
I have grand plans (desperate hopes) of binning off working full time in healthcare in the next 5-8 years (I am a spritely 47). I reckon we will get our house paid off in the next 3-4 years, then whack up my pension contributions to around 40-50% for a few years, then go part-time for a couple of years and then get my foot in the door for some cushy part time work like playing with puppies or beer taster or quality control for xhamster, anything that means I can get paid for my hobbies really.
I sold my business and took 6 months out last year. The time off was nice, but in the end I had too much time on my hands. I now work 3 days, earning enough to cover living costs. The main upside is having 4 days off a week, and much less stress.
I’m 53 and will keep this going for another 5 years, then re-evaluate, but I feel too young to retire at the moment.
No - unfortunately I am not the majority shareholder so I am somewhat wedded to someone else plan
However, I have promised myself that on my 57th birthday, I am handing my notice in and retiring, sale or no sale. I am not reliant on the cash from the sale so I am in a good place. If the business continues I will get some wedge from dividends / if it sells, l am in clover
Running a business is just to fucking hard for the returns these days.
How easy was it to sell your business? I am often contacted by companies who promise to find me potential buyers for mine, who will pay a Kings ransom, but it is generally bollocks and they’ve got no clue. Did you spend a long time touting it around to potential suitors?
Running a business is certainly harder than it was. Hopefully you’ll get bought out and get some cash for the hard work.
I’ll be 57 next year. Seems to be the right age to do it. I don’t mind some elements of work, but don’t like the situation I’m in, so I might try and do some consultancy, but on my terms. Or I might just fuck it right off and do nowt except get pissed every day and go to loads of away games!
we have a NED who has done multiple transactions and knows what creates value - he has forced us to take a hard look at ourselves and make some really difficult decisions
It’s the right thing to do but we are taking a couple of steps back to go forward
IMHO (based on managing the exit of a 15m business to a private equity company ( sadly not mine ) but same principles apply to any small business) How easy yo sell? All depends. Biggest factor as you know will be the current economic climate and whether suitors would need to borrow or leverage assets to finance the purchase.
Most folks looking to buy want to see growth potential… so can you demonstrate a 5year plus consistent growth in EBITDA? Some small businesses may attract buyers who just want to take over and continue, but its better for your remaining staff if they see a solid future for themselves as well).
You also need to be realistic about the impact of you leaving the business. Is it relationship led and do the main clients see you as the main man or driver of value? so having a clear and documented succession plan in place is critical (although this can be the incoming purchaser etc)
Surprizingly, many well established small businesses often forget the importance of the back office. The better the admin, Finance, HR, CRM and SoPs and importantly how these are monitored and associated KPIs etc (all the boring stuff) can add an additional EBITDA multiplier to the value of your business.
Apologies if this is all known to you already, but getting this stuff right makes it more attractive to more buyers.
) but same principles apply to any small business) How easy yo sell? All depends. Biggest factor as you know will be the current economic climate and whether suitors would need to borrow or leverage assets to finance the purchase.