In This Episode
We recently met a husband and wife who have owned and worked together in a business for nearly three decades. They were exploring the possibility of selling their business and retiring. When we asked them what they were going to do after they sold the business they both had a sheepish grin and said they were going to “relax and enjoy life.” They want to do a little traveling and spend time with the grandkids, but the basic driver is to get relief from the day-to-day running of the business.
Their story is not that uncommon among small business owners who yearn for a time when money won’t be a factor. Whether they refer to this as retirement or financial independence or something else, the business owner will often fantasize about a time when she doesn’t have to make all the sacrifices required to run a successful business. Or deal with all the day-to-day stresses of having to do things like make payroll and satisfy customer demands. But what do you do when all that stops and you don’t need the money any more? Then what?
During the show today we shared several personal stories as well as those of our clients who have wrestled with these very questions and have come to realize they need to spend more time figuring out what they want to do when all the activity of running a small business goes away. It’s not as simple as riding off into the sunset or living happily ever after. Figuring out what you want to do with your time when you don’t have to make money after a lifetime spent on that focus can be more difficult than you might imagine.
Like many things in life, experience can teach you a lot. We encourage all of our coaching clients to engage in things outside of their business which provide them fulfillment. It could be hobbies or volunteering or other potential business interests but the key is to get engaged in doing some different things and see how it fits. So if traveling and golf are key hobbies for you, try to do more and more of that and see if that is something that provides you the fulfillment and joy you’ve been searching for. Or finally make some time to volunteer with that local charity you’ve been promising yourself you’d explore. Whatever it is, the key is to find time to start doing these things vs. just talking or dreaming about doing them. Until you try it you’ll never really know.
People, Companies and Resources We Mentioned in the Show
- FedEx (https://www.fedex.com/en-us/home.html)
- UPS (https://www.ups.com/us/en/Home.page?)
- Amazon (https://www.amazon.com)
- Austin Powers (https://www.imdb.com/title/tt0118655/)
- SCORE (https://www.score.org)
- Good Knights of Lorain County (https://goodknightsoflc.org)
- Warren Buffett (https://en.wikipedia.org/wiki/Warren_Buffett)