View Full Version : Exit Plan
07-20-2001, 09:00 PM
Everybody has a business plan, right!
What is your exit plan?
I have a goal of being able to retire in 20 years (+/-)
I have a 3 year old son. Maybe I'll bulid a mowing dynasty for him.
Or, I might just sell and retire a bit larger.
Or, I might just continue cutting until they pry my cold dead fingers from my mower.
07-21-2001, 01:25 PM
No matter if you have the full view of your future yet or not, investing pays off. Definetly look into a Roth IRA and other mutual funds to make sure when your time does come, no matter what you decide you have your arse covered.
I would hate to spend my whole life building a business up and then have a son, nephew, grandson, etc not want to take it over FOR THE RIGHT REASON. I would love to hand the key over to a son someday, hopefully he wants to take the business to the next level. If thats his choice than I will step away and only get as close to the biz as he wants me to be.
Everyone needs to know when its time to quit. If you start saving now, you'll be able to know what age you can quit at, and hold yourself to that plan. Why work hard all your life just to die doing it, you have to sit back and enjoy some of that green you made all those years. If your not making or saving enough to do that, your doing something wrong!
Hope this helps!
07-22-2001, 09:23 PM
While at EXPO I had a conversation about this with a gentleman who has been in this biz forever and known many industry leaders through the years. His observation was that when many of these owners 'retire' they do so with little to show for their many years of effort. The business sells for much less than one might think---market volitility and used equipment keep the prices low. Unless they owned land, they didn't do particularly well when they exited. Also, I have observed a prominent nurseryman in our area prosper because he had the discipline and wisdom to purchase land instead of leasing it. As development increased in the area, he would sell and buy more land further out. He went from renting an apartment to live in to building a large house on 50+ acres.
07-25-2001, 01:58 AM
Thanks for the replies!
Good investing and saving info!
The "mowing dynasty" thing was a bad joke. You are right.
You said "why work hard all your life just to die doing it"
Retirement is a known killer.
With that said, I beleive you gotta stay active. Mentally and physically.
Retirement requires planning.
I was cleaning up today & found an article that referred to a life plan. It made me think that as hard as I have worked on my business plan, it is only part of what should be a life plan.
Real estate seems to be a great investment.
And you can live there!!!
(I've got some work to do before I become a property owner)
Thanks for the help!
07-25-2001, 09:23 PM
Gonna keep running it as long as I am having fun or someone makes me an offer I can't refuse........and right now I am having a ball! :D
07-31-2001, 12:42 PM
I have always intended on early retirement. Started a 403b @ work @ 24. This year also started a Roth for myself and wife - maxed out for this year but contributions go up to $3k next year - thank God for Bush. Own 79k on a 175k house, sending 3x payments goal to have paid off by 35 (just turned 31).
Key to sucess
Invest 15% of income
Get out of debt
Cut up ALL credit cards
Payoff house early
08-10-2001, 01:15 AM
Actually paying off your house early is a very bad idea. Early on when you have a much higher proportion of intrest to equity its not a bad idea, but also not a great one. Folks who paid so much extra in their house during the 90's missed out on huge cash that could have been made in the stock market. Also if you want more money when you retire then stay in the same house until you own it! Look at a principle/interest chart and you will understand, plus those realtors make a killing on you.
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