I help people sell their businesses and I talk to lots of retired people. One of the tips I get from those people who have sold their businesses and retired, is that you need to have some compelling hobbies or retirement is going to be very boring.
A person who built a business is often a driven person who enjoyed their work and may not have taken time to work on hobbies. When the decision is made to sell and stop working, the business owner will often experience a sense of loss very similar to losing a loved one. The retired business owner is a person who has given up work that they enjoyed. The appeal of retirement is not the same for a self-employed person as it is for someone who has worked at a job that they did not like. Those commercials about freedom 55 don’t resonate with people who enjoy what they are currently doing. They are not waiting for retirement to come along to start having fun.
If you are considering the sale of your business, make sure that you are also considering what your day is going to look like once you no longer have a business. You should start working on some hobbies now.
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