[Gary]

The first step is to sell your business well before you retire. I just sold my biz at age 43.

Will be working for the larger company for many years until I do stop working or do other investments.

Gives you some room to sell and help the new owner for a short or longer period of time.

Really depends on your industry and if they need help running it.

[John]

I think it’s a bad idea to remain in any substantial ownership position in a service business after you’ve left.

It may jeopardize the business by building resentment from the other owner(s) (or managers if you continue to own all or most of the business)

that will continue to bust their hump every day, and as time drags on, they may grow quite irritable that the absent, vacationing, retired prior owner is still taking 10, 20, 40, 60, 100 % of the profits (whatever the case may be).

If you want to capitalize on the risk and time you’ve put into the business, then arrange a buyout by your successors.

It can be a slow buyout over a period of years, or a financed lump sum, just as long as the new owner(s) knows that they are just paying you off over time, and that you are not a permanent profits-sucking feature of them remaining there.

[Paul]

I owned a mom n’ pop retail store that I started 31 years ago. I sold it 5 months ago and retired at the age of 53.

I have no desire to go back to work and am looking forward to more traveling and longer vacations (never could get away for more than a week) while I’m young enough to enjoy things.

My son is going off to college in less than two years, and my wife is a breast cancer survivor, so we try to live life to the fullest.

Some days, though, it’s also good to be lazy, so I enjoy that as well.

[Sara]

You could also consider selling a percentage of ownership. It comes with risks, so needs very careful consideration, but could also get you out of the business while maintaining some upside.

[Dan]

Take it step by step and hire a manager to run it to begin with, you may need to try several people.

You will probably not want to leave completly,just cut back on hours and have a bit more freedom.

I like to keep my businesses for the income streams.

[Mindi]

Hire a CEO. It’s best to still be involved in some aspects of the business otherwise he/she could drive it into the ground and then you own nothing.

The book “The E-Myth” might help you.

It’s based on the premise that EVERYTHING that needs to be done to keep the business afloat and thriving is written down so a dummy could follow it, thus eliminating your need as the owner to check in everyday.

[Author]

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