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Value Creation Blog

You Say You Want To Retire…Retire to What?

Posted by Josh Patrick


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You might be thinking that is time for you to retire. So my question to you would be, “Retire to what?”

Retirement is supposed to be a joyful time of your life. For some, this is true. At the same time there are too many people who retire or sell their business and wish they never had. I don’t want you to be one of them.

How are you going to fill your time?

Right now you probably are working 40, 50 or maybe even 60 hours a week. That’s a lot of time for you to fill in retirement. You need to ask yourself when I stop working how my going to fill that time?

This is not just an idle question. If you don’t have a good answer for this, you might want to rethink whether it’s time for you to leave your business or not.

Start putting together a life after work well before it’s time for you to leave.

Several years before you decide to leave your business I want you to start experimenting with putting together a life that doesn’t include your business, your business contacts or business friends. You see, there is a very good chance that many of these people will disappear from your life.

This doesn’t mean these people don’t like you. And it doesn’t mean that you’re a bad person. It just means you’ve moved off the radar screen and as a result your phone will stop ringing.

It happened to me and when you leave your business there is a very good chance it will happen to you. Don’t be blindsided. Put together a life after work well before you leave.

Moving away from pain is one thing…..moving towards joy is another.

I’m always surprised at how many people say they’re burned out from their jobs. I’m especially surprised when I hear this from a business owner. All that tells me is that you may not have done a good job of managing what you’re really good at versus what other people should do.

Why don’t you work on this problem for a while and you might find that your need to leave your business is not nearly as big as you thought it was.

Here’s what I want you to do:

  • Find at least one outside activity that will take 3 to 10 hours per month of your time.
  • Write down a list of 100 potential things that you can do after you’re no longer involved in your business.
  • Have a conversation with your significant other about your list and see which of them your significant other thinks you would be good at.
  • For the next year become a joiner. Take the five most attractive items on your list and find a way for you to test the waters with each of them. Then be honest with yourself and think about whether they’re as satisfying as your work.
  • Make another decision about whether it’s time for you to leave your business. If your alternate isn’t a better future keep your business and work on your better future…..that is if there is one for you.

This list of six items is just a start. I know that 100 items seem like a lot but I want you to stretch and I want you to think about things to do after work that just aren’t very obvious.

Now that I’ve made you depressed, while don’t you click here and send me a note about what you’re thinking that you’re going to do when it comes time for you to leave your business. You also could click on the button below and download our workbook that helps you think about transitions in your life.

 

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Topics: retirement, life after work

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