Life in the fast lane... that's no longer an inciting movie title, it's our daily reality. We live the heyday of technological innovation and speed is center stage. The wave of rapid changes has significantly contributed to our social and cultural development and, though it brought on an array of positive developments (think medical progress, education, work mobility etc.) it also turned 'burning the candle at both ends' into a way of life.
Changing Models
Remember the days of retiring from a job, the same job you've been doing for the past 30-something years? Gone!
Remember the standard 40-hour work week? (almost) Obsolete!
These 'dinosaur' models were pretty common until not so long ago but, change is only natural and applicable to everything and everyone. Today, you can be 20-something and have your own (most likely tech) 'empire', with a fully developed operational infrastructure and significant number of employees. But that's not the only valid scenario (or industry) out there; businesses big or small are now successfully ran by young entrepreneurs.
Yet, starting a family, exploring the world, saving time for personal growth and health-maintaining habits/activities are only natural as well and the more invested in your business you are, the more difficult balancing everything becomes. If you were to couple these facts with the current, speedy rhythm of life, you'd get the textbook definition of 'stress' immediately served.
When you set up a business and turned it into a 'smooth running machine', you can go about maintaining the same level of profitability (or top it) in different ways. Continue to put in all needed resources (time, brain-power, money) yourself or consider half-retirement.
One Step Ahead of the ‘I have to’ Moment
When all is said and done the bottom line remains the same: your business represents the very fruit of your labor and you want to be able to capitalize on it as much and as long as possible. Consequently selling your business may not be the best way to do that. But what if you could put in place a scenario where you worked some two half-days a week (on what you choose to), offload the tasks that you dislike, while maintaining a dependable income source and business assets?
This is where the half-retirement alternative comes in to pitch the solution, provided that you are willing to transfer your company's dependence upon your constant input to the know-how and expertise of other people.
Like every other system, half-retirement best functions when its rules of engagement are respected:
· switch from a working-owner to equity-owner mindset
· shift from an owner-centric to an employee-centric business
· prioritize operational systems over people-based one
· work within a reinforced, daily methodology aimed to protecting your capital
Yes, modern society makes room for retirement in your 30s or 40s. Nonetheless, before you make your decision, carefully weigh in the significant financial benefits and exit options the half retirement model makes available to more mature business owners.
Conclusion
There are many ways to monetize your business. Some trigger complete separation (selling); others allow that you avoid disposing of an income-generating asset for less than it's worth and enable you to maintain contact with and get constant revenue feed from the business that you have so passionately created.
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