Think twice before you sell your business
Make sure you have something lined up after you sell out, or your only choices are 1) Wino, 2) Junkie
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I used to joke that after I leave the business, I have two choices:
- Wino, 2) Junkie.
I said that in jest; little did I realise those were going to end up to be the only options I could actually see.
I'm not a family man; I'll probably never have children. Maybe the the situation would be different under that circumstance.
The point remains: Retire without a plan, and you may regret it. After six months of jollies, travelling, raving, and ticking off the bucket list, then what?
If I have one regret, it was selling my business under pressure and having no plan whatsoever (other than the fantasy of living in Ibiza, which lasted six months). I should have had a plan for the next chapter.
Now, this probably only applies to selling out younger. I sold out at 34 for an amount higher than the majority of the net worth of the top 10 premiership footballers - this is a rare position, so my opinion may be tainted.
However, I spent a lot of time on retirement forums with those aged mostly 50+ who seem equally depressed with their decision.