If your business is turning a profit, it has value. We ran our business for 20+ years and we sold the business sans equipment, leases and facility. So basically we sold our customers. Because of extensive construction in our immediate area (8-10 year freeway rebuild project) selling it as it was would not fly... we tried. But we got good value out of our equipment, and the business buyer paid us up front cash and 15% commission on sales for 5 years. We made more money over having just sold it as an operating entity, although it was spread out over 5 years.

I mention all of this as I encourage you to seek all avenues to extract some cash out of business you've built over the years rather than just walking away. You worked hard to build it, and with the right minded buyer it can be a win win.

quote:

Originally posted by BBMW:
Wreck,

A question: Do you need to get money out of the sale of the business in order to retire comfortably? Or are you just worried about cutting off loyal customers you've had for decades?

I'm quite sure I will be alright, but I worry about my customers as there are many shyster plumbers out there.

quote:

Originally posted by Boat Fun:
Just one thing to consider. You are 64, not sure of your wife's age but I would strongly consider waiting until you are both 65 so you can get Medicare. Private health insurance is extremely expensive! Even Medicare is not free especially when you add a supplemental policy! Just be aware and check prices!

My wife is 9 years younger than me, works at a local utility company that covers both of us medically.

No sense putting off planning till the last minute.

As long as you keep dabbling in work you are only partially retiring. It sounds like that is what you're interested in doing at this point. If/when you decide to retire let all your remaining customers know then change your phone number.

You can calculate projected benefits at www.ssa.gov

Create a login if you have not already.

As others have said, bring on a younger journeyman plumber you trust as an "assistant" with the intent on having him take over the business.

quote:

Originally posted by wreckdiver:

quote:

Originally posted by BBMW:
Wreck,

A question: Do you need to get money out of the sale of the business in order to retire comfortably? Or are you just worried about cutting off loyal customers you've had for decades?

I'm quite sure I will be alright, but I worry about my customers as there are many shyster plumbers out there.

I am self employed and have a successful business. What I've seen other older people do is hire someone (or more than one) and train them, go with them on service calls for a few years and be a helper fetching tools, parts, advice etc. Then when the time came they sold them the business on a monthly payment plan. IF you just want to get out of the business right now, sell the business to another plumbing business or individual.