Not all businessmen know what to do with their business, so they linger on in the business. Almost no first generation businessman has time to develop any hobby or even create a social circle outside his business. Of course many people in service are also like that, but for them there is “compulsory retirement” at a particular age, so they accept it – whether they like it or not.

So if you are a businessman you should start thinking about “moving on” from your business as soon as you can -financially speaking.

First of all you should make it like “I have earned it” and a pleasure. Many people leave it ONLY when they are forced to give it up. I see businessmen go on till they are 79, as well as people who give up at 65 years of age. Getting out of your own business is far more difficult than just retiring from a job. In a job you have been told at the age of 24 that you are going to retire at 60 years of age. Here, you have to figure it out for yourself – and it is far more emotional than you think. So start talking to yourself from a very young age about your retirement. One day you will want to give it up and slow down. You have built it brick by brick, and guided it to where it is today. If it is a partnership at least you know what your partners are capable of doing. If it is a sole proprietorship, you will have to figure whether your children are interested in running it, or will you sell it off to somebody. Even consider selling it off to your employees – if they are keen and capable of running it. At this stage, I am just telling you, keep all the options ready, and emotions aside.

Once you have chosen the date you have to start finding a buyer. It could be a transfer of a business, or piecemeal sale of assets. For many doctors today they find it difficult to sell their real estate along with their practice. No young doctor is able to fund the Real Estate at a young age. It is also very difficult for a young doc to buy the practice as a going concern. In such cases it maybe a longer process -with profit sharing for a period of say 10 years. Yes of course this is difficult, but in a city where the RE prices are not explicable such solutions are the only way to go.

Some businessmen find it easy to sell and Retire to some family retreat. However, beware one man who went away like this has come back to his family as he is ‘bored’. No, he does not want his  son to give up the business, but at 69 he has no clue what to do for the next 31 years!