FIRE Consultant

[SUP]

I think I am ready but need help with the transition. I would like to know if there are any already FIRE people out there that could help me with this. I know I could post the whole thing in a case study but I honestly don't want to share that level of detail on the interwebs. I have employees, liability issues, and other reasons not to have my $$$ info online. The ideal FIRE consultant for me would have the following experience:

-Owned and sold a business for over a million
-Has kids at home still (sorry but I find the advice from single people or empty nesters to hardly apply, future financial requirements change a lot when you have kids)
-Has Real Estate investments as part (or most) of income/investments
-Has made the switch within the last 5 years

I thought long and hard about a case study, but just can't do it. I have read a ton of them. I haven't had a job for over 12 years. A lot of the employer-401K-pension-COLA stuff doesn't make sense to me because I am not in that world. I have a lot of employees but its different. I can grow the business and increase its eventual sale price seemingly forever, but I am ready to move on. I started traveling with the family 6 months ago to see how the business would do without me. I have managers in place. It has done better than I thought. I had all these nightmare situations where I thought I would have to red eye back and save the day, but so far its been pretty easy. It has opened my eyes to being RE. I love it. I think I am done, but I want help with the transition from someone who has walked that path ahead of me. Oh and I don't want any replies that say "If it is so easy why would you sell it." I am getting offers and I want to make sure I can FIRE with the sale.

PM me if you'd like.

[Thegoblinchief]

I'd try PMing soccerluvof4. He fits the bill of every criteria, though he's just now liquidating his business.

[SUP]

Thank you

[RootofGood]

You might try early-retirement.org. 

The crowd there tends to be a bit wealthier than here.  Plenty of multimillionaires (and single millionaires get told we're stupid occasionally ;) ).  Some business owners, some who hold significant real estate.  Though retiring with kids (like I did) isn't very common. 

[SUP]

Lol that is funny. I'll check that out too. It is just something I do not want to mess up.

[CDP45]

Might want to talk to an actual consultant or valuation shop that has experience in your industry. If you're the sole owner, that makes succession nearly impossible especially if you want to get out soon. Consultants can help advise the best way to make some changes that will result in the best EBITA, and final price.

Maybe start thinking about potential suitors, the sooner you start should yield more flexibility, and it sounds like you don't want this to drag on so sale seems like the best exit path.

[Retired To Win]

Sounds to me like you need more than one type of specialist/consultant.  A person well versed in business valuation won't necessarily be proficient at managing real estate.  And that expert won't necessarily even understand the mental and financial mindset that makes for a psychologically successful FI/RE plan.

Good luck.

[SUP]

You are both right. I have talked to a few biz brokers and other "consultants" and I am finding it is difficult for them to understand what I am doing and my industry. I'm still plugging along and each month the value and my net worth increase. I'm not in a huge hurry. I just think I could be FIRE if I do it right. I actually made a list of things I would do if I was done and then decided to just start doing them now. This has been interesting. Its funny how we have these things that we think "when I retire, or when I get to $XXX of money then I will Y" and when I write those things out I find that I could do most now. For example: volunteer at the kid's different camps and events, grow a full awesome beard, spend more time with the family, exercise through activities more like paddle boarding and swimming instead of the gym, and BBQ more.

Lifestyle stuff. Why was I putting it on hold. Lol

[dess1313]

Its funny how we have these things that we think "when I retire, or when I get to $XXX of money then I will Y" and when I write those things out I find that I could do most now.

I totally support this.  I work in healthcare, and we are not always guaranteed tomorrow.  I see people my age (and younger, i'm 30) end up super sick and in hospital.  Those plans of 'one day i'll do' this or that may not work.  So I'd rather start now doing things (and have) while starting to save for my retirement harder (hopefully retire earlyish) and not focusing on just one.  I'd rather balance both together. 

Is there anyone in your company that is interested in taking over and buying you out?  Sometimes the top couple people are interested in being their own bosses.  I've had a few relatives do something similar.  Maybe its too big for that sort of idea.

[SUP]

Its funny how we have these things that we think "when I retire, or when I get to $XXX of money then I will Y" and when I write those things out I find that I could do most now.

I totally support this.  I work in healthcare, and we are not always guaranteed tomorrow.  I see people my age (and younger, i'm 30) end up super sick and in hospital.  Those plans of 'one day i'll do' this or that may not work.  So I'd rather start now doing things (and have) while starting to save for my retirement harder (hopefully retire earlyish) and not focusing on just one.  I'd rather balance both together. 

Is there anyone in your company that is interested in taking over and buying you out?  Sometimes the top couple people are interested in being their own bosses.  I've had a few relatives do something similar.  Maybe its too big for that sort of idea.

I love the "ish" in your earlyish. I am the same way. I'm pursuing FIRE but not in a way that I don't live now as well. It is interesting you mention the top people. I am kicking that around right now and might have something close to that. Also talking to a competitor that is a friend. A good transition would be best. I want a win win WIN!

Thanks

[dess1313]

I'm stuck with a magic 80 pension plan.  Means i have to work another 22 years to get a full pension without penalties.  but i could work another 22  years at full time, or .7part time or .5part time. 

I look at working .5part time as being almost retired, (hence the earlyish) and having them pay for all my hobbies/living expenses while not touching my reserves, and still building my future pension.  Bit of the best of both worlds.  Glad to hear you're trying your best for a peaceful succession.  Its a great thing if it can be done for everyone