Author Topic: Drastically Change Service Business/Professional Practice after FI?  (Read 1763 times)

weston

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Anybody out there keep their Service Business or Professional Practice after reaching FI?

 I've always thought that I couldn't wait for retirement (early or otherwise) but now that I have enough money (at age 61) to retire I am stunned by the fact that I am thinking more and more about keeping the practice going. I don't have much in the way of hobbies (at least not enough to fill up the days) and all my friends are still working. I also want to be able to contribute somehow and feel that the best way for me to do that is through doing what I'm an expert at.

On the other side of the coin I certainly could do with a lot less stress, especially now that I don't really need that kind of money. When I spoke to a friend about this, his response was "Oh. You want a gentleman's practice. That's easy. Just keep raising your fees until you have a caseload you are comfortable with."

While I see the wisdom of that attitude I'm hoping for some more specific steps/advice from anyone in the forum who has reached the point of "Okay. I have enough to retire but instead I'm going to finally make this into my dream business". I know that this is definitely a "your mileage may vary" question based upon an almost infinite number of variables but nonetheless, if you've gone down this road already what were the most important actions and mindsets?

Sibley

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Um, get some hobbies? Volunteer? Do pro bono work for a good cause?

projekt

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If you don't want to keep doing the same thing, you can go "boutique" and charge a lot of money until you have hardly any work to do, or you can do like this guy did:

http://articles.chicagotribune.com/2012-08-21/news/ct-met-five-dollar-doctor-20120821_1_medical-care-fee-dohner

Drastically reducing fees to where it covers just the overhead and your minimal staff. Then you can still choose to see only cases that you want to see, and it's more like a charity.