Roe,
I’m thinking hard on this one, if I were to pay someone directly he probably wouldn’t have much issue but the issue would be that person would be doing the “bosses” job and would be hard for me to intergrate them into my crew and them have the respect of my employees so could create another issue and employee for myself but I’m still working on exactly when, and for what I would need that person for to optimize my time.
RockeTree,
He knows where I stand with early retirement and my dreadfulness towards the public but I don’t think he understands the severity. Anot 2 years ago I took a month and just traveled across the US, I was burnt out then. Now I’m to the point of planning the exit. When I was traveling I had this sense of peace that I don’t feel in my day to day which I’m sure most people are the same way. But to know everything is fine, financially, no stress, doesn’t matter where I end up or at what time. It was just amazing, my first taste of that other than a 1 week vacation once a year. To buy me out is his option the first right to refusal but I’m not sure he could, and honestly to run our restaurant it takes us both. Wel to run it well, takes two people with the drive and understanding to make it run smooth. Without another person to take my place that is truly an asset I honestly feel the business would fail or greatly fall in profitability. So I wouldn’t want to finance my half of the business to him in payments which is the only way he could be buy me out. But I may explore this further in the coming months.
Asaure,
I wish it was that easy! Being that it’s a restaurant I can’t pick and choose customers, anyone is welcome. Be it the overly opinionated lady who used to “be a chef” and can do what I do much better than me, to the pleasant man who visits every Tuesday for dinner that I sit and talk with each time. It takes all kinds of kinds. It just seems like as the years have went on people in general have became harder to deal with, to please, everyone thinks they are the only person on earth. And their inconsideration for the people around them gets to me. I was hanging out with me 7 yr old niece the other day and I ask her where she wants to get lunch, she says my place, so we go and get a seat and are having a conversation about how school is and this and that, and a two women walk up the isle beside us, cussing, screaming, acting like total fools in public at my restaurant. They didn’t know I was the owner, but that’s not the point. A lot of people just don’t have decency about them anymore. And I don’t like to be around it.
RobFIRE,
That’s a big worry for me, we will get married and start a family so sure right now I’m lean and doing well but I’ve got no idea the costs that kids bring and how that changes my outlook or security. I’m confident I could make do with what I have, and I’m sure I will do something else part time to make money. I’m confident that whatever I decide I’ll find my path with it. The thing is right now I don’t have a family, so if I were to retire. What would I do? I have hobbies but I enjoy them because they are hobbies. My friends would be at work lol. I’m sure I would figure it out but I’m just not entirely sure that NOW is the time ya know. I would offer him more than 50% but that 50% goes to everything. So we split our time there. Our time off. Cash. Everything. So if he went to 75% and me 25% he’d be there most of the time. And if he wasn’t there then why did I give up 25%? The time really isn’t the issue, it’s the people. I donate a lot to charity currently and would like to in retirement but I would have to give it a few months to see how it really goes financially.
Jlcnuke ,
Currently I have no health care, so that’s another issue I need to focus on. Although I’ve not been sick in about 13 years you never know what’s going to happen. And I’m sure life changes will happen, I think instead of focusing on retiring as someone with no kids I need to run my numbers as if I had a family and all and build to that for security before I retire. As far as a more luxurious lifestyle goes I think I’m pretty good, without carpayments and housepayment other bills are pretty low. I enjoy building things and being outside so there’s a lot I do that doesn’t cost a lot of money, hike, kayak, hunt. Ok hunting costs way to much lol. But 20k is just kind of a basis, if I were to stay with my rentals bringing around 40k a year. And draw down on my stache 20k a year it would last 25 years and I’d be living off of 60k a year which is way to much for me. So that’s what makes it realistic to me. I would live off rental income, then dip into the stache if need be. If it became to often that I had to pull from the Stache I’d reevaluate my spending moving forward.
MrThatsDifferent,
I understand, and I’m getting more comfortable with the not being scared part it’s just to break the cycle of working for years and years to retiring at such a young age take a minute for me to wrap my head around. I know things will be fine with whatever happens, there may not be a “right” thing to do, as hire a manager, sell part of the business etc. just trying to find the option that is best suited for the situation.
SC93,
I’ve ventured out and started a sporting goods store on my own and then later sold it and I own property on my own so I’m down with doing my own thing it’s just for the type of business we run it’s not a 1 man job at the scale we run at, it would drive one man insane. He and I own property together because we purchased it with the intention of moving our restaurant there because our lease was up at our current location and the owners will not sell to us. That didn’t happen so we rented to property out so now we just own it together. Which isn’t terrible my partner and I are great friends, we just SEE things differently. He doesn’t want to put management in and have a checks and balances system to keep it all straight and actually be the OWNER he wants to work in his business. I’m not sure he wants to, he just doesn’t see another way. He doesn’t see the big picture at all. And I do, so it’s aggravating when I’m dying to make these moves. If we were to restructure the operations where we weren’t so involved and could back away and just over see the restaurant I would be down to stay much longer it’s just I don’t want to be an employee of my business. And he doesn’t see any other way. Maybe I’ve just failed At educating him on the benifits if not working in your business. He doesn’t look for the knowledge himself so I’ve attempted to explain it to him with no success.