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When you first started working, you may have done so because there was pressure from teachers, family and society to “get a job”. You may have also wanted some stuff, you know the basics like a car, rent and food. We have all felt the pressure to start our working lives however no one tells us when it’s time to stop working!
“…no one tells us when it’s time to stop working!”You’ve spent years working hard, building your business and with a lot of hard work and a little luck things may have gone well for you. Hopefully, you’ve eliminated your debt and put some money aside for retirement.
From Blue-Collar Business Owner to What?
Then, at a certain point, you will enter into a transition period that all Blue-Collar Business Owners™ go through after managing their businesses for decades. It begins when you realize you no longer have the same level of patience to deal the negative and frustrating parts of your day to day working lives.
It may have been a result of having to deal with negative employees or demanding customers or any one of a thousand other things. It doesn’t mean you want to stop working and retire tomorrow, but you’ve come to realize it’s time to start the planning process now so that if you choose to, you can be ready to retire within 10 years.
Starting and building a successful business doesn’t happen overnight, neither does selling it or transitioning it to family. Take a moment to complete the following exercise, its purpose is to allow you to daydream a little about what you’d do if you no longer had to be concerned about having enough money.
Quick Exercise:
If you woke up this morning and found yourself a $10,000 richer you may be grateful but I doubt it would significantly change your life. Now, what if you woke up and the amount was $10 million? How would your life be different, and what would you do with the money?
Top 5 things I would do with $10 Million!
1. ___________________________________________________
2. ___________________________________________________
3. ___________________________________________________
4. ___________________________________________________
5. ___________________________________________________
For most of us, our list may have been to pay off debt, quit our job, purchase a new home/cottage/vehicle, travel or start an expensive hobby. The majority of our answers really deals with what money can buy us, but it doesn’t address what our true core values are or what really matters most to us. Money is just a tool, and using it to just accumulate more stuff won’t provide any long-term satisfaction.
Give Yourself a Fictional $10 Million
Giving you a fictional $10 Million and asking you how you would spend it was designed to expose your initial impulsive attitudes towards money. Knowing that, will allow you move beyond your impulse’s and start to consider what’s really important to you about money and what it can do for you and those you care about.
You may also discover that your existing wealth, can, with proper planning be arranged to provide you with everything you need. This essentially gives you the “permission” you may have been seeking to stop working when financially you no longer have to.
Now create a new Top 5 list on how you would use $10 Million to make a positive impact on your future life, your community and your loved ones when you no longer have to spend your days working.
Related: 8 Step Succession Plan for Blue Collar Business Owners
Two Main Reasons
The two main reasons why successful Blue-Collar Business Owners ™ delay starting and completing their business succession plans are:
1. They have not yet discovered how they will spend their time in a meaningful way during retirement
2. Not sure if their assets will provide them the retirement income they will need and want