By Moe Lastfogel
Director of Sales and Marketing for The Retail Observer
As I sat in my room at KBIS in Orlando, the beauty of the palm trees and the cool, balmy breezes made me think of my dream to retire on a beach somewhere, someday. I asked myself, “When will I be ready to retire?” So, I started thinking about my strategy for the future.
What have you done to prepare for your retirement? We all think about that little cabin in the woods or the hammock we’ll lay in as the waves lap at the shore. Do you have a strategy in place or is it something that you keep putting off, or worse, out of your mind entirely?
Who have you picked for your successor? A son or daughter, a grandchild or even an employee? Has anyone shown an interest in taking over for you when the time comes? My suggestion would be to start the process early so that you can make the transition into retirement an easier one. I have been through a few ownership transitions in my lifetime and the quicker they happen, the harder it is for everyone involved. No one likes being blindsided, especially employees.
I’m no expert on the subject and I am sure there are quite a few advisors out there that can help you get things organized. I suggest just starting with a simple plan that includes the approximate date you’d like to retire and what you want to do when the time comes. Don’t let your retirement sneak up on you. With a little planning now, there should be no reason that you won’t receive back all that you’ve invested into your business and enjoy the retirement that you deserve.
By Eliana Barriga
Publisher and Managing Editor for The Retail Observer
I’ve had the pleasure of meeting and getting to know many of you over the years. I know some who are still gung-ho and driven to navigate through the changing times and nd new ways to grow their businesses and others who have lost their passion for what they do long ago.
But I say, what’s love got to do with it? Yes, ultimately love for your work is very important to your overall well-being and quality of life. But it’s not the feeling of love that will drive you to work 80 plus hours a week to get a new business venture up and running or come up with creative ways to keep it going when sales are low, really low and the industry is bleak. During these times, it’s a choice to continue pushing on through with the understanding that change one way or the other is inevitable. But if you remain adaptable, have a clear vision and plan in place and stick to it, you will eventually find yourself enjoying the benefits of business ownership and in love with what you do once again.
I’ve found that those who seek to feel in love with their businesses most of the time are the ones who end up broken and defeated. They are now stuck in a rut because they made impulsive choices based on what they loved. Instead, it would have been wise for them to have made smart decisions by ensuring that their plan covered all of the things that they don’t necessary like to do or talk about, but are necessary for
running a successful business.
This goes for almost everything in our lives that we say we “love” - parenthood, marriage, friendships, health, hobbies... We don’t always have that loving feeling but we stay committed to these things. We spend the time to nurture and work on them which is why we reap the rewards of what we all call love.
Until next time,