American Painting Contractor Magazine

APCJuly2013

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Sound Business Management I Wanna Quit But Can't … By Monroe Por ter his article is dedicated to all the mature business owners who are bored with their jobs, would like to retire and don't really enjoy the business anymore. First, I can identify with you more than you think. I have been doing this for over 30 years, and I think no matter what one does for a living, there are days, tasks T 12 • July 2013 APC and projects that just are not as exciting as they once were. Start by understanding that such an attitude may be more about life than your actual business situation. Whether you deliver mail or are a U.S. senator, our biological clock has a way of shortening our tolerance for nonsense and creating a desire to enjoy life. As the end of career and lives approach, we want to do things that are more meaningful. Mature business owners who want to quit but can't tend to fall into two cate- gories. One group does not have enough money to quit and is forced to continue. Another group has money but few interests outside of work and would not know what to do if they did quit. Let's talk about both. No-Money Quitters: The actual numbers may vary according to which actuary report you consult, but if you are currently 50 to 60 years old, there is a good chance you will live beyond 80. This represents another 20 to 30 years. We all know that Social Security is helpful, but it won't support most of our current lifestyles. With Social Security issues, it is questionable what will really be there once future Social Security program cuts have been made. The first step is to meet with a financial planner and calculate your current situation. What are your debts, when will they be paid off, what kind of money will you need to live comfortably, etc.? Too many business owners think they will sell their business and use that money to retire. The simple truth is that it is very difficult to sell most family businesses and rarely is the business worth what the owner thinks it is. Here lies the paradoxical situation. If the business made money, you would have the money you need to retire. If the business does not make money, well, then it is broke and who would buy it? If you are an impoverished mature business owner, you must fix the business for the autumn of your life to improve. Stop the denial. Be willing to change. You will have to do something dramatic for this to happen. Business as usual is not going to cut it, and your biological clock is running out. Here are some steps to consider: • Go back to work. Do what you do best

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