Who Doesn’t Want To Retire Rich?
What do you mean I don’t have any input on the subtitle to my book? was my response to my publisher when we discussed titles for my book, Know and Grow the Value of Your Business. I was fine with the actual title, but I didn’t like the proposed subtitle: “An Owners Guide to Retiring Rich.” Instead, I preferred “Treat Your Business Like an Investment.” But my publisher said it was important to have a subtitle that would compel someone to buy the book, and he said, “Who doesn’t want to retire rich?”
Rich Isn’t Always About Money
Sure, it’s true that most people would rather retire rich than poor. But I know it’s not every owner’s dream to sell their business at the highest price and retire at a nice beach for the rest of their lives.
So although I didn’t love it, “An Owners Guide to Retiring Rich” was selected as the subtitle of the book. I am able to live with it because I know the word “rich” doesn’t have to only be about money. According to the online version of Merriam-Webster, the following is the definition of the word “rich”:
- “Having a lot of money and possessions;
- Very expensive and beautiful, impressive, etc.;
- Having or supplying a large amount of something that is wanted or needed.”
Of the three definitions above, I suspect most people frequently use the first definition to define the word “rich,” but I prefer the third one, “a large amount of something that is wanted or needed.” Having worked with business owners for more than two decades, I have found that many owners feel “rich” for a variety of reasons, including:
- Selling their business for top dollar
- Seeing the next generation successfully continue the business
- Assisting a charity with the wealth created from the business
- Watching long-term employees take ownership of the business
- Staying in the business and being productive into their 90s
Listen to episode 79, “Begin With The End In Mind: Get More From Your Business Valuation,” on Rea’s award-winning podcast, unsuitable on Rea Radio, to hear Tim McDaniel talk about how you can increase your business’s overall value.
What Do You Really Want?
For many business owners, being “rich” isn’t based on money. The definition of “rich” is different for everyone and defining that for yourself is something that you’ll want to do before making your exit plan for your business. What exit strategy will bring you the greatest long-term satisfaction and fulfillment? There is no right or wrong answer and only you can answer the following question: What do I really want?
This is the most critical question that you need to ask yourself as a business owner. Take some time and define what retiring rich will look like for you. As Ben Stein (American actor, writer, lawyer, and political/economic commentator) once said, “The first step to getting the things you want out of life is this: Decide what you want.”
Exit Strategy Help
If you know what you want, but aren’t sure how to get what you want, contact Rea & Associates. Our business valuations and transactions team can help you determine what your exit strategy needs to look like in order to achieve your desired goals and dreams.
By Paul Weisinger, CPA/ABV, CVA, CEPA (Cleveland office)
Looking for more succession planning insight? Check out these articles:
Not Quite 50 Ways to Leave Your Business
You Built A Business. You Grew Its Value. Now You Need To Protect It.