Predicting Business Retirement Satisfaction for Business Owners

Most business owners do not think of selling their companies as "retiring". Instead, these vital entrepreneurs see selling their business as a "transition." For most business owners this does not mean slowing down or endless days of rest and relaxation. Rather they see "retirement" as a new, active stage in their lives characterized by continued personal growth, personal reinvention and new beginnings in work and leisure.

A recent survey conducted by Harris Interactive revealed that an entirely new paradigm for retirement is emerging. The good news is that many people are experiencing long, fulfilling and exciting retirements. The bad news is that many business owners will not be fully satisfied with retirement because of inadequate personal planning.

The key findings are as follows:

? The concept of retirement as a "slowing down" is obsolete. Less than a quarter of business owners surveyed agreed with the idea that retirement is for relaxing and doing nothing. Instead, respondents viewed retirement as a new adventure or chapter in life (38%) or a continuation of life as it is (40%).

? Approximately 95% of business owners expect to work in some capacity during their retirement, but said that money was not the sole motivator. Almost 50% said they wanted to work in retirement even if they received nothing at all.

? Satisfaction with retirement is directly related to how financially prepared the business owner was for retirement. Over 60% of those who said they have more than adequate resources to support themselves in retirement reported that they were extremely satisfied with retirement. However, only 46% of business owners who reported that they had to cut corners in retirement indicated that they were satisfied with retirement.

It is important to realize that historically, retirement was something that relatively few people lived long enough to enjoy. Only one hundred years ago the average life expectancy was 47 years. As a result, most people worked until they became too weak to continue. Around the turn of the century, most adults spent only 3 years in retirement before they died.

However, in the early 21st century, the average life expectancy is 76 years and the average person chooses to retire at age 65. As a result, most people can expect to spend 11 years in retirement!

It is interesting to note that the modern concept of retirement as a time of leisure, travel, family activities, hobbies, and educational pursuits is the result of the passage of the Social Security Act in 1935. With the creation of Social Security, the United States government created a financial incentive for older workers to encourage them to retire in order to enable younger workers to take their place. This was considered good national policy at the time because it stimulated economic growth and progress.

Deciding to Retire

The Christman Group has worked with hundreds of business owners who were beginning to think about their retirement. The Christman Group's independent research identified six categories or groups of attitudes that directly impact a business owner's likely satisfaction with retirement. These categories include:

Perspectives about Work and Retirement
Financial Preparation
Expectations about Retirement
Friends, Family & Community
Health Concerns
Involvement during Retirement

Predictive Model Gauges Transition Satisfaction

Using this research, The Christman Group developed a predictive model to help business owners determine if they are psychologically prepared to exit their businesses and transition into a new stage of life.

The model contains thirty-six questions that gauge a business owner's attitudes, beliefs, and values regarding retiring or exiting from his or her business. These responses can then be used to predict a business owner's subsequent satisfaction with retirement. Understanding how a business owner feels about retirement on both a conscious and subconscious level is important before a business owner makes any important decisions about exiting or retiring from his or her business.

For a FREE copy of this predicitive model visit http://www.christmangroup.com or contact the author.

Author Bio: Rich Jackim, former Wall Street attorney and experienced investment banker has helped over 60 business owners successfully exit their companies and realize their personal goals. He is the author of the recenly published book, "The $10 Trillion Opportunity: Designing Successful Exit Strategies for Middle Market Business Owners." Available at http://www.exit-planning-institute.org Rich is the president of The Christman Group LLC, a boutique investment bank that specializes in selling privately owned businesses. Visit http://www.exit-planning-institute.org to learn more.

Rich received his BA from Colgate University, his JD from Cornell Law School, and his MBA from the Kellogg Graduate School of Management. He is a sought after speaker and has either published articles or been quoted in Business Week, Chicago Tribune, Chicago Daily Herald, Indianapolis Business Journal and numerous other regional and national publications.

executive chauffeured services Bradford .. Madison to Airport car
In The News:

Getting virus alerts on your iPhone? Tech expert Kurt “CyberGuy" Knutsson helps you learn how to handle fake scam alerts and boost security.
Tech expert Kurt “CyberGuy" Knutsson says opening emails is safe, but risks arise from interacting with links, attachments or HTML content.
Tech expert Kurt “CyberGuy" Knutsson reveals four signs of compromised Social Security numbers and offers five steps to protect yourself.
Tech expert Kurt “CyberGuy" Knutsson discusses how MAB Robotics' Honey Badger 4.0, a versatile robot, now walks underwater with amphibious skills.
An updated Android trojan called FakeCall hijacks bank calls. Tech expert Kurt “CyberGuy" Knutsson says Android phone manufacturers and Google need to step up their game on security.
The Massimo Modular E9 is a sleek, smart and comfy tiny home in 409 square feet. Tech expert Kurt “CyberGuy" Knutsson takes a closer look at what the future of housing might look like.
Every stock trader should consider a virtual private network to safeguard their trading, according to tech guru Kurt "CyberGuy" Knutsson.
Apple recently announced its new lineup of Macs and rolled out Apple Intelligence, its latest artificial intelligence-powered feature for its products.
A Swiss-engineered robot can climb ladders, showing why it's at the cutting edge of autonomous robotic solutions for harsh industrial settings.
Kurt "CyberGuy" Knutsson presents the cities targeted most by robocalls, why this is happening and what you can do about it to protect your privacy.
Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents
Kurt "CyberGuy" Knutsson shares tips and suggestions for how to get the best use out of the updated Calendar app available with the latest iOS update.
Your Social Security number, your unique identifier used for many purposes, has likely been leaked on the Dark Web; here are some steps you can take to protect yourself.
Researchers have developed a new technology that creates strong, sticky fibers capable of lifting objects and capturing things from a distance.
Smart rings track the same things that smartwatches do, including steps, sleep and a general overview of your overall health, and they tend have more battery life than smartwatches.
Researchers have developed a robotic finger that can perform routine medical exams like those conducted by doctors, helping to address the growing shortage of trained professionals.
Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.
Insurance administrative services company Landmark Admin reported that a data breach from a May cyberattack affected over 800,000 people.
Sotheby's will auction the first artwork created by Ai-Da, the world's first robot artist created in 2019 by British gallerist Aidan Meller.
More than 250 million users of the Verizon Messages app will have to switch to another app. Verizon is shutting down Messages in the next month.
Tech expert Kurt “CyberGuy" Knutsson provides a list of 10 celebrities who are the most targeted by deepfake scams, including Tom Hanks.
Tech expert Kurt “CyberGuy" Knutsson discusses how Vast's Haven-1, launching in 2025, transforms space living with human-centric design.
UnitedHealth confirms over 100 million Change Healthcare users had their data stolen. Kurt “CyberGuy" Knutsson reveals what happened and what caused the breach.
Tech expert Kurt “CyberGuy" Knutsson explains how iOS 18 brings new text formatting and animated effects to the Messages app.
Whether you're a social media veteran or novice, Facebook friend request scams are common. Kurt the CyberGuy provides tips to keep your account safe.

Employee Email and Internet Use - A Small Business Guide

IntroductionIt is widely recognised that Email and the Internet is... Read More

Conquering Confidence Killers for Small Business Success

"The way to develop self-confidence is to do the thing... Read More

Is It Recess Yet?! Confessions of a Self Employed Workaholic

I have a confession to make. My name is Caroline... Read More

How to Start a Pet Transportation Business

Pet Transportation Services are needed as the number of pets... Read More

How Most Business Owners Sabotage Their Success

Owning a business is a challenging endeavor. If you're like... Read More

Where Can People Find Information About Starting A Business?

Approximately 200,000 new businesses are started each year. More people... Read More

Small Business Marketing - How Important Are Your First Words?

"What do you do?" It just might be one of... Read More

Common Sources of Financing for Small Business

The choice of financing is an important determinant of whether... Read More

How to Handle Rejection When You Start an Office Cleaning Business

"If at first you don't succeed, then skydiving definitely isn't... Read More

Q and A: Personalized Birthday Cards from Paul Leonard

Paul Leonard's BirthdayCards2Go.com paid greeting card service offers convenience when... Read More

Starting a New Business in a Small Town

Q. I am a former pastor who left the ministry... Read More

Obtain Maximum Results For Your Small Business Through Better Time Management

Most small business owners are faced with so many responsibilities... Read More

The Business Failed, But Did You?

Q: After years of dreaming about starting my own business,... Read More

The SBAs Savviest Program

Forget everything you've ever heard about the U.S. Small Business... Read More

Due Dilegence 101 Or What You Do Not Know Can Kill You! - Part 1

Introduction: This article is written as a general discussion on... Read More

How Disabled Veterans Can Win Government Contracts

The Service-Disabled Veteran-Owned Small Businesses (SDVOSB) is a program that... Read More

Where To Get Money For a Franchise Idea

How often have you thumbed through a business opportunity magazine,... Read More

Starting a Business in New Hampshire

Hew Hampshire car wash market. Well we have visited every... Read More

To Buy Or Not To Buy: Lawn Mowing Business

TRUTH IN THE LAWN MOWING INDUSTRYWe do not wish to... Read More

Mobile Detailing Expansion Considerations

Expanding your business requires you to take a good hard... Read More

How Micro Loans Can Mean Macro Success for Your Business

"Inch by inch, row by row...that's the way my garden... Read More

Small Business - Is The Accounting Profession Ripping Them Off?

My 16 year-old daughter said, "Gee Dad! You look just... Read More

Credit Repair Business Opportunities - Huge Profit Potential!

In the world today, many people are further in debt... Read More

Three Small Business Secrets to Getting More Billable Time

As small business owners we're in business to make money... Read More

Franchise Territories for Mobile Businesses; Why Limitations

In franchising an individual desirous of their own business will... Read More

O'Hare Chicago prom limo ..