When the day comes, (and it will come) when you have to set down the wand for good, where do you want to be? What is your ultimate retirement goal? And how is your work in this business going to help you acheive that? This question is not to be confused with "What do you consider to be success". Which has been covered in many threads. An actual material goal we want here. I'll go first. I dont have an RRSP. I dont believe in them, I personally think they are a big scam. Im growing my business as my retirement fund. I also keep paying on a mortgage and occasionally flip property. I dont know how much I'll get for it one day. Who knows even if anyone will buy it. I can only hope its attractive enough to fetch a good price so I can retire. Anyways, when I do i would like to Own a waterfront house and have a cottage on a lake somewhere way up north. I would like to own a nice fishing boat too and use it regularily. A nice camper for trips too. And enough money to support all that and still be able to buy a case of beer to enjoy it all with. I also want to be able to put my daughter through school and be able to support her as she gets started in her working life, something that was never provided for me when I was young.
Richard. Working and building a biz is great. However I have changed my mind a little. One I have resigned to the fact that I would rather own a job. Put money away. I already paid my house off and all equipment is 100 percent paid for. As for building a business and selling that is difficult. thats why I would rather own a job. My wife and I are putting my daughter thru college right now and she is in the nursing program. I want to be able to do things as I get older. I will always do some type of business because sitting at home is just darn boring. I figre I have a about 10 good years left cleaning carpet. However I am always looking for other opportunities.
10 Years and something a little different!!, I am starting to work on it as we speak, I think 30 Years in the industry, even though I love it, will be enough LOL!!
I wanted to retire when i was 50 and move to Florida. Lots of long hrs and hard work i made it happen. I still work but only when i wan:AddEmoticons0423:t to.
I'll always work, wasn't smart enough to have a large enough retirement. I'm done with this biz as far as pushing the wand. I'm putting another young mighty buck behind it soon. The house is paid for, the business is mine, the kids are through college and I have a sign shop I will devote to full time. (well its the plan anyways). I swear once your in this, your in it forever. You can't seem to get a buyer who understands the words contracts, and customer lists. Its easier to go buy a truckmount and try to succeed with nothing than to spend the extra money on an established biz. There, I feel better. lol
In ten years or so when I sell my company and retire is buy a 2019 Range Rover HSE if they are still around. Then I'll put our kids thru college.
"Where do you want to be?" A good question and not just about location either! The danger is we get caught up in what I call "The Curse of the Carpet Cleaner". What is it? We make way too much money way too easily. This is great BUT many carpet cleaners never build a "real business" that can sustain them if they cannot push a wand (injury, illness, death!) OR that can be sold for serious money to help fund a comfortable retirement. Now if you don't want to "get big" that is fine. Just make alternate plans including good life and disability insurance and a regularly funded Personal Investment program. (Which is a good idea no matter what size company you own.) As far as me personally when I realized that between the sale of my company and my other investments I had "enough" money I decided to cash out. That was over 17 years ago and I have enjoyed (almost) every minute of my semi-retirement! Steve Toburen Director of Training Jon-Don's Strategies for Success PS The problem is many carpet cleaners don't choose either of the two courses I outline above. They sort of waffle (wallow?) between the "getting big" option and the "stay small" course. This is a really bad place to be and yes, I have written on this very subject. I call it "Avoiding the Road In-Between" and for a free copy just e-mail me at stoburen@StrategiesForSuccess.com and put the phrase "In-Between" in the subject line. If you want the free companion DVD just include your mailing address.
Steve, that is my problem already. I see the potential were i can go big, but alot of my customers don't want just any tech doing the work. But were I want to be is to financially stable and have an established business that I can pass on to my kids if they want to pursue this type of career, and to have a summer home up in the woods of Maine, and a winter home on the warm beaches in the Caribbean.
