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How to semi retire from self employment

(14 Posts)
Kaz2200 Tue 09-Jan-18 09:32:14

Both my self and husband (mid 50's) own two separate retail businesses. We are comfortable, but by no means millionaires. We have one teenage daughter still at home and are starting to plan the next stage of our lives. The thing we have never managed to do is have much time off, for example my brother has lived in New Zealand for 20 years, but because we cannot leave the businesses for more than a week we have never been. So my question is does anyone have any suggestions how to get more flexible time. We would consider selling one or both businesses but would still need some income. Neither business would support a manager.

delilahbucket Fri 12-Jan-18 18:36:05

If you cannot employ someone else that you can't have time off without closing your business down, either permanently or temporarily. I close mine for three weeks in summer for a holiday and that is fine. I know I won't earn anything for those three weeks and adjust accordingly during the rest of the year. Can you not just do that?

Kazzyhoward Sat 13-Jan-18 19:50:46

Why can't you leave the business longer than a week? I know of several shops and fast food outlets which close for a few weeks at a time, sometimes a month or two. Yes, you may lose some regular customers, but that's part and parcel of wanting time off a business. Most customers would find somewhere else temporarily or just wait for re-opening. Alternatively, can you take on a cover manager - I know that there are people who provide holiday "cover" for businesses that people rely on such as post offices and newsagents.

bookgirl1982 Sat 13-Jan-18 20:28:19

Can your businesses share a part-time member of staff, and choose someone willing to do extra hours when needed e.g when you're on holiday?

KeepCalm Sat 13-Jan-18 20:32:59

Can your teenager step up to help? A part time semi retired employee that might like just a few hours to keep their hand in?

There is a book shop in Wigton that offers 'holidays' running the bookshop! What is the nature of your business? Can you spin it as an experience?!

Kaz2200 Sun 14-Jan-18 08:47:37

Thank you for the replies, I have someone who works a few hours a week who is semi retired, but as I am open 7vdays a week it is too much for one person to do for longer than a week. Both businesses are in a village so closing is not really an option. I am thinking of doing a dog grooming course and selling the business as it would be something I could do for as many hours as I wish.

FrostyThirties0 Sun 14-Jan-18 08:50:12

Lots of village businesses here close for a few weeks. People will cope!

MrsMoastyToasty Sun 14-Jan-18 08:54:05

Do you employ staff? If so could you get an employee to deputise?

KeepCalm Sun 14-Jan-18 16:55:51

@Kaz2200 could you do reduced hours whilst you're away so your staff member could cover those?

Kazzyhoward Mon 15-Jan-18 08:39:47

Lots of village businesses here close for a few weeks. People will cope!

Indeed. I know of several village convenience stores (the only one in each village) which closed for 3/4/5 weeks to be refitted and rebranded. During the closure, the customers went elsewhere, but when they re-opened, the customers came back.

LizzieSiddal Mon 15-Jan-18 08:43:05

Kaz workout mg 7 days a week may be ok now but does not sound fun when you’re nearing retirement age.

I think retraining to something like dog grooming and then selling your business sounds a very good idea.

LizzieSiddal Mon 15-Jan-18 08:43:32

Don’t know where *mg came from, please ignore.

Kaz2200 Mon 15-Jan-18 11:17:12

Thanks for your feedback, my thoughts for retraining was that I could eventually get to travel more and be able to just book the days out in my diary. Any suggestions as to what to retrain in would be appreciated.

Kazzyhoward Mon 15-Jan-18 11:58:43

Have you actually had the shops professionally valued, and obtained a reasonable opinion as to how easily/quickly they'd sell?

No point making plans if you are going to be stuck with them for years waiting for a buyer or having to sell them off cheap if they're not desirable.

You don't say what they are, but some business types simply aren't sellable anymore and the owners end up "trapped" in them, or selling them off for redevelopment value.

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