Written by: David G Fisher, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
At 61, I found myself at the crossroads of retirement, contemplating the life I had earned the right to enjoy. The echoing silence, as I questioned my willingness for what lay ahead, spoke volumes. If you're a business owner standing on the precipice of retirement, you may share this predicament: what is our purpose once the boardrooms and job sites are behind us?
With these startling statistics from Tyler Lang, CEO of Journey Advisory Group, in mind, I realized I was part of a majority facing a retirement mystery:
75% lack a written financial strategy for retirement, a club I was unwittingly a member of.
I fall outside the 17% delaying their retirement, thanks to a semi-retirement plan I've put in place.
Yet, I share concerns with the 37% who feel their profits may not fully cover their retirement needs.
"Over two-thirds of small business owners plan to retire in the next two years," reports Jessica Baker from Team shares Inc. "Without a solid succession plan, the legacy of many small businesses hangs in the balance."
During Tony Robbins' Time to Rise Summit, last week, I found clarity. On day three, Tony outlines a 7-step path to personal fulfillment. The first step, "What Do You Really Want? Activate & Awaken Your Hunger," struck a chord with me. Here are snippets from my notes:
“Develop a vision and a purpose.
Understand the why behind your desires”.
Today, I took a bold step towards my vision by writing this article. My purpose has crystallized: to assist small business owners in finding their personal fulfillment and ensuring their legacies continue for generations to come.
According to Brett Fellows, CFP of Oak Capital Advisors, 34% of small business owners lack retirement savings plans. In addition, 40% doubt they can retire by 65. The challenges are clear:
Developing an Exit Strategy.
Prioritizing Retirement Planning.
Selecting the Right Retirement Plan.
Preparing for Lifestyle Changes.
Here are some suggestions for communities and platforms where business retirees can connect and share their experiences, continue learning, and find new opportunities:
Retire Rebels, a platform revolutionizing retirement for the modern retiree. With their podcasts, workshops, and community, retirement is reimagined.
While traditionally aimed at providing mentorship to new business owners, score can also be a place for retired business owners to become mentors themselves, sharing their expertise with the next generation.
Do you want to explore and be part of worldwide adventure travel with an educational twist. I just signed up to Road Scholar, have a look at this:
Join me on this transformative journey as we navigate the 'second half' of our lives.
Together, we can redefine retirement, igniting passions and purposes that drive us toward a vibrant future.
Are you ready to take the leap?
Put a yes in your email today! david@davidgfisher.co
Follow me on Facebook, Instagram, LinkedIn, Twitter, Pinterest, YouTube and visit my website for more info!
David G Fisher, Executive Contributor Brainz Magazine
David G Fisher, is a leader in construction management and business development. An experience of severe burn out and stress, after 40 years in construction management and ownership left him broken and un-capable to do his role. David then initiated strategies to dramatically enhance his skills and performance to conquer these obstacles. He has since dedicated his life to helping other construction owners unleash their true potential to get their businesses and themselves back on track. He is the CEO of Construction Consulting and Coaching; the premiere construction owners exit program. His mission: We don’t need to be prisoners in our own businesses.
