Interesting/big day for me

[Doc]

Sold my business. Been in the works for some time, a few months, and today we closed. 23 years ago I invested 360K, well actually 20K and mortgaged my soul to purchase 1/2 of the practice. Over the years I've sold parts, bought back parts, purchased the building, etc... and today it all came to fruition. I still own 33% of the building but the business is gone. Bittersweet though. I still work there but no longer the owner, just one of the two practice managers. I have to continue to working and am "in charge" for the next 3 years along with my partner who likely will be retiring then. Me, I won't be quite ready (54 years old then) but my wife will be fully pensioned so we will be "free" to do as we please. I can continue to work for the people (Pet Vet Care) and be well compensated assuming I like working for them. Of course one of the reasons we went with this group is because we felt we could do medicine our way. Other companies didn't and we nixed them right off the bat. Still is a bit confusing and disheartening giving up something like this, however the financial benefit was considerable as was the ease of mind knowing that when I do decide to retire I don't have the business to worry about. I watched my father struggle for years trying to sell his. Nearly cost him his life as I'm sure that was a big contributor to the reason he need open heart surgery 3 years ago, due to a rather involve court battle over the sale of his business. Me, I don't need that.

[KentuckyWildcat]

Congrats Doc!

[Darrell KSR]

Congrats, Doc. Good luck with the transition.

[KSRdallen]

Congrats! Peace of mind goes a LONG way!

[dan_bgblue]

Happy for you Doc. I know you enjoy your work, but now the stress level of ownership is gone and you can enjoy what you do with limited worries.

[CitizenBBN]

Good luck with the change Doc. I have to say I think you are wise to take advantage of an offer you like when it comes around. Selling service businesses can be tricky, selling any business can be tricky.

[MickintheHam]

Congrats Doc. We start out our adult lives in the build acquire mode. It's a smart man who sees the wisdom in selling something he has worked to build. The last thing you need in life is to be forced to sell a business. After your three years you may want to think about finding a way to work less hours. I retired the first time at 51. It was a mistake. While I didn't want for anything, work was a stimulant. I was lucky enough to find an opportunity to share the knowledge and experience I acquired in a totally different industry. We built a company acquired in bankruptcy, by increasing sales five fold in 14 years.

My challenge now is to find a way to exit a career and transition to retirement. I haven't figured it out yet but 2016 will be the year I finalize the plan and pull the trigger. The joy of the last three years has been to bring in 9 millenials to train in the business. The challenge for me has been to nderstand their approach and attitude toward the workplace. it's been a hoot.

[Doc]

Me and my partner Wayne (business partner, nothing more!- LOL) have talked several options including opening another clinic, even in the near future outside our non compete area, sticking a vet in it to work it for us and then build it up and flip it in a few years. We, although it was he, made an incredible financial deal on this sale, and see no reason we can't repeat the magic. 3 years ago we forced out one partner and had the practice appraised. Yesterday we sold for nearly 2 1\2 times that. Of course most of that is goodwill and back when we forced her out we were not buying goodwill. Our plan was to sell soon so Wayne has been maneuvering for years to maximize value. A good price for a practice is typically 4 to 5 times annual net revenue. He got 7 based on our efficiency, return on investment and growth. It was the right time to sell.

So over the next week my plan is to become 100% debt free. Pay off my mortgage, cars, line of credit, etc..... And give uncle Sam his chunk so the government can waste it. And when some liberal gives me some sob story about the poor unfortunate soul who needs my help, I'll tell them they can shove their story because I've given them all the help I ever intend to give them!

[bigsky]

First, congratulations Doc. Thanks for sharing. You, too, Mick.

I've got some things about retirement tentatively puzzled out except one thing...how to stay out of the house 10-14 hours a day like I'm used to.

I say that as a joke--sorta. I have to find a way to keep busy and contributing and meeting people and solving problems and being constantly challenged. Because retirement looks a bit like where to "ball and chain" finally wins.

[MickintheHam]

B

First, congratulations Doc. Thanks for sharing. You, too, Mick.

I've got some things about retirement tentatively puzzled out except one thing...how to stay out of the house 10-14 hours a day like I'm used to.

I say that as a joke--sorta. I have to find a way to keep busy and contributing and meeting people and solving problems and being constantly challenged. Because retirement looks a bit like where to "ball and chain" finally wins.

It's absolutely not a joke. I want to find something meaningful in life. But, first I need to decide where to live. I love Birmingham and would hate to leave. But there is part of me that wants to move back to Kentucky. I do have a granddaughter in Versailles. I would like to see her more. Trying to find a small place near there where I could live part time. Problem with all of this is I love my work, but I know I need to leave and find something else. Met two women at a bar after work last night. They both worked for SSA. Great conversation and they had an interesting perspective on people who retire. But bottom line was maximize your SS benefit by delaying benefits. It reaffirmed what I have believed all along. So many people today outliving their savings have only SS to fall back on. I don't believe that willhappen to me, but their message was don't be so sure.

[KSRBEvans]

Congrats, Doc. Very few people get to go out on their own terms. Good for you.

[Doc]

B
It's absolutely not a joke. I want to find something meaningful in life. But, first I need to decide where to live..

This has always been a question for us as well. We have debated Colorado as an option.. Also considered travel / work. I have the good fortune in I have a skill that allows me to do things like volunteer work in underdeveloped nations. We have discussed doing work in Africa or S. America and we now have the means to do it. Kentucky also has a draw for us, as does the Pacific Northwest. Of course I have 3 years to work that out but definitely want a game plan before its too late.

[jazyd]

Doc, as a fellow small business owner I say congratulations, it is well earned and deserved.

I wish we had done like Mick suggested and what you are doing now and that is sell the business while we were still younger. If we would have sold it before the collapse in 2008 we would have been much better off so for you one never knows when another collapse might happen.

You both like to travel so this will allow you time to do what you like and when you like to do it. I keep thinking of things I like to do such as hunt and fish and travel and then realize at 68 I don't have many years left to be able to do it. Fo you this is a great age to do this.

And if the both of you want to try it again, then go for it IF you want to give up that time.

Enjoy your time, your health is relatively good now, relax, enjoy life.

Oh by the way, I am envious LOL
and
Merry Christmas

[UKFlounder]

Congrats and good luck.

[BigBluePappy]

Congrats Doc Ball.
Enjoy the fruits of your labor by just enjoying life, at your pace.

[kingcat]

Very happy for you and your wife Ron. Enjoy life to the fullest my friend.

[KMSBball]

Congratulations Doc. It sounds like you have been doing the right things to prepare for this day. Glad to hear you'll be hanging around for a while as my wife and I will be heading your way in a week or so. We're bringing our 3 dogs and hope I don't need your services but may want to get them groomed while we're in town. Glad you've done well on the sale.

[PedroDaGr8]

B
It's absolutely not a joke. I want to find something meaningful in life. But, first I need to decide where to live. I love Birmingham and would hate to leave. But there is part of me that wants to move back to Kentucky. I do have a granddaughter in Versailles. I would like to see her more. Trying to find a small place near there where I could live part time. Problem with all of this is I love my work, but I know I need to leave and find something else. Met two women at a bar after work last night. They both worked for SSA. Great conversation and they had an interesting perspective on people who retire. But bottom line was maximize your SS benefit by delaying benefits. It reaffirmed what I have believed all along. So many people today outliving their savings have only SS to fall back on. I don't believe that willhappen to me, but their message was don't be so sure.

This is something I always wonder about myself. I am nowhere near as successful as many of you guys and retirement is a LONG ways away, but for me I wonder if I can ever make myself retire. My mind isn't one that likes to sit still, it needs to be doing something, it needs a focus and a goal. Whether it is constantly learning new topics (currently starting to teach myself business strategy), devoting myself to helping others, working with my hands, etc. Then again, my dad is a dentist and he has often said he doesn't really plan to retire until his body forces him to do so; so maybe it is genetic.

[CGWildcat]

Congratulations Doc, way to go!

[MickintheHam]

J

This is something I always wonder about myself. I am nowhere near as successful as many of you guys and retirement is a LONG ways away, but for me I wonder if I can ever make myself retire. My mind isn't one that likes to sit still, it needs to be doing something, it needs a focus and a goal. Whether it is constantly learning new topics (currently starting to teach myself business strategy), devoting myself to helping others, working with my hands, etc. Then again, my dad is a dentist and he has often said he doesn't really plan to retire until his body forces him to do so; so maybe it is genetic.

I retired once before. It was a disaster! I thought I would go stark raving mad.

[Darrell KSR]

J

I retired once before. It was a disaster! I thought I would go stark raving mad.

Worse than now???

[jazyd]

When I step away from this business I still plan on working, at the golf course. But I can stay active with golf until I die, fishing and hunting for a few more years. I am not staying at the house and do nothing. But I will work in the yard which I love and we will travel some, whatever we can afford. But retirement is different today than when our parents retired. Way too much to do and accomplish