My first thought when I saw the "R" in the heading was Retirement - probably because DH will fully retire in the spring. He's been working 3 days a week this year thinking that it would help ease the transition. Well it did . Now he can't wait to leave!

You and your DH have worked very hard and now it's time to relax and enjoy the more mundane aspects of living - and to plot some new and exciting adventures. Congrats on your future!

I've decided that we needed a new "R" word for this process so I've been telling friends that we're planning for our Redirection.

Maire

This post was edited by maire_cate on Fri, Aug 23, 13 at 8:04

Redirection. I like that. Getting DH to redirect is going to be like pulling teeth. The business has been his life, his escape. It is who he is. We have a small window of opportunity or Aimee will be headed in another direction.

Redirection. I like that. Getting DH to redirect is going to be like pulling teeth. The business has been his life, his escape. It is who he is. We have a small window of opportunity or Aimee will be headed in another direction.

Rob knows he has to retire sometime, even though he never talked about it. When I mentioned the idea, he lost his voice! He is warming up to it and thinks my plan is solid.

He gets frequent phone calls from people who want to buy the business but he has built security and has trained family members properly. It is more valuable if we pass it down.

We have a motto. 'There is nothing wrong with Nepotism, as long as you keep it in the family.'

What an exciting path! I can't believe that I actually banty that word around on occasion. It's in my line of sight-not yet soon enough for pre-retirement counselling-but on my radar in that I'm planning my next life.

I am sure Aimee would be wonderful-and the opportunity for you and Robert to spend more time relaxing-well, incredible.

Sounds like a really good plan. Aimee sounds like a great "kid". Good luck with this!

What a wonderful opportunity for all of you! I hope that it works out. Keep us posted.
Lynn

"Robert will maintain control of the checkbook, we will make our same salary and she can profit share the rest."

I hope that works out for you. i have seen this arrangement before and it has never worked. Sooner or later the profit sharing isn't enough for the child running the business --- and to be fair, it rarely is. I hope your experience is different!

Great point but like I said, DH is a technician, not a business manager. The business is extremely fat.

"I hope that works out for you. i have seen this arrangement before and it has never worked. Sooner or later the profit sharing isn't enough for the child running the business --- and to be fair, it rarely is. I hope your experience is different!"

Respectfully, I don't think it's about the money which I think is what is meant by 'the business is extremely fat'. It's about respect, and autonomy and having both responsibility and authority...and the 'retired' former leader maintaining control of finances, taking full salary while expecting the new leader to do everything else, well that usually is not a tenable plan family or not. But good luck and hope all works out as you wish.

She will get a good salary with incentive to make more. She knows exactly what she is getting into.

DH and I plan to travel to the big shows and solicit more business. We have never solicited for business. We have never personally met the majority of our customers in person. We have built the business through word of mouth.

I think it will work fine because of many reasons I can't discuss here.

Love retirement...what's not to like?

But I'd be concerned with overburdening the business with expenses if you expect it to continue to support your 2 salaries and support your daughter as well while you back out of the operations (fundamentally adding 2 nonproductive employees to payroll). It may force her to make some short-term gain/longer term loss decisions to maintain the cash flow. That may work in the short term, but if it were me, I'd want a back up plan to secure retirement income, and I'd want to be able to turn financial control of the business over to her, as I'm sure she would also expect to receive it....

Just something to think about.

Congratulations on your retirement. I'm sure you've thought through all the possibilities and factored them into your plans. How do you see life changing for you? More travel? Hobbies? My DH is retired but still works two days/wk. We love where we live so it's hard to get us to travel a lot but we're constantly reminded to do it while we can so we do some. But after many moves and three overseas tours, we don't feel too deprived in that department:)

Good luck! You've worked hard and deserve this time.

She intends to restructure. She doesn't want financial control for now. Aimee worked for us for 17 years. She knows how to do every single job there. She was wonderful with our customers and is a much better trainer and manager that DH. He is a real softy. Employees get away with gross behaviors. One employee doesn't even call in when he/she isn't coming in, without ramifications. That is one small example. The ship needs tightened up. Some employees text at their bench.

Robert works 12 hour days 5 days a week. If we put paying the bills on Aimee, she would be doing the same thing and she has kids.

As far as our plans go, we will do projects around the house, take a trip or so. DH has flown twice in his life. Once to go to Texas to visit Derek and the second time was to fly home.

We plan to travel to the big Gift Shows where our customers show their wares ( New York Gift Show, etc) and drop off our business cards with potential customers. Robert holds new customers hands and helps them get ready for production.

We intend to send one employee to mold making school and start making our own molds as our mold maker is getting ready to retire. He is independent. We need to bring that in house. That will generate significantly more income.

There is a full business plan in place.

Would you mind sharing what kind of business you have?

We manufacture jewelry parts for the wholesale industry. Lost Wax Casting. We proudly stamp other people's names on our work all day long.

Sounds as if you have planned well for the business. I hope your DH will be able to semi-retire comfortably, then perhaps later ease into full retirement.

I sooo recommend retirement, it's the best thing I ever did! However it does require planning as not having a structure to the day can be difficult for some people. Not for me as I'm never bored but I know for some people it can be.

Wishing you all the best in your new style life!

I always manage to work it out. I have faith in me to avoid disasters. I think we have concocked a good plan where it will be in a win-win situation. There is always room for adjustments. We just have to stay open. Our name, in the industry, will maintain us as long as Aimee can produce. She knows the business.

The effort we put out each day is everything. Customer service is key. We always do what we say we will do, no matter what. Aimee totally understands the concept. We never let anyone down, while training the designers to become production oriented. We don't depend on a stock program. We understand and support customers who don't stock. (Fashion changes). Our customers get orders with deadlines or the order is cancelled. Our specialty is meeting deadlines on quick notice.

Aimee understands the business.

Good luck to you Goldie! It sounds like you have everything planned out. I have no doubt that the end result will be fantastic!

tina

Not sure if I should discuss here or start another thread, so I'll err on the side of caution and start another.