Do Business Owners Retire

Golden9

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While in the service of another business or job, there are certain points at which you will be required to retire. People use that time to rest and probably do what they love.

A business owner is however responsible for running the business and probably can't retire. Is there a way to make that possible

 

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Springtime

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My brother owned a trading business for many years. He retired a few years ago. His sons were not interested in taking up the business. He sold his business to a business acquaintance at a pretty good price.

 

AruneBend

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I think they might it really depends on the health on their wants and more some people do pass their business to other family members that are capable of running a business

 

Starmix

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A busiess owner is not a machine as he gets older, his body becomes weaker, so he must retire and before doing that, he must train someone from his family .

 

nomad

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I don't think business owner will ever retire, they will still be in the help of the company by remaining a CEO or the chairman of the executive board, or even as and advisor.

 

Starmix

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That could be possible, the retirable company or owner could be appointed members of the board of trustees or as and advisor. He has ample knowledge and his abilities are still needed.

 

Blessed19

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Surely there comes a time that a business owner feels the need to have a rest and this will be due to having a child that is old enough and smart enough to take over the business once they are of age to retire.

 

Starmix

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That's true like having a big store it will be the children to take over and have their dad the advisor. But at age 70, a business owner could stil manage his business.

 

Blessed19

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Starmix said:

That's true like having a big store it will be the children to take over and have their dad the advisor. But at age 70, a business owner could stil manage his business.

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Well if they have their children or child that has interest in running a business then even at 60 or 50 they can actually get to retire and watch from a distance how the business is going and help out.

 

Starmix

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It all depends on the health condition of the business owner. If he is healthy. despite 65 or 70, I think he will still work but for sure his children are there to assist their parents.

 

Blessed19

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Starmix said:

It all depends on the health condition of the business owner. If he is healthy. despite 65 or 70, I think he will still work but for sure his children are there to assist their parents.

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I know of some people that have to rest and retire from their businesses at the age of 50 the moment their children were able to run he business with the help of their advice getting to receive retirement packages all the time from it too.

 

Starmix

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Fifty years old is still young. It's not a retirable age. It never happened here in the city where I live. Age to retire 60 but could extend up to age 65. There's no fifty years old here retiring at work or business.

 

Desireu30b

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I don't think i can ever retire from my business i will only step down for another to control while i watch from my relaxed spaced. the business is mine and i will it to any if i am weak

 

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Springtime said:

My brother owned a trading business for many years. He retired a few years ago. His sons were not interested in taking up the business. He sold his business to a business acquaintance at a pretty good price.

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It would have been better if any of his children chose the business and continued to do it but it is also good to respect the opinions of his children instead of forcing the business on them

 

Hate2Wait

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I think some do retire but they can work from behind the scenes too and many do that and if it is a family business then you do not see many retiring from it

 

eldavis

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Yes business owners do retire. I know of someone in my area who owns his own business, he retired and gave the business to his son to take over .