Do Business Owners Retire?

[Golden9]

Most organizations have a set limit for how long their staff can work, especially in government establishments. Some people only retire though because it's necessary.

What of those who run their own businesses without external control? Is it possible to retire?

 

[Shavkat]

I do think so. Perhaps the family members can take his or her role if retiring to do this business. I am sure it can be passed on.

 

[Niyi Briggs]

Yes! They do retire when they feel they are not physically able to cope with the physical requirements of the business. He can handover the business to anyone he feels can run the business. The owner can still sit on the board.

 

[Suba]

Running your own business also needs to arrange when it's time to retire or leave their business, but in general they will train their children who have completed business studies at university, so that the business will grow and become bigger, incidents like this happen a lot in my country, especially for biscuit companies and cigarettes.

 

[LoukiaCharilaou]

I think that business owners retire only when they feel that they do not have the energy and strength to continue working.

 

[Bisolami]

Most organizations have a set limit for how long their staff can work, especially in government establishments. Some people only retire though because it's necessary.

What of those who run their own businesses without external control? Is it possible to retire?

There are a lot of business owners who retire and give their children the business because they are very old to work

 

[Enxx]

Yes they are the CEO of the company and when they are old enough to rest, they do retire and give the title to others

 

[eldavis]

Yes some of them do retire, they might decide to pass on the business to their children so the child would help them run the business why they are either relaxing at home or traveling.

 

[Niyi Briggs]

At 45, I plan to retire from active running of my business so that I can take care of myself after pummeling a major part of my life to build a sustain business. I would just sit on the board and play advisory role.

 

[oldbuddy]

Absolutely, I felt I had as much right to take my Social Security as anyone else and I retired at age 62 and turned the company over to one of my loyal employees.

 

[Niyi Briggs]

Absolutely, I felt I had as much right to take my Social Security as anyone else and I retired at age 62 and turned the company over to one of my loyal employees.

Do you mean you handed the business over for him to own or manage? Because I am wondering how you would build a business and hand over for another to own.

 

[oldbuddy]

Do you mean you handed the business over for him to own or manage? Because I am wondering how you would build a business and hand over for another to own.

Yes I handed the business over to him to own and he has made profits that he lived on for the last 22 years. What you don't understand is all the time I was the owner and he was an employee, his efforts contributed to the success the business had by building our reputation for quality work and improving the product to increase sales for both of us.

 

[Suba]

Yes I handed the business over to him to own and he has made profits that he lived on for the last 22 years. What you don't understand is all the time I was the owner and he was an employee, his efforts contributed to the success the business had by building our reputation for quality work and improving the product to increase sales for both of us.

Very good experience, whether you as an onwer leave all decision making to employees, or only part of it, how do you monitor or control the company. Do you also receive a fixed salary or only a percentage of net income.

 

[cherry123]

Yeah I don't think so.i think the family members do take his or her role if retiring to do the business. If it can be passed on to a new generation

 

[Niyi Briggs]

Yes I handed the business over to him to own and he has made profits that he lived on for the last 22 years. What you don't understand is all the time I was the owner and he was an employee, his efforts contributed to the success the business had by building our reputation for quality work and improving the product to increase sales for both of us.

That is very noble of you. In my country, they would have handed the business down to their children regardless of the contribution of any staff in the business. After all, they were being paid for their work. I salute your ingenuity.

 

[cherry123]

When I have my business I will never retire if I'm tired of a line of business I will change it to the one that I will like that's it.

 

[Springtime]

Normally, a business owner will run his/her business as long as s(he) is physically fit. When s(he) would like to retire, s(he) can pass the business to his/her children and continue to be a board member to play an advisory to role. If his/her children are not interested in taking up the business, s(he) can sell the business and make good money to enjoy retirement life.

 

[cherry123]

They don't even need to retire you just continue still when you are tired you just bring in someone to manage for you, you just run the business from the background

 

[Reedex]

Business owners need to retire because there will be a time you would be hold and you will need rest.

 

[IB D]

Business is rigorous and there is a point it gets to where someone can't stand the rigours of business. For some people, it might come earlier and it might come later for some. But when it come, you need to handover to a trusted person. N