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Do you know the surprising truth about retiring in place?

August 8, 2023 -  By Jeffrey Scott

Last year I ran a webinar on retiring in place. We covered why owners take this route and what it takes to put this practice in place.

You can watch the webinar recording on YouTube.

Leadership (Photo: phototechno / DigitalVision Vectors / Getty Images)

The future is now

All entrepreneurs are dreamers and doers. We love building businesses and having big goals. A common dream is building a business to run day-to-day without the owner. Often these are the 10-year or someday goals.

(I know this to be the case because when I take on a new peer group client or coaching client, I inquire about their short- and long-term goals).

Here is what I discovered after working with close to 350 companies: you can achieve your 10-year goals in half the time or less.

Case in point

I work with a midsize firm in Virginia, where the managing partner achieved this amazing goal within a year of working with me.

He has the unique skill of being both a dreamer and an excellent doer.

He now bikes in West Virginia and travels the world on sabbaticals, while also continuing to build the company. He is a one-of-a-kind operator.

Most of you won’t get there within 12 months like he did. But it will also not take you 12 years either.

What’s your passion?

If you could make your business operate owner-independent, what would you do with your time?

Break this into two lists, and make a dream board for your office.

Away from the business, you may want to:

• Give back to your community.
• Start another business.
• Develop real estate.
• Travel the country in an RV.
• Ski all winter.
• Take more time for reading or gardening.
• Spend more time with family and friends.

In the business, you may want to:

• Invent new products.
• Mentor future leaders.
• Go back to designing.
• Do more on-the-job training.
• Leadership-run company.

Some of you have a “what I want to do later in life” list. But why wait? Life is short, and 10 years is a lifetime away.

I recorded a podcast with Krisjan Berzins, president of Kingstowne Lawn and Landscape in Alexandra, Va. He set up his leadership team to run his company at an early age.

He touches base frequently but invests his time elsewhere.

He spends his business time on his real estate and his personal time with family, racing and other endeavors.

Your challenge

Clarify your long-term goal and sprint towards it.

I challenge you to watch the webinar, listen to the podcast and speed up your “big hairy audacious goals” by turning them into 5- or even 3-year plans.

The clearer the steps, the easier it is to achieve!

You got this!