Ascend Business partners have developed a systematic approach, called the “Seven Steps to REFIRE”, to work with business owners to increase the value of their business and improve their profits. This allows them to exit their business with a valuable asset they can sell, transition to the next generation, or provide them with an ongoing passive income.
In this blog we share the last of the seven steps – Live your desired lifestyle
How do you want to live the rest of your life? Some business owners will want to retire, others will want to have some ongoing involvement in their business and others may want to take on another business venture. If you have taken the time to follow the steps outline above your transition to the next stage of your life will be smoother and more successful. You will have also given yourself the best chance to create a lifestyle you have always dreamed about.
Looking at the Next Phase of Your Life
During the last couple of decades, the retirement concept has seen significant changes. Once it was viewed as a time to slow down, take it easy and relax, then just grow old. People felt your useful days were over and you were no longer productive. In this modern day and age, that idea is almost non-existent. Some people even view the term ‘retirement’ in a negative context.
Instead, we view the transition as a life change. That is the time when you give up full-time employment. Often people in their 50s, 60s, and 70s are wanting to quit their everyday jobs, but they are not wanting to just sit around and grow old. They want to enjoy themselves and relax.
The best years of your life?
This stage in life can be some of the best years. It is a time when you can do the things you want to do and partake of activities you enjoy. In the past, you have had to spend time doing what you had to do to survive, but now, you can sit back, relax, and enjoy life. The years transitioning from full-time work to a more relaxing lifestyle can result in some of the most significant changes you will encounter during your lifetime. How you transition is dependent upon you, your views, and your planning.
While some people take to this new stage in life like fish to the water, there are many people who face-off to the transition as a challenge that is much more stressful than anticipated. Even switching to something good and relaxing can have its obstacles because it is not what you have been accustomed to. You will, however, adjust. With the proper planning, you can adjust much more easily and enjoy this special time much more than you ever imagined. Now is the time to start thinking about these years ahead.
Some people view facing retirement as a loss of purpose or being. However, you should face the possible issues raised when you face not going to work regularly after years of having done so. You can remain active in your community and volunteer with activities that interest you. You may want to become active in a church organisation, charitable group, or some medical support agency. There are hundreds and hundreds of projects for which you can volunteer and participate. You can even participate in projects in developing countries if you are looking for something more far-reaching and exotic.
Determine your goals
There are several things you should consider in the last few years before you actually retire. If you develop a more positive approach toward the life-changing event that lies ahead, you will be more readily motivated so you can come up with a plan of action and take the appropriate actions as necessary. Probably the worst thing you could do is to not thing about your retirement process ahead of time. Many people put off thinking about it because it makes them uncomfortable, and they procrastinate to the point where they leave their future life planning until a month or two before they leave their business. Don’t let this happen to you!
While there is no set order for these particular procedures and suggestions, there are definitely plenty more that can be added onto the list. In addition, you may find a wealth of information available out there so you can properly handle the transition and enjoy the move over from full-time employee to retirement.
Think about what you want
An enjoyable retirement is something we all deserve, but it can also mean different things for different people. Sit down today and start thinking about what you have in mind for life after you stop working full-time. With the proper planning and organizing, retirement can indeed be everything you envision and then some. It is meant to be an enjoyable time, not a stressful time. Now is the time to start taking action.
We are here to help
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