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133743Hokie

Joined: 10/07/1999 Posts: 36643
Likes: 11723


Retired at 51 (now 60) Lived normally, neither modestly nor extravagantly.


Only debt we ever had was mortgage. Wife left workforce to raise kids and run the house so to speak. Borrowed money from my parents to buy ownership stake in my company at 37. Leveraged it to majority owner status when prior generation retired when I was 39. Recognized that using profits to pay off their buyout was a better value than taking the profits and paying taxes. The result was huge appreciation in value of ownership. Grew the firm so that the buyout was minor money. Paid staff great bonuses for their contributions and took the rest. Eventually firm got too big for only a few owners (retirement buyouts would be difficult) so structured plan to sell my majority ownership to 20 second and third tier people and got out.

Honestly I'd done all I wanted to career wise, youngest was headed to college, so went ahead and got out.


[Post edited by 133743Hokie at 01/16/2018 6:07PM]

(In response to this post by WestyHokie)

Posted: 01/16/2018 at 6:00PM



+3

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