Selling the business....regrets?

[daletournier]

Hi all, just interested , has anyone sold their business to go cruising and then regretted it down the track? Now, I dont mean regretted going cruising, but regretted losing the cashflow, or assumed wrongly they could live well on what they had only to find it didnt work quite as expected. I ask because its always easy to assume the grass is greener. My situation is this, I sold half my business 6 years ago at the age of 39 , i have no kids and are not married ( have a partner that crusies intermittently ) have been cruising almost fulltime since. I should say im neither rich or poor ( financially ) .Currently sitting off a beautiful little island in Palawan Philippines ( here im rich both in life and money ). All is great , but everyday I still have little business concerns and with modern telecommunications they find me everyday, its really easy to focus on these small issues and make them bigger, forgeting the big picture, which is not only ridiculous but also disrepectful to the fortunate life I currently have. I got lucky, there were times when I definitely would have sold the business to release me of the responsibility , if I had of I would now have a different set of problems, constantly concerned about the money going down etc. Its really easy to not trully appreciate what one has and focus on what one dosen't have, secondly assuming you can get something back once you let it go. Sometimes luck and timing plays a role in helping you develop a successful business and most often cant be replicated again, once you let it go it's gone. Ive watched too many successful people assume they are purely successful because they are smarter or work harder than other's ,but really circumstances played a big role. Through talking to other cruisers over the years ive come across a number that have sold up to live their dream only to realize later if they had of managed their situation differently they would be in a preferred position now. Also markets change and with them so do individual fortunes. Through these conversations ive realized ive lucked out ( presently ) and so easily could have made a decision that I regretted. Interested in others views /experiences of cruising while retaining all or some of their business or what they would do differently if they had their time again. BTW for the record im on a 32ft Freedom not a gunboat just to put things in perspective.
Cheers Dale.

[maytrix]

How much time do you spend working? If I owned a business and could manage it while cruising, I'd do that in a second.

[Island Time O25]

Wish I'd done it when my business was at its peak - 2005-2006. Now I'd be lucky to get 1/10th of what I could've gotten back then. So I'd probably bite the bullet and take off regardless in a few years, may be sooner. I'd rather be a poor man in paradise than make a comfortable living in non-paradise (to be generous with definitions).

[daletournier]

Its always about balance. Poor in paradise is still poor. Ive recently met a guy who is obviously intelligent and creative but now stuck in paradise due to very little money and options. He cant afford to cruise anywhere else. He had a very successful business but sold several years to early ( his words ) and is now out of money, he regrets selling early. Another chap who also sold up and invested all his money is 40% down said" after a year I regretted selling" .
Please dont misinterpret my post, Im not complaining in fact the opposite. Im pondering and wondering what others think. How much do I work? First 3 years only 4-5 months in total. I recently decided to now be back approx 1/3of the time. Thats defining work in the traditional sense, but all business people understand that a business owns you as much as you own it.
Cheers Dale.

[maytrix]

Unless you are unhappy, I'd keep working like you are. I'd love to be able to cruise and work 1/3 of what I do now. Even if that meant checking emails periodically..etc when I'm not working - I do that now anyway too.

The more you could get someone else to manage things, the more that might help as well.

[daletournier]

Yes I agree. To many business people are dieing a slow death. Having a good manager has been my saviour ,also being prepared to accept "I only need enough no more "( if more its a bonus). I left due to the stress but also my personality wanted to experience more, the enemy of a great life is a good life, most of us in the western world have a good life but not necessarily happy.
Cheers Dale.

[Island Time O25]

Several cruising couples I know get by on under US$20-25K a year. And that income mostly comes from deliveries, odd jobs such as sail/cushion repairs. etc. One couple lives on a 45ft boat, travels between Carribean and New England most of the time and gets somewhat regular calls for these odd jobs. Another lives on a 35footer, mostly down South. Not something I'd aspire to but something to keep in mind as an alternative to not doing anything just because one is afraid of poverty as a liveaboard. And both of them seem to be the happiest of all the couples I know. Again, I understand that they may be showing a face and one never knows the true situation but at least compared to landlubber couples in our circle they seem to be the freest and the happiest, at least on the surface.

[Palarran]

I'm very fortunate in all regards to my business. We are an old established company with 90 employees, no turnover, and steady customers. Three years ago I walked out the door without giving any instructions and enjoyed 4 months off sailing. Not once did my phone ring during that time and the only e-mails I received were informing me of what had already transpired, not asking my opinion.

What I personally found during that time though is that I love my job, company, and co-workers so I'll probably never sell. There is no reasonable multiplier of profit that would induce me to change my mind. Last year I took 7 weeks and this year 9 weeks off and it works great for me. Delegation, trust, and a solid foundation are keys for me.