I think what LXCam was hinting at that (at least how I interpreted his comment) is that you don't seem like the type to sit around in a rocking chair sipping tea all afternoon. If you retire to "have more time" to work on projects, I suspect you'll be just as busy (if not more) as you are now, just with different things. Things you probably would be more passionate about and find more fulfilling.
Being an engineer type, you're used to looking at things pragmatically. Do the same for this decision about retiring early. What is the upside if you stay another 20 years? What do you have to gain/lose? What if you walked away tomorrow? Is there a compromise in between those two extremes (perhaps gradually over the next few years) that nets you the greatest benefit?
I do understand what you are saying about not wanting to walk away from something you built for fear that things might go sideways without you there to keep an eye on things. The reality is that you're going to have to let it go someday. Better to do it on your own terms than to be forced out by some health issue or old age, right?
I'm not trying to tell you what to do, just trying to highlight a few things you probably already know and have considered.
Thanks BD...no I am not one to sit on my hands all day. I do need something to do. I don't vacation well...I typically come back from vacation to sit at my desk a recuperate...LOL...
My brother and I a transitioning the company where we play less of a roll in the management and growth. A challenge to say the least. Hard to hand over the reins but we are working on it. Have a great group of committed people here that we can count on...but still hard.
The credit for our success goes to the men and women on the floor...they get it done. Without them we are nothing.
Best of luck to you Pat in your search for work/life balance. I found it harder when I was young but the last couple of years I have seemed to have it dialed in a little better.
My problem is I realize I am getting older and don't have the energy I once did and I want to play more but don't have the money to retire yet. Otherwise I would have no issues just playing with my own stuff.
I wish you the best in your goal setting.
Balance...yep...need some of that.
I hear you on the energy...I miss the days where I could drive from the shop here to Charlotte to pick up motors...21 hours straight. Leave on Friday back on Sunday...or pull an all nighter to get ready for a race or take care of a customer. Now I have to get 4-5 hors of sleep or I am not worth squat.
But push comes to shove I'll still do what it takes.
I am much younger than you are Pat, and at the beginning of my career as a business owner and entrepreneur. However, I have been told that I am an old man trapped in a young body.
Many of my best friends and acquaintances are in their 50s, 60s or older. Most all of them are business owners or retired business owners. And I use the word "retired" loosely. One of my customers and friends owned a body shop most of his life. Did very well for himself. Retired due to health, I suspect, but you can't keep him out of the shop. In his 70's, he's prototyping attachments for walkers so you can stand upright easier with less fatigue, and he's selling them like crazy!
Some observations.
You don't get to be successful in business by not being passionate. You obviously are very passionate about metal forming and the sheet metal business, or you wouldn't be where you are.
Success follows hustle and drive. They guys who put in the time and effort reap the rewards and when you pair that with passion, you usually find a personality that tends to put 100% of themselves into whatever they're into. They just don't do "meh".
I see that with your shop and your hobbies. Nothing you do is "meh". You don't half *** your career or your hobbies. Shooting for instance, ****, you're better armed than some small countries!
You can't just switch it off. You are wired different, as most business owners are, I've discovered. It is VERY hard to let go, especially from something you built from scratch and poured so much of your life into. Work/life balance is kind of a funny myth when your work IS your life. Its not just a job that gives you a gold watch after 30 years.
You obviously are able to retire whenever you choose, but if you are still happy to wake up, come into the plant, sit down at your desk and start looking at prints or call a customer, then I see no reason to stop.
But, if you find yourself wanting to be at home tinkering on your guns or on your sleds more often than not, maybe its time to look at taking some more time off and see what happens.
"Retirement" just means you can switch you attention to your house, family and hobbies 100%, instead of including your job in that.
Great observations Doc...food for thought.
I do go over the top but I don't know any different. In my younger days had I listened to all the nay-sayers I would not have done 80% of the things I have set out to do. I remember one day in 1990 my BIL and I were at Brainerd International raceway watching the cars making passes. There was this Chevy II that did a burnout and sounded just like a Pro Stock Car. I looked at him and said I am gonna run Pro Stock someday. He laughed.
When I took the seat of a used Pro Stock car so many told me I was crazy...Aug 2004 I made my first Professional pass at a national event. Second pass I had the opportunity to have Warren Johnson pull up behind me when I was waiting for the crew to pull me back to the Trailer. I walked up to him and told him he was my childhood idol and someday when I grow up I wanna be just like him. He said "cut 6 inches off the f'ing legs and that would be a good start." We both laughed and he said he would stop by after the day was done. He did...not to many races after that I got to stage my car against him. I lost the 1 dollar bet we had...
Passion...follow it. It will lead to good things.
I am jealous. Not cause of stuff but that can have something to do with it. The dr has good business drive and Pat has it in spades. I know a lot of owners too. They have some things in common make them good or bad. They usually "want" something that is part or most of the drive,,, the race track on weekends has lots of examples of this.
I been self employed most of my life in one way or another. I am not scared of hard work but I am not disciplined enough to be good at real business and money doesn't interest me,,, sort of bores me and this is a fault along with not "wanting" and this involves specifics mostly. I would have been way better off if I had a demanding hobby.
When I was younger could pull the deals out as I needed them but its harder than it used to be despite being wayyyyyyyyyy better at the actual work and execution.
Thank you sberry...I admire your approach. Doing what you do takes a lot of hard work and I respect that. Some will never understand the metal, emotional and physical effort it takes to get out of bed and "do" the day as your own boss. The accountability to the business and the employees and their families is a tremendous amount of pressure at times...but with the effort comes the reward. The reward can be different for all of us. Some it is money, some it is success and other it is the accomplishment. Each has it's own motive which can create good and bad business leaders. For me it is accomplishment.
Over the last couple of weeks I crossed a couple of other things off the bucket list...I went to a Machine Gun Shoot. About 30 shooters and 150 Machine Guns...I couldn't believe my eyes. They ranged from Glock Pistols to a 50 Cal Browning.
I was there to learn...one of my retirement goals is to get a FFL Class 2 License and maybe re-mil a few of these fine weapons from days gone by.
I did take a pull behind the 50 Cal...one of the ost controllable Guns I have run.
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Not on the bucket list, but I did run a little project on the Water Jet. At the plant we did prototypes for a customer and they had a revision change adding a cutout to the back side of a display tray.
Typically we do these in the Laser but the Paint raises hell with the quality of cut and takes 1 or 2 parts to get it dialed in. They needed all 8 pieces. No room for error.
So I made a fixture basically creating end caps to bolt on and then sandwiched the part up against the X-Y Fence I made.
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I cut a couple of test squares in the area to be removed to get the correct off-set to get the cutout in the correct position. Had it set after one test part. I then uploaded the DXF and processed it. Started cutting...worked awesome. A very nice clean edge and did not harm the paint at all.
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Took about 3 1/2 hours to revise all the parts. Rinsing and drying them was the time consumer. Let them air dry over night before packing them up and bringing them back to the plant.
The customer is happy and we saved them a ton of money and time rather than remaking them.
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Back to the bucket list...I have a friend of mine who is a Vietnam Vet. He spent 4 years on an Aircraft Carrier as a Electronics Aviation Specialist. He stays active volunteering with the MN Air National Guard Museum and love old aircraft.
A few years back he took me to a WWII "Fly-in" at Homan field in St Paul. He told me he always wanted to fly in a war bird. Well the opportunity presented itself when a mutual friend who is an Aviation Photographer sent me an email saying they had 5 seats open for a flight on a B-25 Bomber.
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I replied with a sign me up...2 seats. One for me and one for George. George wanted to fly in a P-51 (very rare to find one with a jump seat in it since that is where one of the fuel takes goes as understand it) or a 2 up trainer like a T-6 Texan which he got me a ride in last fall. George is also big and 76 years old so climbing into the back seat of one of those would be difficult if not impossible.
I tried to surprise him with the flight but he works part time delivering parts around the Midwest for a local dealership and I needed to make sure he had the time off since the flight was in the middle of the week. I told him about the flight 3 weeks prior and he was ecstatic to say the least.
I am in the middle, George is to the right in the photo as well as the other "passengers". The Plane Captain, "Driver", Flight Engineer and Pilot in training are on the left in order.
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George and I got there about 2 hours early so we could check out the museum and walk around the plane. At that time we were introduced to the Driver and asked him what the flight plan was. He told us they usually fly East and head south depending on MSP Airport approach. We asked if they could fly up towards Stillwater and head west to the VFW Post in White Bear Lake (both of us grew up there) and George is on the Board of the VFW. He said he would have to check with the Plane Captain.
Just prior to boarding the Plane Captain asked George and I where we wanted to go and we told him. He said he had never flown that route but if we were able he would try.
We got clearance...we took off and headed east until we got to where the St Croix meets the Mississippi and headed north. Once the wheels were up the Captain got on the com and told us we were free to move about the cabin...move about the cabin...there is not much room...LOL...George and I were in the jump seats behind the Captain and Driver. Another gentleman was in the "Well" just below us. At his feet is a tunnel about 24 inches wide and 18 inches tall where you can lay on your back and slide up to the nose. The Captain told us we could spend about 4-5 minutes up there and then switch.
The Mississippi:
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Wheels Up:
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When It was my turn I slid up there. What view...I only spent a minute because this trip was for George and I knew it would take longer for him to get through the tunnel. And he wanted to get pictures of the VFW.
From the Nose Gunner position:
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As George got in the nose we approached Stillwater, MN and I got behind the driver again taking pictures. We made 2 orbits over Stillwater. The old Bridge in the foreground and the new bridge aft.
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About the middle of the second Orbit George appeared in the well telling me later the photo ops were better from up top. So we headed east and just happened to pass about 3/4 of a mile from my house...yep I got a picture. I had sent my Wife a text to get outside and take pics as we passed by. Well she got the text about 2 hours after we landed...LOL...but she heard us.
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About a minute after we went past my house the Captain asked for directions over the com. I started to guide him in. We circled White Bear lake twice and George got some awesome pics (I am still waiting for my a thumb drive from him).
White Bear Lake:
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From there we headed to the State Capital in St Paul. We started an orbit when MSP got on the Radio and told us we were encroaching on their airspace. The driver started a hard bank to the right and we got down to about 500 feet when he leveled off and start regaining altitude...what a rush...
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At that point the Captain instructed us to buckle up and prepare for landing. George was seated in the Well and looked down and I could see the tears running down his face. His fist bumped me with a big smile.
Sometimes we have to share our bucket list with others...it was the best money I have ever spent.
When we got back on the ground George was invited to go up in a Huey as a Vietnam Veteran. He accepted and I asked if I could tag along as his emotional support animal...LOL...denied.
These are wonderful experiences for our Vets and I am happy to support them.