Before selling things, particularly a tow company, there’s lots to do. When I was ready to sell our tow company, I had to prepare for the sale. Here’s a list of a few things I had to address:
- Find a good lawyer to work on the contract. When I decided to sell it, since it had been our security for the future, I wanted a good lawyer who was going to look out for my best interest.
- I told all my employees what I was planning to do. I had to reassure them this was a good thing for them, and make sure no key employees would leave. It was hard since we had 35 employees, but we worked like a family.
- I confided in my top 10 customers to make sure they would not leave for other tow company. I reassured them the new company was good, and service would not skip a beat. In my case, the company that bought our company was one of the biggest in Dallas, so those customers knew they would be in good hands.
- I was leasing an 8-acre storage lot, so I had to let my landlord know I was selling. I had to make sure I could get out of my contract, and the new company could take over.
- I had to fix all my trucks and make sure they were running, and the loans could be transferred.
- I paid off as much debt as possible to get a good price when I sold.
One thing I never planned on was Retirement.
Retirement comes with many benefits. And, as you get ready to retire, start thinking about the impact it will have on your life. The following are a few benefits of retirement:
- Personal and lifestyle changes
- More free time you can pursue hobbies, travel, or spend time with the family. That’s for some people.
- You will give up all the stress you encounter over the years.
- You can focus on your health. That is the 1st thing everyone says they will do, but it’s hard getting off the couch to exercise.
- You can try new things, learn new skills, or volunteer for different things.
- Towing keeps you on the road, so now you can spend more time with the family.
- Financial Benefits
- Retirement income could be a problem if you did not save when you were working. When you are self-employed it’s tough to start a 401k, or some other retirement account. Most people end up living off social security.
- Hopefully you will find some good tax breaks, but you can’t count on the government.
- When you retire, you will enjoy many senior discounts.
- Mentally your whole outlook will change.
- You are free to do what you want, and you can structure your days to fit your needs. This gets old fast.
- Retiring gives you a chance to look back and see what you accomplished. You worked hard all your life and deserve to look at your accomplishments.
- Other opportunities will present itself for you to help others.
- Your health will get better as you start to live a stress-free life.
- You get to sleep in the mornings and take naps in the afternoon. No schedules to worry about or no place to be.
- There’s no burnout because you don’t have risks, or stress.
- More time to concentrate on getting healthy. As a tower it’s hard work, and your health may not be good enough to work out long-term.
Unless you’re planning on doing something else later, retirement is a big part of selling your business. If you don’t have a family member to give it to, and you can help them, then you are on your own. After I sold my company, I retired. I watched a lot of Netflix movies and got bored to tears. I missed the industry, so I started TowTrax, a digital dispatch system. It kept me busy. I built it up and had a CEO running it for me.
It pretty much runs by itself, and I have a few people interested in purchasing it, so that means I will face retirement again. As I mentioned a while back, I attended a tow show, and what the tow companies needed was not being sold. I used my 35 years of experience and put together a document that helps tow companies brand your company, market your company, and how to find and keep drivers. I am excited about this part of my life because it puts me back in the industry again, working directly with small tow companies.
I am currently working with 12 companies that are interested in using my experience to help grow their business. If you are interested in my experience, give me a call. I recently read an article where someone did a survey, and insurance will be the next problem for the industry. It seems like it’s getting harder to keep the doors open, and someone better start addressing the major needs of the industry or all of us will be in trouble.
At 78 years old, I’m just not ready to enjoy all those benefits yet. I feel I still have a lot to offer to the industry. There are tow companies out there that can benefit from my experience, and I want to share what I’ve learned with them. Why?
I’m just not ready to throw in the towel yet!
