Owner To Owner Podcast

Geoff Hetherington, Business Teacher, on how and why you should take your retirement sooner and in instalments.

Episode Summary

Geoff Hetherington inspired by a family he knew in his childhood wants more business owners to think about a non-linear, non-traditional retirement. The family bought a business, worked hard for a few years, turned it around and then sold to fund their next overseas trip. He talks about his approach to how and why you can become a modern day business flipper.

Episode Notes

@GeoffHetherington from @EliteBusinessInstitute teaches #businessowners how to build their business around their life so they stop feeling like an employee and live on their terms, make more money, have more fun & spend more time with those that matter most.

Inspired by childhood family friends he outlines in this episode the case for taking your #retirement early and in instalments (i.e. not waiting and assuming you'll get to the end of a linear #careerpath or #businessownership and assuming/hoping you'll still be able to enjoy it!).  

The retirement in installments story was based on a family he knew. They would go in and buy a #milkbar, and then work virtually seven days a week for two years, bank as much money as they could, and then sell anywhere from two to three years later before then having an extended overseas adventure and buying the next milk bar. 

This family didn't follow the well travelled linear pathway (taught all the way from primary school) to "go to high school. If you get lucky, go to Uni, but whatever, get a job, work for 40 years, retire, happy days."

More and more people are aware of the fact that waking up tomorrow is really not a given. We don't know what's going to happen.  We chatted about;

• getting your business to work for you
• the three levels;
  1. Detangle - get people very clear on where they come from, where they are, where they want to get to, and what areas of their business need the most urgent work on
  2. Designing - designing their business, so it sits around the outside of their life instead of their life being around their business
  3. Dominate - dominate their market place and put together the next strategy.
• #worklifeseparation
• why #worklifebalance as a concept doesn't work
• why 'pretending' you're going to #sellyourbusiness in 3 months (whether you really intend to or not) can make your business more efficient and effective
• why it's so important to ask yourself a fundamental question - "How much is enough?
• misalignment of personal and business goals 
• why you should cascade from your personal and professional goals down to your business goals, down to your #KPIs
• It's really about clarity. I mean, the first thing I try to help my clients do is stop defining themselves by the work they do.
• They define themselves by the work they do. I try to say, "Well, define yourself outside that, if you stop work tomorrow, who would you be?" That's a really challenging thing to do. A lot of people don't do it, but it's still something I asked them to consider
• @theEMyth