# Dream slipping away



## Lanealoha (Mar 5, 2017)

After 2 1/2 years of BOAT preparedness we are just about ready to head out into the sunset. Last item was selling my business, which was all but a done deal. I've been dealing with the potential buyer for 5 months (way too long) money was in his hand (supposedly) then at the 9th hour, many un-reasonable requests were getting thrown around. Anyways, the deal fell through, I simply couldn't imagine how some one would think some of their requests were even close to reasonable ( 1 major hurdle really). Anyways the dream is postponed, I'm trying to hold on, I've invested too much at this point to walk away from it. I feel defeated a bit but I'll make it happen, back to the grind, save more money, get the boat even more dialed in......breathe....


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## hpeer (May 14, 2005)

Bummer. Sorry to hear that. People …Bah!


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## MikeOReilly (Apr 12, 2010)

Sorry to hear the news. Sounds like your buyer got cold feet and wanted out of the deal. Sucks…

Keep on keeping on. The world will still be here.


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## MarkofSeaLife (Nov 7, 2010)

Breathe. 

You're right. Hurdles. Every good thing seems to have many added. 
My current business philosophy: "Walk towards your problems, son. You'll get there in the end." 

Mark


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## Jeff_H (Feb 26, 2000)

MarkofSeaLife said:


> Breathe.
> 
> You're right. Hurdles. Every good thing seems to have many added.
> My current business philosophy: "Walk towards your problems, son. You'll get there in the end."
> ...


Unless your problem is a deep low pressure system and its your racing oriented routing kibitzer who is telling you to aim towards it, in which case you might get there, but you might not like what you find there. 

Jeff


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## Jeff_H (Feb 26, 2000)

Lanealoha said:


> After 2 1/2 years of BOAT preparedness we are just about ready to head out into the sunset. Last item was selling my business, which was all but a done deal. I've been dealing with the potential buyer for 5 months (way too long) money was in his hand (supposedly) then at the 9th hour, many un-reasonable requests were getting thrown around. Anyways, the deal fell through, I simply couldn't imagine how some one would think some of their requests were even close to reasonable ( 1 major hurdle really). Anyways the dream is postponed, I'm trying to hold on, I've invested too much at this point to walk away from it. I feel defeated a bit but I'll make it happen, back to the grind, save more money, get the boat even more dialed in......breathe....


I am really sorry to hear that this happened to you. I went through something like that myself roughly 15 years ago. At that time, my plan was to retire at 65 and sail the boat to Europe, and then spend the next 5-10 years poking around Europe. I had the right boat, and a detailed exit plan for what needed to be done to prep the boat. I had a thriving business and a solid senior employee who wanted to buy the business. Then 2008 hit, and everything collapsed in my industry. The business never sold and the rest of my plan never happened. Its not that I am complaining exactly. I have a pretty nice life.

But your next steps may need to be to sit down and put together a workable plan to get out of your business in a timely manner setting realistic expectations for what you can get out of the business. The way out may mean hiring a manager to run the business with ambitions to own a business, spending time bringing them up to speed, begin the sales transaction, let them run the business for a little while before bailing out, and once the autopilot seems to be working, head for the hills and hope for the best. It may mean elevating some employee to manage your business or even going through a similar manage the place during a transition to a buyout process, It may be that you will need to structure a deal that allows someone to buy you out with minimal pain to them (but more to you.)

or as I did, you may decide that if you don't know where you are going, you may end up somewhere else, and that 'somewhere else" is okay,

Jeff


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## Don L (Aug 8, 2008)

Lanealoha said:


> I feel defeated a bit but I'll make it happen, back to the grind, save more money, get the boat even more dialed in......breathe....


Each year you aren't cruising is a year you put money into the cruising kitty instead of taking it out. While that means working longer it also means each year what money, if any, you need to get out of your business is less.

I have a friend who was also trying to sell his business in order to start cruising. It took him almost 4 years from when I met him him to sell it. He was only going to get about 1.5 years worth of money by selling the business, so he could have just walked away 2.5 years sooner and been in the same financial position (better really because he would have not been spending those 2.5 years). I finally figured out that it wasn't the money of selling that was his issue. It was his emotional attachment to the business in that he wanted it to go to a buyer that would continue it.

So is selling the business a cruising stopper because of the money, or it is something else?


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## oldmanmirage (Jan 8, 2022)

Whew, that definitely will not be my problem. I've already sold off about 80% of my business and I can't wait to sell the rest. Selling the house is also on the agenda and I admit that will be a bittersweet moment but we've talked it through and know it has to be done. We both agree we don't want to live/retire where we are, and we don't really care for how things are changing in the neighborhoods around us. Moving from the place where we've live and raised our kids will be a big change, and I'm sure it will be difficult. But we are committed to doing so, and we're trying to make preparations now to that end.

It can be hard to change with so much momentum behind you.


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## Lanealoha (Mar 5, 2017)

*So is selling the business a cruising stopper because of the money, or it is something else?*

Yes

I have no problem letting go of the business. Yes, I'd like for it to be at least as successful as I have made it or more, which the right person could really do something with it if they were motivated. This is the 2nd person to have fallen through, though the first person only due to a horrific family situation that ended up causing that sale to falter. ( 90 y/o mother in law was carjacked in LA while husband and wife went into store, granny jumped out of the moving car to escape....didn't go well for her as you could imagine) Anyways.... I'll figure it out, I'm just aiming a little farther out now. If I could get someone that I felt could represent me and my business well in the field and be courteous and dependable I could handle most aspects from afar. Though I don't want to worry about a functioning business while I'm busy playing.

I'll figure something out. For sure not ready to sell the house yet, I worry about my son being able to afford a place to live one day, even just rent is outrageous around here, or anywhere in CA for that matter. 

Just venting, getting some good ideas and support here, I'll get there as soon as I can figure out what direction the wind is coming from.....


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## Don L (Aug 8, 2008)

Lanealoha said:


> Just venting, getting some good ideas and support here, I'll get there as soon as I can figure out what direction the wind is coming from.....


I hear you. It is a common roadblock


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## Akirakhan (5 mo ago)

Yea that's a common strategy -to get right to the end -when you're hooked and excited -then push for some really outlandish concessions. Always be prepared for that. Know what your bottom line is -and then let them walk away if they try to lowball.


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## Peter Janker (Nov 19, 2012)

Dream not slipping way, just need to work on cutting ties. Given your doubts recommend you not sell the house. If possible create an apartment for your son to live in while he manages the rental of the main house.

Put the business up for sale and keep it there even after finding a buyer. Take it off the market only after a sizable deposit is made. Sale falls thru then you keep deposit. Given that you can accept higher offers until the buyer commits, they will be motivated to pull the trigger in support of your timeline.

Good luck.

Pete


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## Frank from Kansas (Sep 24, 2021)

Lanealoha said:


> After 2 1/2 years of BOAT preparedness we are just about ready to head out into the sunset. Last item was selling my business, which was all but a done deal. I've been dealing with the potential buyer for 5 months (way too long) money was in his hand (supposedly) then at the 9th hour, many un-reasonable requests were getting thrown around. Anyways, the deal fell through, I simply couldn't imagine how some one would think some of their requests were even close to reasonable ( 1 major hurdle really). Anyways the dream is postponed, I'm trying to hold on, I've invested too much at this point to walk away from it. I feel defeated a bit but I'll make it happen, back to the grind, save more money, get the boat even more dialed in......breathe....


Sounds like you've got it pretty well figured out: breathe and dial in the boat. I hope it goes well for you. Either way there's always breathing in the boat.


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