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What would you do??

post #1 of 11
Thread Starter 

I have officially just sold my business to my second in command that has been with me for 7 years. I am so excited for them to take the business to a whole different level and spin things their own way. :bounce:

 

Now that I am free again, I was wondering what others would do if they had a clean slate to play with. Would you choose to start another style business?? Work for another food business?? Learn a new trade or profession?? I am curious to know what direction one would go. 

post #2 of 11

@Fablesable

Well first off, congratulations. I hope the sale threw you into retirement and you're just looking for something to do. I'm kinda in the same boat.

Although we didn't sell, I sort of semi-retired. I just do the accounting and bookkepping for the business.

  I think you should try to combine something you really, really, like to do and then maybe generate some compensation from it. 

I have been busy doing just that. I have plenty of hobbies. Don't need any more. Lately I've been thinking very hard about starting a food operation in a low income area and recruit local kids to teach and mentor them. I know a lot of people are already doing this. But I just want something small without the community attention. Definately green, maybe associated with the local farms and perveyors. I would also like to get thye local SCORE involved. I figure something like this would be a no-brainer for compensation. It doesn't have to be monetary to be rewarding and sucessful.

 If you're not affiliated with your local SCORE you might take a peek. You skill set would be great.

FOR YEARS I LIVED TO WORK! NOW I WORK TO LIVE!
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FOR YEARS I LIVED TO WORK! NOW I WORK TO LIVE!
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post #3 of 11
Fantastic time and oppertunity you have there. Ive been kinda doing the same thing. In the last couple years Ive sold my restaurants and cafe/bakery to my managing partners and concentrated on my catering side with from scratch food for school kids and event catering. It has worked out well. To be honest if I never own an a la carte opperation again I will be fine with that.
Something to look at as a related business I am putting focus on now is importation of certain organic food for distribution. We have searched and found several fantastic EU/ USDA certified small production organic companies in Spain and have secured the rights for sale in the Nordic countries. While it is a different beast than restaurants its related enough to be satisfying to our foody selves. Plus in dealing with small production we have built great relationship with the farmers/ families that produce them.

Another thing we have done recently, in the same fashion as to what Panini does in is we have been working with the local salvation army and city mission getting food out to people whi need it. One way to help is that every week we make 1000 meals and get them out to the street people( the illiusion of the swedish social system caring for all is a myth) with contact ive got in the grocery business now I get short date food for free and use my guys to prepare, pack and then we load up and hit three spots in the city where the people know to come meet us so twice a week we do a regular route. The cost is minimal, mostly time, but the effects are wonderful. We also on these days make sandwitchs and fruit bags and my 16 year old and her friends hit the street in several areas where there are a lot if beggers. They wont leave their spors so we go to them. Again, mimmimal cost but good effect.

Honestly, you may find yourself bored like me after a short time and I really dont have any hobbies but my family and work. Between the 2 of them( especially with the medical issues of my youngest for the last year) ill never miss the line, well almost never.

I do have this dream of retirement, med coast villa in spain or italy,sipping wine and nibbling tapas, but thats at least 20 years down the road after college educations, my oldest is at Cornell and it aint cheep. I have at least 3 more after that plus we're at the begining of the process of adopting one( foster now) but such is my lot in life😀
post #4 of 11
Quote:
Originally Posted by Fablesable View Post
 

I have officially just sold my business to my second in command that has been with me for 7 years. I am so excited for them to take the business to a whole different level and spin things their own way. :bounce:

 

Now that I am free again, I was wondering what others would do if they had a clean slate to play with. Would you choose to start another style business?? Work for another food business?? Learn a new trade or profession?? I am curious to know what direction one would go. 


@Fablesable.  Congrats on selling the biz. Judging by the emoticon, you're a happy camper. Don't know the reason you sold the biz, your financial situation, your life goals, or your location. The decision is up to you.  Perhaps a life coach might help.  If you could give us some more info, it might be helpful..  Whatever your decision, the best of luck on your new endeavors.

post #5 of 11
Congratulations. It all depends on what do you want to explore and enjoy doing. Do you want to take on a new challange and learn something new. I would think of things that I am curious about and want to try out, things that interest me. I think taking time off and thinking about your life is a good idea maybe even write them down, where are you heading and what goals or dreams do you want to pursue or achive. Now it is the time. Best wishes.
post #6 of 11
Thread Starter 

Thank you so much everyone!! I feel very happy because I am now semi-retired however as you all know we never really "retire"....lol

I have owned my bakery/catering business for a little over 9 years with the business plan of selling it eventually. I waited for the right person to come along and they did. My wonderful second in command or "sushi" (as her youngest daughter would call her as she could not pronounce sous chef) wanted to eventually start her own business and now that time has arrived. She will take it all to the next level with her vision and her oldest son is now a part of the company as an amazing prep cook and 1st year apprentice starting September. 

I had to sell the business a little earlier than I planned but that is only because I fell ill and was diagnosed with ulcerative colitis. I have learned to overcome the main issues with the disease through nutrition and exercise (no meds) but felt that my business plan no longer supported my vision of health and vitality. So instead of trying to change an already well established business concept I decided to follow through on the sale of this business to the right people and move forward. Tough decision however, it went by so smoothly that I knew the universe agreed...haha

 

@panini I resonated with what you had to say and I am going to look into teaching and mentoring children locally. I love working with my local farmers market and the community. I already glean each year and help at the food banks so I will look into expanding on that. I am curious to know about the SCORE thing? I have never heard of this before and would like to know what it is if you have a moment.

 

@Lagom I like what you do with catering for school children. That must be a challenging yet uplifting experience hearing feedback from the kids that enjoy your food. I really admire you challenging your foodie self even more with importing certified organics into the Nordic countries. What a great endeavour! You will have to keep me posted on how you are making out with that as I love to hear how others are succeeding with any food/farm relationship. I am in the same frame of mind as you with not missing the line too much....lol. I feel sad to hear that your youngest is going through a rough time medically. I hope that it all gets resolved and they are back up and at it before you know it. I know how taxing the worry is for family when one is ill so I send much positive energy your little one's way. You sound like you have the most amazing family!

 

@Cerise I sold the business with that goal in mind however maybe a wee bit earlier than I would have liked but I feel happy nonetheless. I never thought about a life coach.....I think that is a brilliant idea! Thank you so much for the suggestion :)

 

@CuteChef Taking some time off is great advice! My husband and I are going to do just that and travel for a wee bit, visit some family and farms to get some creative juices flowing and come back refreshed to hit the ground running.

 

I will keep everyone posted on what the next great adventure in the food world is for me! For now I get to change my profile to retired chef......for now...hehe

post #7 of 11

@Fablesable

SCORE is a really great resource to the small business community. It's a non profit organization. It stands for the Service Corps of Retired Executives. It's a resource partner of

the SBA. It's all volunteer. They provide online, face to face mentoring, advice for anyone wishing to either start a small business or someone looking to tune/expand thier current business. From business plans, financing, marketing, etc. There are workshops, seminars, and just about answer all questions someone has about going or being in business. People can start with just an idea and SCORE will guide them through the process. 

I would bet there is a chapter near you. You'd be a great asset to them, especially someone who has experience starting and taking a business all the way to a sale.

FOR YEARS I LIVED TO WORK! NOW I WORK TO LIVE!
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post #8 of 11
Thread Starter 

@panini I am looking that up now to see where there is a local chapter in my neck of the woods. I will also check to see if there are other associations as well. Thank you very much for letting me know about SCORE. I hope that I can be of service :) 

post #9 of 11

Congrats to you. There are a lot of ways  to go here. A lot depends on your, health situation and age. If you want to enjoy life and family start that way as life is so short. I sold 3 places like you, all were successful but required lots of missed family time on my part  which I can never get back. I was just diagnosed with bladder cancer and  in 1 way I was glad I was able to make and put away the  money to take care of my family and myself  now. You Have to decide which is best for you and yours   Good  Luck. Chef Ed

CHEFED
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post #10 of 11
Thread Starter 

@ED BUCHANAN Oh wow my friend, that is a serious health situation to be in. I wish you all the positive healing energy one can give you from this far away. I understand what you are saying about family and friends being one of the most important assets one can have in our lives. Health is the other one. Your wisdom is not lost on me and with your words I shall take careful consideration into establishing a fine balance of health, family and work. Thank you and be well ;)

post #11 of 11
@ED. That definatly sucks. I did my battle with stomach cancer a few years ago, my wife beat it when she was 3 and now my youngest is fighting it. F-- cancer. Punch it in the neck like we did and are doing. Our thoughts and prayers are with you everyday.
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