how to retire

[rittz]

I am a single practitioner in structural engineering for 50 years or so. Looking for some tips on retiring from practice. I realize I need a lawyer for assistance but the experience of others who have gone through the process is surely useful. Can I get some key issues and alternatives that others found to be are pertinent to the process.

 

[ajack1]

Are you saying you own a one man practice and are looking to retire?

If so what is sellable? Do you have ongoing contracts, do you have tangible assets like property or is it simply trying to sell a “client list”?

Even if it is just a “client list” there might still be added value for example you might own software that you pay maintenance on at say 15% where as someone starting from new would have to pay the full price and you might be able to increase the asking price by agreeing to stay on possibly part time for an agreed period of time.

In the UK there are certainly tax advantages in selling a company at certain times as you can effectively gain an extra years tax relief if you get that right, well worth speaking to your accountant on that. There are certainly companies that value and sell companies might be worth speaking to one or more of them.

Beyond that I am not sure what anyone could tell you with the limited information you have given other than always speak to a professional rather than take anything you see on here as gospel.

 

[MiketheEngineer]

It might be a good time to hire a lawyer and/or an accountant??

 

[patprimmer]

Umm

What's wrong with not accepting any new contracts, finishing up or handing over existing ones, closing or selling off the shop and casually riding of into the sunset.

If there is anything that is geographic location specific, you might do well to give us a hint as to the general location.

The overwhelming lack of response to date probably matches the lack of meaningful information to respond to.

Regards
Pat
See FAQ731-376 for tips on use of eng-tips by professional engineers &

http://eng-tips.com/market.cfm

for site rules

 

[tickle]

What Pat said.

Or go to a friendly competitor and "sell" your business / contact list. Agree to work for/with them for two or so years and get the friendly competitor to do the work. Numerous options for remuneration

 

[zdas04]

He logged on yesterday and he has this thread marked for e-mail notification. Maybe he lost interest?

David

 

[rittz]

I posted this thread back in Feb and then suddenly the site somehow would not respond to my handle and password until today. In the meantime I tried everything I could think off to get it running again. Sent numerous emails to the developers of the forum to no avail. A few days ago, out of the blue, I received an email from the developer which simply said " Your handle an password will now work". Sure enough it did,... ......???. that's my story and I'm sticking to it LOL..

Re retiring: The runout liability insurance will be a significant issue. I was hopping to hear from anyone about their experience with that. Other than that I guess I was looking for anything who,as a single practitioner, would have to say about how the process went when they ceased practicing.

 

[csd72]

It is typical if you sell your business to get the new owners to take over the liability insurance.

If that doesnt work then there are policies available for liability after you retire.

As others have said, talk to a lawyer e.t.c. though another engineer who has been through it could probably provide more specific advice.

 

[msquared48]

Did you operate as a sole proprieter or a corporation?

Mike McCann
MMC Engineering
Motto: KISS
Motivation: Don't ask

 

[rittz]

msquared48

I operatd as a lmited company with one shareholder

Rittz