This week, Tony talks to money specialist, Jim Muehlhausen, a specialist in helping business owners to increase their wealth by the practice of "Half Retiring".
KEY TAKEAWAYS
BEST MOMENTS
'If I could keep that income but ditch the grief, that'd be awesome'
'Half-retirers keep the business but ditch the stress'
'If you don't have a good enough reason to half-retire then none of this stuff is going to work'
'I've now got a business that runs on autopilot, compared to the train wreck I had to show up at every day'
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ABOUT THE GUEST
Like most entrepreneurs, Jim Muehlhausen has an eclectic background ranging from CPA, franchisee, attorney, business owner, consultant, franchisor, public speaker, university professor, and book author.
While still attending the Indiana University School of Law, he became the youngest franchisee in Meineke Discount Muffler history (1987-1991). After successfully selling that business, Jim founded an automotive aftermarket manufacturing concern. During his 9-year tenure with that business, the company achieved recognition from Michael Porter of the Harvard Business School and Inc. Magazine in the IC 100 Fastest-Growing Businesses.
Twenty years ago, he found his true passion, serving as a consultant, business coach, and advisor to hundreds of businesses. During his 10,000+ one-on-one consulting sessions with business owners around the globe, Jim realized that while all business issues look unique, they rarely are. Most businesses are working to seize the same opportunities and overcome the same obstacles. To help business owners share best practices and stop learning from the “School of Hard Knocks,” he wrote the well-regarded book The 51 Fatal Business Errors and How to Avoid Them.
His ongoing research led to the discovery of fatal business error #52: You can't outsmart, outhustle, or outmaneuver a weak business model. The more he studied business models and worked with business owners, the more convinced he became that business models were the key to a great business.
In 2009, he founded the Business Model Institute which is devoted to the innovation and study of business models. Jim writes several articles for the Institute each year as well as contributing to publications such as Inc., The Small Business Report, Entrepreneur, BusinessWeek, and various business journals and just completed the book Business Models for Dummies.
Jim has now turned his attention to the problems facing aging business owners. Ten years ago, Jim started to spot a trend. Business owners turning sixty-five were not selling their businesses and retiring. As he researched the issue, he found three reasons they were not selling: 1) they simply could not afford to sell the company, 2) they wanted to stay active, and 3) they wanted to maintain the business for the employees.
By studying thousands of business owners, Jim saw a select few that had shifted from “working income” to “equity income.” That is, these owners earned money by owning the business, not working in it. By collecting their best practices and augmenting them, Jim created the Half-Retire Blueprint. This step-by-step process helps business owners create a profitable alternative to selling their business via Half-Retirement. This trademarked system is outlined in Jim's new book Half-Retire: Keep your business, ditch the stress.
ABOUT THE HOST
Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.
“Live For Today, Invest For Tomorrow”
CONTACT
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