KEN KIRSCHENBAUM, ESQ
ALARM - SECURITY INDUSTRY LEGAL EMAIL NEWSLETTER / THE ALARM EXCHANGE
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When should you retire / Las Vegas private and group meetings still have few spots
March 23, 2024
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When should you retire
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Ken
In your experiences, when is a good age to sell your company. Or should I say, is it smart to sell when you are relatively younger. I'm going to be 57 in Sept. I have been approached a couple of times in the past about buying me out and working for that co. In my head, I laughed as I'm to young to lose what I have done over the last 30 years. Nor, I thought they wouldn't pay me enough and I am not interested in traveling. lol
My other thought is we are very BUSY, it is not like I'm lacking for work. The only negative (it's a big one nowadays) is trying to find good employees/techs. It has been HELL, extremely frustrating, since Covid hit. I really am not thinking about selling and working for another co.
Even if I received a great buyout and salary, my thoughts were what happens in a year or two/three and they let you go. Then, I'm not even 60 yet and looking for work. No thanks! Let me know your valued thoughts when you get a chance.
Name withheld
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Response
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Retiring is very personal; I can’t because my work is my hobby. If you have lots of things you enjoy and can afford it then its option. If you love your work then don’t retire if you’re healthy, at least until you have a definite plan to keep busy. I've had many clients retire in their 50s only to be looking for some other business by the time they are 60, which usually doesn't work out as well as they hoped. If it aint broken don't fix it.
Changing work habits is another matter. As time goes on balancing work and family usually needs some adjustment. Whether it’s a family member who needs your attention, or just wants it, or personal health issues and maybe a new found activity that consumes enough time to infringe on a rigorous work schedule you have to adjust.
I can tell you a few industry related moves that stops short of retirement that makes plenty of sense:
* If you are monitoring your own accounts, or a small central station for you and a few dealers, as well as a retail side of the alarm business, selling off the monitoring center will feel like retirement. Removing the ball and chain around your neck may be a better way to describe it. [call me today to sell the central station operation, fast]
* If you’re the chief cook and bottle washer, a one man operation, and more than a year has passed since you’ve been operating that way, might be time to sell the business and look for a less stressing day by working for another company, maybe the company who buys you.
* If you have a concentration of similar accounts, such as commercial fire, or residential, or PERS or whatever you seem to have built as the primary part of your business, it’s probably better to concentrate on that type of business rather than spreading yourself too thin, especially if you lack the know-how or man power to effectively handle those odd jobs.
* Build a solid successful business and bring your kid or kids into it; they will let you know when to retire.
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Private and Group meeting schedule now available
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Group Meetings: See schedule below. Reserve your spot by calling Stacy Spector at 516 987 8428.
Private Meetings:
Schedule a Private Meeting with Ken Kirschenbaum by calling Stacy Spector at 516 987 8428.
Register for a Group Meeting by calling Stacy Spector at 516 987 8428
Schedule Private meeting with broker Rory Russell by calling Stacy Spector at 516 987 8428.
Group Meetings: Topics and Schedule
Tuesday April 9. Group Meeting: 3:00 pm to 4:00 pm – Monetize on your monitoring accounts; new incentive program; learn how to get unheard of incentives from your central station or move to another one. Group meeting conducted by Ken Kirschenbaum.
Wednesday April 10. Group Meeting: 11:00 am to 12:00 pm - Selling and buying alarm accounts; Things to know. Group Meeting conducted by Ken Kirschenbaum.
Wednesday April 10. Group Meeting: 2:00 pm to 3:00 pm – State sales tax and complex company valuation. Group meeting conducted by Mitch Reitman of Reitman Consulting Group.
Wednesday April 10. Group Meeting: 3:00 pm to 4:00 pm – Central station – dealer relationship; contract issues; understanding the dealer agreement terms and why you need the K&K Rider. Group meeting conducted by Ken Kirschenbaum.
Thursday April 11. Group Meeting: 10:00 am to 11:00 am - Insurance for your alarm business – best options; availability, pricing and claims. Group meeting conducted by Shawn Iverson of The Insurance Center.
Thursday April 11. Group Meeting: 11:00 am to 12:00 pm – Contracts – which ones you need and why you need them. Group meeting conducted by Ken Kirschenbaum.
Thursday April 11. Group Meeting: from 3:00 pm to 4:00 pm -
The Corporate Transparency Act. Group meeting conducted by Mitch Reitman of Reitman Consulting Group.
Private Meetings with Rory Russell of AFS:
Schedule a private meeting with Rory Russell of Acquisition and Funding Services (AFS) to discuss buying or selling security, fire and integration business. Available times to meet with Rory Russell are as follows: Wednesday April 10 and Thursday April 11 between 7:30 am and 11:00 am and 12:30 pm and 4:00 pm. Contact Stacy Spector to schedule a private meeting with Rory. Call 516 987 8428
ALL TIMES ARE PACIFIC STANDARD TIME.
Contact Stacy Spector, Esq. for all scheduling at Sspector@kirschenbaumesq.com or 516-987-8428.
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Ken Kirschenbaum,Esq
Kirschenbaum & Kirschenbaum PC
Attorneys at Law
200 Garden City Plaza
Garden City, NY 11530
516 747 6700 x 301
ken@kirschenbaumesq.com
www.KirschenbaumEsq.com
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