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Syber Realty
201-1449 St. Paul Street
Kelowna, BC
Canada  V1Y 2E5

Phone 250.862.8100

Fax 250.862.8300

 email@syberrealty.com

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Liquor Store and Pub

Okanagan Motel

Nufloors Creston

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Heads up to Retirees

My husband and I are in our early seventies, and are in our fourth attempt at retirement. We have pretty well always been self employed and in the Restaurant business for the last decade or two. That industry is very intense and requires hard work and long hours.

2005 TO 2006

Our first “retirement” we went to work in a pellet stove manufacturing plant after a year and a half of retirement and boredom.We envisioned something different new and interesting. It soon got old, and became a JOB. As entrepreneurs we didn't much like “deductions at the source” and not being able to make meaningful changes where we would have as owner /managers.

2006 TO 2009

Second “retirement” we downsized from previous restaurant endeavours.

We bought an old church renovated into a Bakery Espresso bistro in a small lakeside town. Shortened our hours and work week and had little or no staff. I cooked, Jim served our customers. We loved it, but ran out of steam, and someone made us an offer we couldn't refuse.

SEPT 2009 MARCH 2010

Third “retirement” having sold our business, we then sold our home. We rented a moving pod, and loaded our possessions and put them into storage. Put our funds in safe but secure bank savings switched to epost for our mail and hit the road.

Our original plan was to travel in our Little R.V., but we realized that it was better to take our car. The gas mileage of the R.V. would cost as much as a fresh clean motel room each night if we were on the move. AHHH seven months of bliss! No schedules no responsibilities just the call of the open road. My husband starts to dream (says he has to have something to look forward to) thinks we should buy a motel. I'm starting to miss having stuff. By this time, we're in Nova Scotia and Motels are cheap to buy and room rates are high. I'm was the Chef and Accountant in the family, both positions make you the BOSS in a Restaurant business. Guess what, after being boss for decades, I was tired. As we travelled and stayed in many motels in Canada and the States, rarely more than one night, we became experts on motels re: comfort and service. I let Jim talk me into perusing the financial statements on some motels. I kind of liked free housing in your own “home”.

2010 current 2013

Fourth “retirement” When we left the restaurant business, we really missed our customers. We discussed our criteria for our “golden years” what we wanted and needed.

  1. To      be mentally engaged
  2. To      be physically active
  3. To      have CASH FLOW

Well, we bought our Motel three years ago and it has been everything that Jim wanted, and then some. It is basically his baby. I'm letting him be Boss. I still do the accounting, albeit much less than all our other business. We bought this for about the same price as a large home. We have a pleasant home provided by the business with all utilities, cable, internet etc. included. We don't need as much space as we used to, and when we get visitors we have lots of options.

When we get the home Reno and redecorating bug or the gardening itch, it's paid for in before tax dollars by the business. Keeping our business in good repair pays in many ways. I love that I'm at home with the time to pursue personal activities but enjoy the business & social interaction with our guests and other business people in our community.

I also enjoy being able to jump in my car and take off for shopping and visiting. Sometimes for days at a time. I told you this was Jim's baby. He’s a friendly gregarious person, and wants to welcome and deal with our guests, hands on.

Housekeeping duties are handled by staff.

After a business lifetime of “deductible expenses” and ready access to additional income, this is a great fit. It is tough living on a fixed income when expenses are not fixed.

Also my husband enjoys money as a measure of his performance.

BONUS our OAP and CPP just build up in the bank.

I should have listened to Jim sooner.