I love to have passion projects. You know those are things that might bring you revenue in the future, but it’s not the reason you started doing them.

Right now I have this passion project which I’m calling the 100 year life. I started this after I read the book, The 100 Year Life by Lynda Gratton and Andrew Scott. The premise of the boom is pretty simple. With life extension, there’s a good chance that we should be thinking about living to 100 years old instead of 75, or if we’re lucky 80 years old.

My passion project has two questions involved with this and that’s what the topic of today’s video is.

Transcript

I love to have passion projects. You know those are things that might bring you revenue in the future, but it’s not the reason you started doing them.

Right now, I have this passion project which I’m calling The 100-Year Life Project. I started this after I read the book, “The 100-Year Life” by Lynda Gratton and Andrew Scott. The premise of the book is pretty simple. With life extension, there’s a good chance we should be thinking about living to 100 years old instead of 75 or if we’re lucky, 80 years old. And we should plan to be healthy right up to the year that we die.

My passion project has two questions involved in it. And that’s what the topic of today’s video is.

Now, my first question is, if you knew that you were gonna live to 100 years old, how would you be living your life differently today?

If you’re over 50, this may or may not be useful to you, I think it is. I have tons of relatives living well into their 90s, if not older. If you’re in your 40s, you should be thinking about this. If you’re in your 30s or younger, you better be thinking about it. The fact is, if you’re in 30s or 40s, a 90 or 100-year life is something that’s just gonna be the way it is, it’s not gonna be something that’s an outlier, or something that you wish you had, or you wish you didn’t have, but you need to be thinking about it.

The second thing I want you to think about is the old method of school and work and retirement doesn’t work anymore. It’s just not gonna work. If you’re gonna live to 95 or 100 years old, you’re not gonna go to school till you’re 21 and work to your 65 and then retire at 65 and live to 100. The truth is, most of us aren’t gonna have nearly enough assets around for 30 years of life after retirement. Retirement will become probably 70, 75, maybe even 80 or for some people 85.

The truth is most of us don’t have to retire because the work we’re doing is so hard that we can’t do it anymore. And we’re gonna be going through life in a very, very different way in the future, if not right now.

So, let’s think about this as a model that we might wanna have. You’re gonna go to school till you’re 25 years old, and then you’re gonna figure out what you love in the next 10 years till you’re 35. And your major career’s gonna start at 35 years old after 10 years of experience, of experimentation, so, you’re gonna be more value to the party, when you start your major career.

After 15 or 20 years of your first major career, you’re gonna leave the workforce for three years while you get retrained, ’cause the truth is the world is changing fast, it keeps changing faster and the skill sets that you had 20 years ago, just aren’t gonna make it through till the time that you need your second career.

And the other thing you’re gonna need to really learn how to do is to become a lifelong learner. No longer will you be able to go to school, you’ve learned it, you’re done, it’s time to move on. The world is gonna change and you’re gonna need a different skill set for the second major career, and I’m saying, let’s say, we’re gonna take three years for that.

And so, our second major career is gonna take you up to say, 65, maybe 70 years old. And this is where life might get to be really interesting, because now we’re gonna go into our third different training portion. We’re gonna learn something new, and this will be our passion training. This is gonna be a project that you don’t have to make a lot of money.

In fact, you really don’t need to make much of a living at all, you need to have a little bit of money to offset your savings that you’ve had, but in your passion career will take you up to 90, maybe even 95 years old. Depends how our life works out and how you’re gonna do. Then you’re gonna retire and we’re gonna have 10 years of retirement, not 35 years of retirement.

So, number one, does this sound possible to you? Does this sound like something you wanna do? And my question is, if it’s not, why not? Especially, if you’re gonna be healthy all the way through. And if you’re gonna be healthy through your life, it just makes a lot of sense for me to start thinking about what a really long life means in our life.

And here’s my second question, if you were gonna have a business that will last for 100 years, what would you be doing differently today than you’re doing right now?

Here’s my first thought. 40 or 50 years is a really long time to run a company without getting burned out or bored. That means you’re gonna need to learn the skills so you don’t become burned out and bored, or you’re gonna have to become a multiple entrepreneur, and I don’t know about you, but going through the startup phase of a company, it’s pretty painful, it’s not something I wanna do over and over and over again. If I can learn how to do reinvention within the company I have right now, or I’m doing different things than I was before, I have no reason to wanna get rid of my company.

What you’re gonna need to learn though is you’re gonna need to learn how to become operationally irrelevant. This means you’re gonna need to learn how to get out of the tactical part of your business, and focus on the strategic part. You’re gonna have to learn how to delegate, you’re gonna have to learn how to let other people make mistakes and learn from those mistakes, and you’re gonna have to learn how to systematize your business.

Those are all the things that have to happen for you to create a business where you become operationally irrelevant. The other thing you’re gonna have to think about is your company’s gonna have to pivot at least twice in that 40 or 50 year timeframe, if not a lot more. Technology is gonna change, you’re gonna have to change along with that technology, and the technological change that’s gonna come to your industry is gonna force your business to change or disappear? Again, it’s another reason why you need to become a lifelong learner and make the people in your company be lifelong learners and make your company becomes a lifelong learner as well.

The other question I think you need to really ask yourself is, do you care if the business last pass? If you do or you don’t, you’re still gonna have to reinvent your business, you’re still gonna have to make yourself operationally irrelevant, you’re still gonna have to do all these things to make the business act like it’s gonna act 100 years, otherwise, you’re gonna get burned out. But if you care if the business last pass you, then you’re gonna take different actions that if you don’t care, if you sell your business at 75 or 80 years old, and then right off into the sunset and whatever happens to your business happens.

I’m hoping that you wanna make the business last pass you for a couple of reasons. One, it’s really satisfying to do that, and two, the people that help build your business and gets you to where you are, they’ll get a chance to run the business after you and then they’ll get a chance to do the same thing that you’re doing. So, here’s the other thing that I need to have you think about. Most businesses are not really sellable.

So, having 100-year business strategy, we’re safer, more satisfied. You may decide to do what I call the wind down. The wind down is where you say, “Okay, I’m gonna take my top 20% of my clients, “and I’m gonna find a good home “for the bottom 80% of my customers, “but I’m only gonna serve that 20%.” So, now I have a chance where I’m gonna work one day a week, probably make about the same amount of money I was before because the truth is 20% of your customers create 80% of your profits anyhow.

So, what you’re doing is you’re basically saying, “Okay, that sounds like a good idea, “I don’t wanna have my full company, “but I like what I’m doing, I like the industry I’m in, “and there’s no reason I can’t keep doing it “till I’m 80 years old.” You just need to find a good home for that 80% of the customers who you’re no longer gonna be serving. I’m gonna be doing more programs on helping you navigate the 100-year project soon.

In fact, I’m putting together the final touches on the first program, the sale ready company right now. This program will help you navigate the eight steps that are necessary for you to create a sale ready company that you’re probably not gonna want to sell when you get there.

Yeah, you heard that right, you’re gonna create a sale ready company, which means the company is ready to be sold, but you’re probably not gonna wanna sell when the time comes.

In the meantime, download our free eBook on “The Private Business Owner’s Guide” to leaving your business in style. This eBook will guide you through the eight steps you need to follow to have your business be sale ready, even if you have no intention of selling.

And while you’re at it, why don’t you scroll down and let me know what you think about the 100-year project. I would love to know what your thoughts are.

Hey, this Josh Patrick, you’re at The Sustainable Business, thanks a lot for stopping by, I hope to see you back here really soon.

Topics: retirement, Video, Sustainable Business, sale ready company, leaving business in style, business too good to sell, 100-year life, life long learning, 100-year business

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