[DETON8R]

My Father-in-law did that, sort of. His life-long outlet was racing motorcycles and hunting.

After raising 5 kids, and on his third wife, and after working like a dog for a defense contractor from the time he was out of high school (age 18) until the age of 55ish, he wanted something different. He left the work-a-day world and opened an archery store. I think he was under the impression that he could have fun doing what he wanted, get paid for it, write off hunting trips, and have a retirement "fun Job" making good money to supplement his retirement/pension. With a full retirement for somewhat steady income, and some cash (nowhere near $500,000) and his home's equity, he opened an archery store.

It could have worked, he was doing well for the first few years, however when that "fun Job" become a "Job" a few years later the store downsized, and moved, then closed a year later as it slipped into bankruptcy. Don't know how much he lost, but when the bankruptcy filing was finalized the debt was just under $100,000, and the majority of the houses' equity was gone.

I think it could have worked, as I think the failure was more about a few bad risk decisions that didn't pay off from the inception, and not working the business as hard as he should have by himself, without hiring others in his place. The first two or three years there were losses, and the accountant didn't think there were exorbitant. The timing of an economic downturn, employing family members and friends, then the wearing off of the "fun factor" by he and his wife resulted in its demise.

I think he really needed a good business plan, some sound 3rd party advice, and the ability to tell himself, friends and family "no" even when it wasn't the fun answer. I respect him for doing it, and there were a few things he could have done better, mostly he needed to rely on his own industry and not the industry of others, and when he didn't know what the right answer was, he needed someone to go to make sure he wasn't making the wrong decision from a business perspective.

Others have done it, these pages are full of entrepreneurs that have done it. It really helps to have business associates that are in a similar line of business (but not the competition) to talk about your decisions, direction, and possible next steps to expand, insure stability and not burn out of it.