Many very successful people didn’t get started until later in life.
Harland “Colonel” Sanders was almost dead broke at age 65.
He used his first Social Security check of $105 to investigate ways to “sell” his special fried chicken recipe.
A year later, he incorporated Kentucky Fried Chicken as a franchiser!
Sanders sold his stake in the company 8 years later while in his mid-70’s for $2 million.
He ended up living out his golden years with enough money to enjoy retirement … and create several charitable foundations.
Colonel Sanders may be the most famous entrepreneur who started later in life, but he certainly isn’t alone.
While Sanders, who died in 1980, may be the ultimate example of an older entrepreneur who struck it rich, Ken Budd, the executive editor of AARP, the magazine, says that seeking business success in one’s golden years is especially common among today’s Baby Boomer generation.
“They’re focusing on possibilities and opportunities and redefining what it means to be old,” Budd said.
Nearly one in three business owners are older than 55, according to a 2006 U.S. Census Bureau survey.
“The idea that you’re just going to retire at 65 is becoming an outdated notion,” Budd said. “It’s more that time when people say, ‘I’m going to do that thing I’ve always dreamed about.'”
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