When I run my own business I might sell my business when I am old (in my late 80’s), and I hope by then it will be making a profit of $1.5+M a year. I will expand my business; upgrade my tools and equipment; and then retire if and when I feel like retiring. But otherwise I will most likely hand it over to my successor.
Until I am in retirement, I will be busy upgrading and expanding my business in different places, and coming up with new ideas to add into my business. Once I have retired, I’d like spending time with my nieces, nephews and grandchildren (if I live to have any), and probably go on vacation with my wife (if she is alive and healthy at that time). I would also build and give away some things I will make when I live to being that old. I might build a small little business, just so that I would not be bored to death, and so that I would have enough money to live on, as well as a little extra to spend doing good activities with my grandchildren.
To sum up what I just said in the previous two paragraphs: When I am young, I would build and expand my business, and try to get $1.5+M profit a year; And when I am old I would retire and sell my business, and then I would spend the rest of my money as I choose.