Some people are born entrepreneurs like my Father. After selling Group Insurance to various small companies in the Midwest, he branched into Pension and Profit Sharing plans, which were the precursors to modern 401K-type Retirement Plans. Many of his clients were accountants doing the books of restaurants, which were being hit by McDonald’s, Burger King, and other franchises in the 1960s. He talked to Colonel Sanders at Kentucky Fried Chicken and built the first KFC in Battle Creek, MI. He purchased an auto brake shoe remanufacturing plant, where I worked during the summer. Later, he had a small outdoor sign business.

There are many articles on serial entrepreneurs, both positive and negative. After selling their company, many entrepreneurs get bored with “retirement” and look to start another business. Sam Farber (the nephew of Farberware founder Simon Farber) started Copco in 1960 as a producer of enamel-coated cast iron cookware. Retiring in 1982, Sam came up with a toy based around crates with accessories such as wheels, making the crates into cars, bookcases, toy boxes, etc. He patented it and developed prototypes. He then tried to sell it to various retail store chains. The furniture buyers said it wasn’t furniture, it’s a construction toy. The toy buyers said it’s not a toy, its juvenile furniture. So his first business after retirement was stillborn. Later on, he saw a new way to package houseware products, which he knew well. And you probably need his products in your house!