NEW YORK (TheStreet) -- Retirement for a serial entrepreneur doesn’t come easily. For Tim and Tracey Kerin, it means taking 27 years of business experience and starting yet another business: a taxi service -- in Costa Rica.
"As owners of five businesses in the Washington, D.C., metro, we discussed 'When is enough, enough?'" Tim Kerin tells TheStreet. "'When can we start living and enjoying life together? How much money can we survive on and maintain our businesses -- or sell them?' As entrepreneurs, most of our life savings went into the businesses. Our customers are based on our relationships, so it is difficult to proactively look at retiring unless you make a plan and act on it now."
And the Kerins are doing just that: mapping out their retirement plan and launching a "retirement" business a few years before they actually call it quits. The couple have purchased a villa in Playa Hermosa, Costa Rica that they will rent out for the next four years "in order to pay it off." Plus, they are launching an upscale taxi service catering to the booming tourist trade in the country.
"Once an entrepreneur, always an entrepreneur!" Kerin says. "This is exciting and challenging. It will also give us something to do while in retirement. It was very interesting to learn about how to do business in a different country and how to navigate your way to building relationships and opportunities. We are financing the business with one vehicle [to start] and [we’re] projecting three more by winter -- their high season."