A study from the Census Bureau found that the vast majority of successful businesses were founded by people who are middle-aged. More precisely, a founder who is 50 years old is 2.8 times more likely to have a successful business than a person who is 25 years old.
So, if you’ll make smart financial choices, you could run a successful business in your retirement. Read on to discover 50+ year old entrepreneurs that will definitely make you rethink your retirement plan.
1. Leo Goodwin started the insurance company, GEICO when he was 50
Leo Goodwin was a businessman and philanthropist. He was writing insurance policies when he finally decided to open his own company with his wife, Lillian. They supported each other on this adventurous journey and together established GEICO operations in Washington, D.C. Leo was 50 years old when they created the company.
By the end of 1936, there were 3,700 GEICO policies in force and a total staff of 12 people. Now, GEICO has 17 million auto policies and has become one of the most recognizable brands in the US. Nine years ago, Leo Goodwin was posthumously named to the Insurance Hall of Fame.