Why an 81-year-old restaurant owner in Florida isn't ready to retire — despite being a millionaire

Jack Bishop says he works to keep his mind alive and maintain connections with others in the business.

Jack Bishop

• Jack Bishop, 81, continues to run his seafood buffet in Florida and has no plans to retire.
• Bishop has run restaurants since the early 1970s, some of which have survived hurricanes.
• Despite financial security, Bishop said he works to keep his mind alive and maintain connections.

Jack Bishop, 81, still places huge orders of crab legs for his seafood buffet in Florida — and isn't planning to stop anytime soon.

Bishop, who runs two restaurants in Panama City Beach, has worked in the restaurant industry since he was a teenager, operating several businesses and amassing a seven-figure net worth. Even though he could retire comfortably, Bishop said he wouldn't know how to spend his retirement years after many decades running his businesses.

Bishop said he's working into his 80s to "keep my mind alive" and continue pursuing his passion, more than six decades after his first dishwashing job. He said he's been so integrated into the community, served countless customers, and helped so many younger people get ahead in life that he wouldn't retire unless he physically couldn't anymore.

Do you have a story to share about working into your later years? Please fill out this quick Google Form.

Bishop is one of a few dozen older Americans who told Business Insider in recent months that they chose not to retire even when they have the financial means to. Some said work gives their life greater purpose, while others said their social life is healthier while at the office. Most said the added financial security has made them confident they could more easily get through periods of unexpected financial stress.

Humble beginnings

Bishop, a Michigan native, worked as a dishwasher as one of his first jobs and learned butchering techniques from his father. He got a college degree and enlisted in the Air Force after college, serving during the Vietnam War. He was stationed at Tyndall Air Force Base in Panama City, Florida, getting paid $86 monthly — not enough to cover his car payment.

After four and a half years of service, he borrowed some money to open a restaurant with built-in space for live entertainment with two partners in 1971. He ran the business for about 40 years before it closed over a decade ago.

The area wasn't too touristy outside the summer months, and he opened a second nightclub around that time to generate additional income in the slower seasons. He described his business as a nightclub with food options later in the evening. He said the business peaked at about half a million dollars in profit annually but has since closed.

Some of these previous businesses also survived two hurricanes and a fire, and he received thousands in FEMA funds to help rebuild.

By the 2000s, tourism rapidly grew in the area, and he became more involved with the local community to build tourism opportunities. He noticed hundreds of rental units built each year, which he said has helped his businesses stay afloat in the winter.

Bishop opened a few other restaurants in the area, including Capt. Jack's Family Buffet in 2000, which has two locations and is the remaining business he runs. However, instead of working on the floor, he took a more administrative role after hiring more managers for the day-to-day tasks.

"My plan was to be retired at 55, but I felt like I was in my prime, and we were doing great," Bishop said. He added that he took his $4,000 monthly Social Security checks at 70.

Few vacations and long days

Bishop, a father of two, said he often sacrificed vacations for his businesses.

"It's a tough life because you always work on holidays and weekends," Bishop said. He added, "I didn't travel either because when you're in the restaurant business, you're 365, 24/7."

However, he's taken joy in training high school and college students. He paid his core employees for the months the business was closed outside the peak tourist season, which he said cut back on his turnover rate. His son, who started working at his restaurants as a busboy when he was 12, is now a general manager of one of his restaurants.

"I have people today who have worked for me for 35 years," Bishop said. "At one time, we used to do a million dollars in the month of March, and it was 57% net," referring to the business' profits.

Bishop said he's worth a few million dollars, though he doesn't spend much of it. He said he gets bored easily and rarely takes vacations. He didn't completely shy away from luxury, as he owned boats and an RV, though he said life has otherwise been modest.

Though he's not working the floor, he still purchases food for the buffet, totaling about $5 million yearly. He said his connections to many restaurant providers and community members are why he hasn't retired.

"I still work with Excel and PowerPoint, and I'm fairly computer-literate for an 80-year-old guy," Bishop said. "We have more tools today, and if you really know what you're doing, you almost can't fail."

Read the original article on Business Insider

from All Content from Business Insider https://www.businessinsider.com/millionaire-not-retiring-keep-mind-alive-florida-veteran-restaurateur-2025-3
via gqrds