After 32 years in business, 25 at current location I'm forced to move out of a 3000 sq ft rented space.
I'm a one man commercial shop well equipped but no CNC.
Considering building a pole barn on my rural property which is what I've always wanted. My dilemma is what's the right thing to do. I'll be 58 this year. I'm still passionate about what I do and I enjoy it. There's no retirement plan. No nest egg. I plan on working until I can't. Business has been decent but always uncertain what's around the corner.
Is it too late in life to do this?

Best move I every made was to buy my own building at age 53 bought old buildings an remodeled them

Depends on what your cash flow is. Working until you can't could happen tomorrow. With no nest egg and no retirement plan, I don't think you have any options. Your business won't be worth much if you get hurt or you want to retire. You are the business, not a shed full of machinery. What is too late in your life is retirement money. Who knows what is going to happen to social security.

Build it tomorrow. 32 years of rent would have made one heck of a nest egg. Retirement is a modern invention and highly overrated. Half of the men in particular drop dead within two years of retiring it seems. If you still love doing it get the building built ASAP.

"The average man in the United States lives around 17 years after turning 65, and can expect to live to be around 81.94 years old."

That means I have 10 years to go.

Build it. I turned an old dairy barn into my shop. I did it myself with no loans, so no overhead, which results in a lot of peace and security when its volatile out there. In rural areas, depending on the state, there are very few regulations when you aren't on commercial property. I actually have zero regulations to follow. My dad had a rented building for 40 years, in the end that payment took him down during 2008.

Build it as soon as you can! I am retiring from teaching in June, and over the last ten years, I built my retirement shop in a poorly insulated 1950's barn. It has worked very well as a space, but I wish I had better HVAC to limit humidity swings. Have two wood stoves and gas and electric heat; the bills are manageable. Hope to add mini-splits in the coming years.

I'm in the build it camp. Building a shop on your land will increase its value. If you ever need to sell your property, that might be a good thing. Paying rent gives you zero options. As you know. At age 64 I faced a similar situation and ended up buying a very large shop. It did help that my son works with me.
I'm also now at the age of 66 giving no thoughts to retirement, and plan on working for many more years. I love what I do for my living, and I'm better at it than I have ever been.

Building something decent on your property is an investment, if it's done right. People looking at rural properties want space to store and work on their tractors. Everyone moving rural wants a tractor, and a barn to store it.
Wood shops are another dream building. For the right person, 400 amps of 3 phase power, high ceilings, and dust collection mean the possibility of setting up a dream shop turning pens.

Build it . 41 years at it and have never rented. Owned 3 different shops in down town business districts and now plan on my last shop on my land behind my house. I'm rural /small farm. 40x60 pole building 12 ft ceilings. Im 69 retired but never stopped working. I will not be building it myself. I do all the wiring, dust collection etc inside. too old to risk getting hurt climbing around trusses and being on sloped roofs. Regards: Harry DeVrieze

By all means build it. I put a retirement shop in my backyard in 1990. Then my job running a 15 man shop went to hell. I eventually out grew that shop, then moved back into it after the Bank Crash. Retired at 69.
It is absolutely the best place in the world for this 74 yr old man.

I completely understand how tough this decision must be, especially after dedicating so many years to your craft. At 58, it’s not too late to invest in something you’re passionate about, especially if it aligns with your long-term vision. Building a pole barn on your own property could provide stability and eliminate rental expenses, but it’s important to assess the financial risks and how long it will take to break even. If business remains steady and you plan to work as long as you can, this could be a smart move for both your career and personal satisfaction. Ultimately, the right decision is the one that aligns with your goals, financial reality, and what truly makes you happy.

A counter argument to all of the above great responses - If you have the ability to purchase a commercial space, do it. That way, you are paying yourself rent for the next XX years which has all sorts of tax benefits. There's also LOTS of potential write-offs when you own a building. Then, when you're ready to retire, you own a building that's worth something, hopefully more than you paid for it. Either sell it or rent it to someone else to fund your retirement.
The Pole Barn will be cool to have, but will it be worth anything, or increase your property value enough?
Or heck, build the pole barn. Just make sure you take that rent check you're saving and put it somewhere for retirement. Good luck figuring that out in todays economy though!

After so many years in your field, this decision must be difficult. At 58, you can invest in something you love if it fits your long-term goals. Building a pole barn on your property could decrease rental costs, but you need consider the financial hazards and break-even time. If business is solid and you aim to work as long as possible, this could benefit your career and personal life. The best choice is based on your goals, finances, and happiness.

As I moved towards retirement, I raised the hourly rate to numbers I am embarrassed to repeat. You tell people you are retired, it gives you the freedom to pick and choose the work you want to do. At the highest prices. Or, however you want to do it, it is your nut bud. Crack it as you like.

# 1 PAY YOURSELF A W-2 FOR 45 K... Even if you do not take a check pay the SSI to establish enough Quartes to recive SSI. Hopefully the currents will not spend it.

#2 Buy a building and grow the biz to a point where you can train and sell it to the Emplyees for a retirement income, the building and the tools are the asset Collateral

I’ve been at a similar crossroads with my shop. What helped was stepping back and assessing which part of the business actually energized me—and which just drained me. Sometimes it's not about scaling bigger, but smarter. Outsourcing low-margin work and refocusing on what I enjoy most brought both profit and peace. Growth isn’t always vertical—it can mean realignment too.

32 years in business proves you’ve got the grit and know-how. At 58, it’s not too late — especially if building this shop gives you more control, lower overhead, and a space you’ll enjoy working in.

If you’re still passionate and plan to work as long as you’re able, why not set yourself up to enjoy it? This isn’t about chasing growth — it’s about sustainability, quality of life, and doing it on your own terms.

You’ve earned it. Go for it.

Thank you for the kind words of wisdom.
They started drilling the holes today, posts going up tomorrow.
Super excited, you only live once!

I'd say go for it. At the very least a new pole barn on your property should increase your properly value. To play it safe keep the design simple with broad appeal in case you decide to sell.