I am 51 years old. I vave a vested retirement from another company from long ago. I have been with this company for 26 years and have substantial amounts in their 401K and profit shairing plans. I want to retire and start my own company. Is there a way to get my money without penalties?

Take a look at the plan, it will tell you whether you are vested or not.

It is possible to start withdrawals from your 401(k) if you meet a few conditions. Basically at your age you need to do what's known as a "72T" withdrawal. After you leave your employer you roll your 401(k) to an IRA. And then under IRS rules you can start a series of equal withdrawals from the IRA, which must last for at least 5 years or until you reach 59-1/2, whichever comes later. You can not take one big lump sum. And you need to be careful that you don't exhaust your retirement nest egg prematurely. Here's a link that describes the process:

http://www.moneymanagment.info/72T.htm