The following is an excerpt from Ice Miller's Business Transition Strategies to Preserve Wealth Guide, which provides insights on a variety of topics to help ensure a smooth business transition.
Few things are as disruptive to family businesses as the former owner who won't let go. This doesn't mean the retired founder has no role. By acting as family leader, consultant or, if appropriate, member of the board you can continue to offer insight for the family and business.
What will be my role in the community?
You've likely developed extensive relationships in the community, often with those in your generation who share your passions. Channel those passions and use those relationships in retirement.
Create a foundation, become active in your place of worship or volunteer for something you believe in but never had the time for before. Your knowledge and experience are invaluable. Teaching others can be immeasurably rewarding. The opportunities for you in the community are endless.
What interests me?
While almost all business owners share common traits, this question elicits the most varied responses. Some are devoted hobbyists, while others have no interests outside the business. In the latter case, it can be a challenge to envision retirement. However, taking time to consider this question during the transition years is an important process for the exiting founder.
If not considered, procrastination will set in, succession planning will stall and the next generation will grow disgruntled. By finding what interests you, whether it's travel, fishing, teaching, volunteering or something else, you can ensure your success and happiness in the future.
Introspection and consideration of the impact of your changing family role will help you enter the next phase of life well prepared to enjoy it. Many business owners fear retirement, but careful planning and execution can make them as successful after succession as before.
To learn more, download the Business Transition Strategies to Preserve Wealth Guide.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
