Plan While You Can, Don’t React After the Fact
You’ve devoted your life to building your business and caring for your family. You’re the leader of both. As you enter your late 50’s and 60’s, it’s time to think about a graceful transition to the next phase of your life. Time is our most precious resource and eventually, our time runs out.
It can be a challenge to contemplate a time when we cannot be fully in charge, but the day will come. If we accept this, we can celebrate our accomplishments and design the best way to take care of our family, so they can carry on without us. We can prearrange a transition of our business so that our family’s needs are taken care of. And we can take care of our business’ extended family – our devoted employees, and its lifeblood – our clients or customers.
Once you get beyond the strong emotions, you’ll begin to see your thoughtful design of your transition plans as a loving gift to your family, employees, customers, and yourself. You’ll have peace of mind knowing that when a health challenge arrives, you won’t be leaving anyone in the lurch, wondering what to do, and possibly terrified about future prospects. Instead, you’ll be remembered as someone thoughtful and caring enough to think ahead and anticipate the inevitable. You have been through many transitions in your life – this is yet another.
As you begin to design and put in place a transition out of your leadership roles, you can design the lifestyle, environment, and activities most satisfying to you as you lessen your responsibilities, oversee the changes, and have more time to spend with your family.
Topics to address in planning this set of transitions:
- Estate planning – wills, powers of attorney, and healthcare directives
- Training a family member to manage your financials under your supervision – including weekly or monthly bill payments
- Sharing the details of your various assets, insurance policies, and other commitments
- Decide whether to sell your business to your employees or an outside party, or put a family member in charge
- Make the arrangements dictated by the approach you choose to take – prepare the legal documents, purchase buy/sell insurance, or put the new leadership team in place, under your supervision
Enjoying life as you power down
- Investigate living arrangements that will be simpler for you to manage
- Speculate with your spouse and family how to support each other in coming years
- Consider the activities, hobbies, and community involvement that will bring you joy, meaning, and fulfillment
Time and nature work their will on us. Accept this, plan ahead, get excited about the next phase of your life, and enjoy the ride.
The ride can be a lot more pleasurable when you retain an experienced professional to help design the different elements of your transition planning, identify and work with various specialists, and foster the communication among you, your family, your employees, and your customers that is so vital to yet another success for you.