(Part 6 of 6)
In our previous article on succession planning, we talked about how to invest the proceeds from the sale of a business. In this final installment in the series, let’s discuss the keys to a happy post-career life.
It’s probably not surprising that people who own or run a company tend to be hard-charging, goal-oriented folks who thrive on staying in the thick of things. They’re usually type-A personalities who enjoyed the feeling of running a business and having people report to them on a daily basis.
As such, they often experience the biggest challenges in transitioning to retirement or other post-sale undertakings. They’ve spent so much of their lives striving for success that they’ve never really given serious thought to what they will do when they retire. They lose their sense of relevance.
Much of the time it comes down to sheer boredom. Former business owners may find themselves getting their newspaper in the morning, drinking their coffee, walking the dog – and by 10 a.m. they have no idea what to do with the rest of their day. They miss that sense of people coming to them for their opinion and leadership, and it affects their psyche. They wonder, “Am I still a valuable person?”
At Sponsel CPA Group, we have known clients who eventually sought professional counseling for their post-sale blues.
In my experience, those who find the most post-career happiness are those who find a replacement for that sense of purpose they had when they owned a company. They find something that brings them fulfillment and pursue that with the same zeal they had for business.
It can be a hobby, working with charitable organizations, or anything else they’re passionate about. The key is to recognize this stage of life as being the start of a new chapter rather than the end of an old one.
This could take the form of actually creating a new business. For example, the man who loved tinkering with old cars and ended up opening a car restoration shop. Or it could be volunteering with a local non-profit whose civic philosophy aligns with your own. Many business owners have gone on to be fine executives of not-for-profit groups.
As you’re starting the succession planning process, start thinking about the activities you do outside of work that make you feel really good about what you’re doing. These bring you joy, a sense of purpose and satisfaction. Once you’ve figured out what they are, talk to people who spend most of their time at those endeavors to see if there’s a way you can get involved.
During this stage, don’t neglect to speak with your family. Any major life changes you make will also impact them and your relationships with them.
Some post-sale “retirees” find themselves busier than they ever were when running their company. Others are soaking up a life of well-earned leisure. Most fall somewhere in between.
In general, those who have made the succession transition most easily went about it in a very deliberate way. They had a concept of their specialized interests and talents, and leveraged them for happiness in the next stage of life.
If we can assist you with any succession planning issues, please contact Tom Sponsel at (317) 608-6691 or email [email protected].