Personal Transition Planning — It’s about treating your Platinum Years™ with respect and responsibility
“Retirement was good for me. I sold my business and my doctor immediately took me off my blood pressure medications. I didn’t need them.” The speaker pauses and sighs. “What I did need though, was some kind of plan for what I was going to do for the rest of my life.”
This gentleman goes on to describe the typical, unprepared retiree’s experience: lots of golf, frequent naps, a spouse getting more and more irritated with him, and a bit of depression. If he’d had a personal transition plan, he wouldn’t have experienced so many of the unpleasant aspects of an old-school approach to retirement.
Strategic Planning is the most important step in increasing the value of your company and leaving a legacy you can be proud of…but it is two-fold:
- Pre-retirement: Do you have a business successor? What will happen to your business and employees after you leave?
- Post retirement: Do you have a Personal Transition Plan? What specific plans do you have in place for the next 20-30 years to maximize your living a purposeful life?
It’s a catch-22: If you don’t have a personal transition plan regarding what you will do after you sell your business, you will have no motivation to create a business plan for your succession.
Most business owners don’t want to think about the Platinum Years. They’re far off, and yet they are something business owners have had in the back of their mind. So what’s the big deal, right? But what if you don’t get to retire? What if, heaven forbid, illness or death strikes before you have a plan? Who will decide what happens to your business when you are unable to offer any guidance?
If you do decider to retire, what will you do once the retirement honeymoon has worn off? The harsh reality of life after work is that while you’ve been thinking that time off is something you need, certainly something you’ve earned, you’ll get restless. However, you can only take so many naps and play so many tennis matches. You’ve always been a rolling stone. Putting the brakes on that inertia isn’t healthy. A more prudent thought is that you do have both a business succession plan and a personal transition plan – that way, you’re ahead of the game.
It’s time for some soul searching. Your many years of business experience is invaluable to your community. Perhaps you could find a way to share it. Or maybe you want to volunteer, travel, take up yoga, learn a foreign language or locate a part-time job. Whatever you do, think about these things 5 years before your Platinum Years. Ask yourself these four questions:
- How can I maximize my value of my company from a buyer’s point of view prior to selling?
- What do I want the future of my business to look like for my employees?
- Do I have a successor chosen to run my business after I leave?
- What do I want my personal future to look like?
Even if you’re just starting to think about these answers, it is never too early to begin speaking with a transition advisor. WorldBridge Partners Chicago NW offers transition planning advice that can help you move smoothly from the working world into the the most fulfilling time of your life ﹘ your Platinum YearsTM.
Gary Bozza, President & Managing Partner of WorldBridge Partners Chicago NW, has been winning industry awards and recognitions in talent acquisition for the last 23 years, following a highly successful 18-year career as Vice President of National Accounts and Director of Midwest Sales primarily at MOORE (now RR Donnelley). Gary’s business is dedicated to helping Owners, CEOs and Presidents hire industry talent, drive new revenue, optimize operations and maximize enterprise valuation. His firm specializes in executive recruitment and coaching owners on how to improve the eight key drivers of business value from the “buyers set of eyes.” He has helped dozens of GLGA members produce significant growth and profits results in a variety of ways for their businesses. Gary is a Certified Value Builder Coach. Contact Gary at (847) 550-1300 ext. 33, email@example.com.