It depends on which study you read or who you listen to, but there is a fact that many employers face: There are 76 million people born between 1946 and 1964, commonly known as baby boomers. By many estimates, 9.2 million business owners are over 50 years old and an estimated 8 million business owners will leave their businesses in the next ten years.
If you are part of this cohort of business owners and age, you have some decisions to make. These range from financial savings to the sale of the business, and none of these decisions are that simple. As business owners begin to think about their future decisions, it is clear that many owners may not have prepared a plan to transition their property into partial or full retirement.
Consulting professionals assume that business owners need a plan to transition their business. I will confess to being part of that group. Usually several questions are asked: “What is your exit strategy?” “I’m sitting on it.” “How much have you set aside for retirement?” “Enough, I guess.” “How much is your business worth and when do you plan to sell it?” “I’m not sure, and who said I want to sell?”
I recognize that this may or may not be familiar to you. But these are statements to questions that I have heard for several years. Consider this example: a man retires and comes home on a Friday afternoon to greet his wife. She greets him at the door: “Here’s the mop, broom, vacuum, and wash cloth … these are your daily chores … stay out of my way while you’re at my house … oh hello honey, I love you, I’m glad to have you home. “
Is this a possible scenario that prevents a business owner from retiring? What if it is the wife who retires? Are you the type of owner who has been successful in business without a plan? If so, what is the appeal of developing a retirement plan? What would you like to do in retirement?
To the chagrin of planners around the world, you may not want a transition plan or an exit plan. Much to the chagrin of those ever-hopeful young professionals who aspire to owning a business, you may also not believe they are ready to take on the complexities of a business like yours. “I don’t know if there is someone who can handle this business like me, it is so complex.”
So do you really need a plan to move from one career to the next? Not necessarily, although it may help reduce stress and anxiety for those who advise and care about you. Are you open to an alternative?
Success can be backed by a plan, but a plan is a tool. Success has been shown to be more influenced by an individual’s level of self-awareness and authenticity. Success in retirement can be achieved by understanding how you can create your dream role in retirement by determining what you need to do to become more self-aware and authentic.
Consider the role change a business owner will make: full-time employment to partial or full retirement. The role change requires the owner to modify his expectations. But if we know what contributed to your success, we can also understand how to use that knowledge to help you create a successful retirement. And let’s not underestimate the importance of this role modification: a work life of 40 years or more for a life full of uncertainty?
The process is simple. First, let’s understand how you make decisions about yourself. Second, let’s understand who you are and better understand your talents, behaviors, motivations, and natural strengths. Third, once you know yourself and become more self-aware, you will be ready to choose yourself – how honest can you be with your inner talents, the real key to creating authenticity in your new retirement role. Fourth, create for yourself: pull the trigger and start your journey to retirement; And fifth, reinforce your efforts by regularly reviewing the path you will take and readjusting as necessary as you approach retirement, always prepared to acquire additional skills.
Career transition can be an exciting process in which you can become more aware of your natural talents, behaviors, values, and strengths; understand how these affect your future vision of a successful retirement; and, by raising your level of self-awareness, becoming more authentic to yourself, more confident, more meaningful, and more connected to the new roles you will choose.
What are your talents, your abilities, your reasons and your form? Where do you want to go? How do you want to get there? What is your belief that you can get there?
On life’s wonderful journey through personal and work roles, would it help a bit if you could learn to be fully self-aware and authentic? If you started in business so you can live your dream job, doesn’t it make sense for you to start in retirement living the retirement of your dreams?