The Unspoken Truth

While few business owners will admit this in public, most are uncomfortable --if not downright stressed out -- with the dual challenge of turning their business over to someone else AND facing the looming prospect of 20+ years of …who knows what? It’s scary to think about what’s next!

Retirement is coveted

Our society revels in the idea of retirement. We look longingly at those who have earned the right to live free of expectations, demands, the stress of the day to day business responsibilities. In reality, for most business owners, the shock of moving from a full-time business leader to a life of … well … uncertainty, is very unsettling. But it’s hard to get much sympathy for that as you talk to friends, neighbors, business colleagues, or those you volunteer with.

It doesn’t have to be that way, and leading edge boomers are starting to change that for those who follow. A few brave business owners are beginning to talk about the challenge of letting go of the business and looking ahead to what might be meaningful and rewarding in the next stage of life. They are beginning to open up and admit to the fear and uncertainty, and they are finding they are far from alone.

Health Risks Abound

The unspoken, and in many cases, unrecognized stress and uncertainty of the transition to retirement can lead to health issues, alcoholism, obesity and depression. Health issues typically increase anyway as we age, but those who have defined and created a meaningful and rewarding ‘what’s next’ actually see an improvement in their vitality. This post-ownership phase can be one of the most rewarding times in an owner’s life.

So how do identify your meaningful and rewarding what’s next? Our process centers on three areas:

• Your Strengths. Leaders often take their strengths for granted and assume everyone is good at those same things. Your wisdom built over years of leveraging strengths enable you to make a big contribution with less effort. And life is much more fun!

• Your Passion. This provides the meaning, motivation and often the corresponding commitment. Many complain it’s a struggle to identify their passion, but with some focused reflection, we have been successful bringing it to light. Leveraging that passion is an internal energy driver that can ignite others around you. Your passion is contagious.

• Your Lifestyle Priorities.  A new stage in life means a new opportunity and -- in most cases, a requirement -- to change your life patterns. Whether you want to sleep until 7:00am, take summers at your beach house, or start a serious gym routine, identifying these priorities at this stage in life can round out your meaningful "what’s next".

Why not begin planning your meaningful and rewarding "What’s Next?"

Emotions

Emotions: We love them. We hate them. They get in our way. Just thinking about retirement can be stressful! Who will you transition your business to? How do you equip your successor with all of the tools to successfully carry on your legacy? What are you going to do once you retire? How do you find new meaning in your next phase of life? We’ve often invested 20, 30, sometimes 40+ years in our business. Letting go is an emotional experience and it is important to deal with your feelings. Here are a few tips to keep your emotions in check:

• Focus on what matters to you most. Investing your time and energy in people or projects that align with your core values can help you stay grounded. Do you draw positive energy from friends and family? Is there a community project you are interested in learning more about or a book you have been meaning to read but have not yet picked up? Pay attention to your personal interests and allow yourself time to process.

• Forgive me for sounding like your mother, but eat healthy and exercise! Exercise! Exercise! Exercising is the best way to release stress and give you fresh perspective. Just leaving the office or your house to go for a walk can do a world of good … and who doesn’t like being fit? It will prepare you for your next phase of life.

• Allow yourself to look forward to possibilities and have fun during this exciting time in your life! Yes, the unknown can be scary and excitement about what is to come can be easier said than done. If you allow yourself the opportunity to enjoy this transition time, the experience will likely be a lot more positive for you.

So when your emotions are taking over your decisions and you are having a hard time letting go just remember to breathe, focus on what matters most, look to the future and eat well and exercise!

What helpful tips do you have for keeping your emotions in check? Please comment and let us know!

Make A Good Decision

Business leaders need to be able to make good decisions — often. One of my favorite ways of making a decision when I find myself wavering is to picture myself giving advice on this decision to a young professional who is just getting started in their career. I picture someone that I care for and want to see be successful. Maybe picture a son or daughter, niece or nephew. What would you tell them? How would you help them make the right choice? By mentally taking the decision out of your own hands, it is easier to see the decision objectively. By giving advice to a young professional you care about, it forces you to break down your thinking and give them the best you’ve got. Make a good decision today! Your business may depend upon it.