The Honest Truth: You Don’t Have to Retire
By Kyle Danner - September 25, 2018
I’m not a fan of retirement. At least retirement as its shown in the marketing that financial planners, insurance advisors, business brokers and others use. You know what I’m talking about. The attractive, yet older, but not too old, husband and wife holding hands, walking along the beach with the sun setting in the background. Maybe the picture has words floating around like “well-deserved,” “legacy,” “slow down,” and “your time.”
- It’s meant to be aspirational, but it’s out of touch.
- It’s not a picture that resonates with the business owners I know.
- They’re not interested in walking along a beach. At least not for more than a few days.
- They want to get back to work because they enjoy it.
- Their business gives them a place to go.
- Their business is who they are.
- Suggesting they retire is the same as asking them to plan their funeral.
How to Embrace the Future
If you’re the owner of a family business, rather than retire, think about how you can continue working.
Start by looking to the next generation, whether they’re family or not. Harness their energy. Let them do the heavy lifting while you check their progress.
Recently I met with two friends who owned a business together for 25+ years. Their retirement plans included working until noon then playing golf every day with a few more vacations in the mix. But working was still a part of their lives and they were taking steps to prepare their kids for more responsibility.
So don’t feel like you have to retire if you don’t want to. Instead, think about how you can keep working while handing off more to the next generation.
You can schedule a free conversation with me so I can get to know you, your business, and the challenges you are facing, and create a plan to address the elephant in the room!