It’s probably no surprise that there is a plethora of advice books on Retirement. A recent Amazon search turned up 25,530 books with the word “retirement” in the subject.
If you have read any of my past posts or published articles where I explore the language of money I call MoneyCapusles® , you’ll know that being able to clearly communicate your values to your spouse, partner, family, and financial professionals, helps ensure that your retirement decisions are in harmony with your financial self.
Since it’s your passion that fuels your values, it’s key to consider what matters to you most before beginning your “second act.”
Business owners build successful companies because they believe and are passionate about their life’s work. This takes effort, dedication and financial and business sense, with a certain amount of luck thrown in. But most of all this takes passion. Why not use the same process which brought you professional success, to bring you retirement success. The trick is to use curiosity led by your passion.
When you are living your passion and your business is going gang busters, it’s smart to start thinking about diversifying your interests, because it’s not a question of “if “ you will one day be unwilling or unable to lead your company as CEO, it’s more of a question of “when.”
Because succession planning is a process, not a singular event, it provides a great framework for self-reflection.
I was discussing this new phenomenon of discovering and following your new passion, or sense of purpose, with a friend of mine who recently “retired” after working 30 years managing one company. The word “retirement” and its associated implications of afternoons of golf or tennis and planning trips to exotic travel destinations, did not appeal to this Baby Boomer. She could not suddenly turn off her fast-paced lifestyle and daily challenges she found in her work. I recommended my friend read two excellent books, “The New Retirementality: Planning Your Life and Living Your Dreams at Any Age” by Mitch Anthony and “Unretirement: How Baby Boomers are Changing the Way We Think About Work, Community and the Good Life” by Chris Farrell. You should have seen the light bulbs go off and the fireworks begin with her realization that the world was not over! And I am happy to report that one year after retirement, my friend is more fulfilled than ever while following her next passion, with more control over her time and income, than she thought possible.
You have poured your heart and soul into building a successful business. Congratulations! You have also been able to avoid the trap of succession planning turning into perennial planning. If you have developed a values-based succession plan that is personal and right for you and brings you financial security, now comes the good part. When the appropriate time comes to sell your business, your life can start anew! You are a passionate and driven individual and this is your opportunity to pursue your next passion! For many of us, this next passion may even be better than the first.
Be curious. Enjoy!