Everyone has to leave their business one day. If you are planning the succession for your business, you need to remember to include yourself! The company needs to prepare for life without you, but you need to prepare yourself for life without the company.
So often, succession plans forget to consider the exit strategy of the business owner. Consideration needs to be made regarding their personal readiness. Without careful planning, many retirees often find life difficult after exiting the business. Some retirees get bored and choose to re-join the workforce, or alternately are forced to re-join because they are unable to support themselves financially long-term.
What are you going to do once you exit the business? While you might think that pursuing a passion, hobby or sport a few times a week sounds great, it won’t sustain you long-term, and you might find yourself without any real purpose.
It can be a great idea to start with a well-earned break. But after that, you need to plan. To feel great and make the most of life after work, you can:
- Volunteer and help the community – it is incredibly fulfilling to volunteer and help your local community. You might like to support local charities. You could even put your skills and knowledge to work, offering mentoring or tutoring to others.
- Spending more time with family – many retirees love to spend time with family, especially caring for grandchildren.
- Working part-time – maintaining part-time work is a great option for those that want or need to continue earning a form of income. We are living longer, so it can be a great option to help your savings last longer. It also enables you to create a routine and a sense of purpose.
You will have to exit our business one day, so make sure you are prepared and include yourself in your business’ succession plan. Talk to the team at The Farm Protectors today to build your succession plan and prepare yourself for life without work.