With this comic in mind, I asked a number of family business owners to share the first thing that comes to mind when they hear the word “retirement.” Answers varied from “freedom” and “relief” to “never” or “death.” The variety of these responses reflects, in part, the degree to which retirement is tied to one’s identity. Clearly, our work, our role as a leader, or even the company we own, is part of our identity.
So, what is the secret to a fulfilling retirement? The simple answer is that it is a choice; a choice in the same way that one can choose their identity. If we choose to find our identity in things external to ourselves (our job, our company, our money, our kids) it becomes more difficult to give up that thing. Thus, retirement becomes more difficult for someone whose identity is tied to their role as the leader of a family business. If, however, we can find meaning in our intrinsic value as a human, retirement from the business might feel less daunting. It is a choice for each of us to make. It’s personal.
There is something, however, that I believe leaders owe their family and their management team regarding retirement. Specifically, leaders owe their family and teams a dialogue about their hopes, their wishes and their fears about retirement. They also owe family and management teams a voice — or an opinion — about how these retirement plans will impact the company and the family. This kind of dialogue requires vulnerability and openness to feedback — qualities and skills that are a challenge for all of us. In creating this dialogue, leaders have a unique opportunity to co-create their retirement plan with the family and team members they love. In my experience, a leader who co-creates their retirement plan in this way is more likely to find intrinsic value in the outcome — and a more fulfilled retirement.
In summary, don’t go it alone. Involve those most affected by your retirement plan (or lack thereof) in a dialogue. Ultimately, the only bad retirement is one that is not discussed with those it will impact.