While you’ve been the boss for years, a CEO retirement gives you an opportunity to either flourish or fail. Your ability to prepare for your next step will define your retirement. Let’s see how three owners handled this transition.
Charlie’s Waiting Game
For Charlie, retirement was always something far away in the future and something he would handle when he started to slow down. He would get a successor, one day, but that person would have to have the right rapport with his client base.
So Charlie waited until fate tore up his timeline. An unexpected illness meant he’d be off the job for months. Suddenly, he had to shift from finding the perfect match for his clients to just getting a warm body in his chair.
Charlie moved fast, found Paul, brought him on board as a partner, and let him do the job. Charlie was out of the office for months, as he regained his health.
When Charlie returned, he realized the nightmare transition he feared, never happened. His shop was running well and clients were happy. This realization allowed Charlie put his retirement on the calendar.
Lesson: You may not be in control of your CEO retirement timeline. Have a plan today, so you’re prepared.
Javier and Free Time
On paper, Javier’s exit from his business looked good. The company sold for a great price and he was just starting a six month consulting contract with the new owners.
Javier’s wife saw trouble at the end of that time because while he was looking forward to retirement, he had no idea how he would spend his time. She knew, as someone who had lived with busy, structured days for more than 40 years, he would struggle with nothing to do.
Javier agreed and sought out coaching for his retirement years. That produced a schedule that replaced his old work schedule.
Now Javier fills his days with exercise, adult education courses, volunteering, and socializing with friends. He’s kept busy, engaged, and his couch hasn’t molded to his backside.
Lesson: Plan to fill your free time with meaningful activities.
Party Time Paul
Paul ran a successful business and knew when it was time to sell. With the check in hand, he decided he and his wife needed to move to Las Vegas.
For Paul, Las Vegas had always been a fun playground he’d visit during trade shows. Why not live there full time? So they left their Midwest home, their friends, and moved to Vegas.
It was heaven for Paul, as he enjoyed golfing, gambling, and having fun with his new buddies. It was hell for his wife. She was in a new city, with no one she knew, and a husband who was flying solo as a higher roller, who ignored all the advice for not going broke in Vegas.
After six months, she announced she was moving back to the Midwest. She felt that while Paul had stopped working in business, he also stopped working on their relationship.
Fast-forward a few months and Paul realizes a non-stop party ends with you alone and in debt. With professional help, he rebuilds his marriage, moves home, and makes a retirement plan that includes his wife and family.
This transition takes time but ultimately Paul enjoys happier days than he ever experienced in Las Vegas.
Lesson: Your CEO retirement plan shouldn’t just be about you.
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