Letting GoLeaving Your Business Legacy in Well-Deserving Hands
If you have ever received a job promotion you will remember what it was like to jump into the cold water and start swimming. Your predecessor had packed up his things and already moved on. Maybe you wished he or she had a 2-3 day overlap with you so that you could have asked a lot of questions about your new role, what to watch out for, what was important, and what wasn’t. But most times, you don’t have that luxury.
In family owned businesses we often have a completely different scenario, one that leads to a lot of strife and confusion. We call this the not-being-able-to-let-go syndrome. The company owner has selected his successor, a son or a daughter, and a date for the transition has been set. The junior executive is in the starting blocks and ready to go. They have been trained and mentored for years and now they deservingly expect to take over the reins of the company. However, dad is having second thoughts about leaving. Often the problem is that dad is not well prepared for the next stage of life. Friendships, hobbies, community activities have not been established and developed. So instead of moving into a purposeful retirement, dad decides to keep a foot in the door and remain semi-active in the business. This is not a good idea and will lead to major problems for the family and business.
Lohoff-Gaida Consulting can help with the “letting go” syndrome. Executive retirement planning needs to be started well in advance of the retirement date so that dad can move – as explained by Bob Buford in “Halftime” – from success to significance. The best year’s are still in front of you, if you plan right and are able to let go.