Read About It Language Points Content Awareness Language Focus
Read About It • Language Points • Content Awareness • Language Focus
Facing the Fears of Retirement The day you retire, you're finished -) AR you're dead. This simple, widely believed statement was uttered often by a 77-year-old business founder even before he came out of retirement and took back control of the firm from his son. For many, retirement from the business they built seems a matter of life and death. No wonder so few have the courage or the inclination to face it. This fear of retirement often shows up early in unwillingness or inability to engage in succession planning. We find three prevalent beliefs held by those who cannot conclude- or even begin- succession planning ●“ Retirement scares me.” ●“ We could lose it all. ●“ This business is who/an
Facing the Fears of Retirement “The day you retire, you're finished — you’re dead.” This simple, widely believed statement was uttered often by a 77-year-old business founder even before he came out of retirement and took back control of the firm from his son. For many, retirement from the business they built seems a matter of life and death. No wonder so few have the courage or the inclination to face it. This fear of retirement often shows up early in unwillingness or inability to engage in succession planning. We find three prevalent beliefs held by those who cannot conclude — or even begin — succession planning: ⚫ “Retirement scares me.” ⚫ “We could lose it all.” ⚫ “This business is who I am
Retirement is frightening. It is a new, uncertain journey at a time when peace in life is treasured. Personal financial security is a powerful motivator to keep control of the business. The inability to let go is even more difficult for those who founded their businesses at a time of unemployment or family poverty For many who build successful enterprises, their business is their identity. It is said of one woman business owner, still in control in her 90s, that"work is her oxygen. " Some entrepreneurs started their businesses at least in part to prove themselves to former bosses who had rejected or doubted them. We find that they cling to their creations more strongly than most. For these reasons and others, too many business founders refuse to retire. They insist that only they are capable of running the business. Jealousy or insecurities relating to declining power generate interpersonal conflicts that spoil succession planning or even the performance of potential successors
Retirement is frightening. It is a new, uncertain journey --- at a time when peace in life is treasured. Personal financial security is a powerful motivator to keep control of the business. The inability to "let go" is even more difficult for those who founded their businesses at a time of unemployment or family poverty. For many who build successful enterprises, their business is their identity. It is said of one woman business owner, still in control in her 90s, that “work is her oxygen.” Some entrepreneurs started their businesses at least in part to prove themselves to former bosses who had rejected or doubted them. We find that they cling to their creations more strongly than most. For these reasons and others, too many business founders refuse to retire. They insist that only they are capable of running the business. Jealousy or insecurities relating to declining power generate interpersonal conflicts that spoil succession planning or even the performance of potential successors
If an executive has not quite achieved what he had hoped, he often wants the opportunity to stay in the game. Rather than a graceful transition, the succession process can become a war. The parties to such a combat, however, should remember Winston Churchill's warning to the House of Commons: "If we open a quarrel between the past and the present, we shall find that we have lost the future Fortunately, many business owners manage to face succession planning- courageously, openly, and early. And because entrepreneurial succession is perhaps the most critical issue for family-business continuity, were keenly interested in the makeup and background of those who do
If an executive has not quite achieved what he had hoped, he often wants the opportunity to stay in the game. Rather than a graceful transition, the succession process can become a war. The parties to such a combat, however, should remember Winston Churchill's warning to the House of Commons: “If we open a quarrel between the past and the present, we shall find that we have lost the future.” Fortunately, many business owners manage to face succession planning — courageously, openly, and early. And because entrepreneurial succession is perhaps the most critical issue for family-business continuity, we're keenly interested in the makeup and background of those who do
Our conclusion: It's all a matter of outlook or attitude Business owners who can plan succession and who can let go don't come necessarily from larger or smaller businesses. They don't come from businesses that are more or less fragile or that require more or less hands-on involvement. They don't necessarily even have more or less qualified successors to whom they can turn over their creations. They just have a different outlook or attitude toward the subject. For them, the glass is half full, not half empty. Here are some attitudes about retirement that can help the process There's life after succession Many business owners have personally observed the unhappy experience of someone else who died in the saddle. They had a partner or a friend who died young and never had a chance to retire. Or they succeeded parents who couldn't let go, and now they can't imagine imposing that oppression on another generation. These business owners see retirement as a stage in life they don' t want to miss
Our conclusion: It’s all a matter of outlook or attitude. Business owners who can plan succession and who can let go don't come necessarily from larger or smaller businesses. They don't come from businesses that are more or less fragile or that require more or less hands-on involvement. They don’t necessarily even have more or less qualified successors to whom they can turn over their creations. They just have a different outlook or attitude toward the subject. For them, the glass is half full, not half empty. Here are some attitudes about retirement that can help the process: “There’s life after succession.” Many business owners have personally observed the unhappy experience of someone else who “died in the saddle.” They had a partner or a friend who died young and never had a chance to retire. Or they succeeded parents who couldn’t let go, and now they can’t imagine imposing that oppression on another generation. These business owners see retirement as a stage in life they don’t want to miss