Retirement, some define this as “a personal state where you are able to do what you want when you want“. In my view, as we are living longer today, the traditional view of retirement being endless bingo, square dancing and fishing is no longer applicable. Retirement could include a gradual phase out from active operations.

Here are some planning thoughts as you begin to contemplate retirement:

Start retiring before you leave active operations – this is a process not a destination. The first step is to let your family and key stakeholders know your general plans

How will you fill your days ? – what will you do after retirement? Do you have any outside interests, hobbies or passions?

Your knowledge and sharing – you have plenty of knowledge about your business. Begin to share that knowledge with the right people.

Family council – advisory council – board of advisors – Head of family philanthropy: some forms of governance and communication where you can take a leadership role.

Remain connected in life and in business – people are way more important to your longevity and connection as you begin to exit the busyness of the business.

I hope that this has given you some points for consideration.

Learn, consider, apply!!