Planning for retirement, and handling transition
The key to succession and retirement is having a clear policy, that everyone understands, and that you keep to. This applies if you are handling transition to the next generation or into non family hands.
Your retirement
- Have a plan to retire
- Identify what needs to be done to make it happen
- What are you going to do instead? have you alternative things to keep you occupied?
- Sort out the monetary and pension implications; take professional advice
- Tell everyone
- Make a date and stick to it.
Your retirement and the succession
- Who is going to replace you?
- Do they/will they have the requisite skills?
- Are the family up to it? Could they be, with guidance and/or training?
- Do you need to bring in a professional?
The succession
- How is the person to be selected?
- New blood, not more of the same; implications?
- Is there more than one family member? – conflict avoidance programme needed
- Do they know what is expected of them and when they can expect to assume control?
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