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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