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We previously explored this topic ‘Handing over the Reins- Letting Go! 

We highlighted problems that sometimes surfaced with this ‘changing of the guard '; handing over the baton was very challenging for some. 

That raised the question, ‘Why is that so? ’  

We identified contributing factors such as; 

• Feeling a loss of identity, importance, self-worth 

• Control issues – no longer making decisions or contributing 

• Fear of financial insecurity 

• No Post –retirement planning. Fear of irrelevance. 

• Distrust in the next generation. 

Let’s look at a Case Study:

Bill, the founding member of a Panel Beating business, is struggling, refusing to let go of the reins.  Despite an existing Succession Plan, he is adamant that he should continue and remain head of the operation. 

Bill shares that the Business is who he is; it gives him financial security and a sense of purpose. And don’t forget he is still strong and smart enough to run things. 

His position has left the family concerned and in conflict over how to resolve the situation. 

Background: Bill has built a successful workshop operation over 30 years that has supported him, his wife, two sons and daughter. All are employed in the Business and are shareholders. 

With Bill now in his late 70’s the family feels it is time for him to step away and hand over the reins. Bill disagrees loudly! Declaring, ‘he is not letting go. Adding, "What would I do if not working? What would I do with myself?’ and ‘How will I survive financially?’ 

This scenario can be described as a ‘transition risk: the gap between being financially prepared to leave the Business and being both personally and psychologically prepared for life without it’. 

Steps to take this forward. Importantly, be objective. 

Adopt open communication and empathy to address Bills emotional fears. Validate his past hard work, the success and the benefits this has provided to all involved. Importantly, share the vision for the future that continues his legacy.  

Adopt sensitive strategies to help prevent the situation from deteriorating and ending in lawyers and a court case. The only winners in that pathway are the lawyers. 

Engage independent professional help.  

Tread gently; this approach, engaging with third-party outside professionals, needs to be sold to Bill as having benefits for all concerned.  For example, a Business Mediator, Coach or Financial Planner can facilitate difficult conversations and legalities. This independence is in the best interests of all, including the Business.  

Create a step-by-step plan. 

Develop a phased timeline and provide time for Bill to adjust and transition.  As part of this period, Bill may step into a different role, such as Mentor or Advisor to the incoming Manager. 

Acknowledge that this phase needs the support and concerted efforts of all family members. 

Importantly, highlight that there is life after paid working life.  

One door closes, another opens. But this takes planning of how to spend your time, looking for other opportunities, changing routine, and exploring new and existing interests.  It’s about replacing existing structures and purpose provided by the Business.  

Reach out, start making connections, create new routines, and be bold. You are never too old to try something new or revisit a past interest or challenge. 

Retired, you have let go! 

Congratulations, enjoy your new life and freedoms! 

Be wary! ‘Friends’ will offer various pieces of advice on what you should do, how to spend your time and money!  

BBQs, coffee dates, and family gatherings - no event is sacred. The conversation starts with ‘you know what you should do!’ The list is long: volunteer, go on a cruise, climb a mountain, invest in their hot investments! 

Tip: Sit back, take your time, get professional advice if needed, smell the roses and enjoy life. The rhythm and meaning of life are what you make them!