Succession Planning: What Happens After?

Now that you have the correct "who" and the correct "what," you must make sure you can follow through on The Plan.  The first issue all parties need to conclude is that "potholes and speed bumps" will occur. There will be business disruptions, only this time you are not steering the boat. But whether you like it or not, you still have an interest.

The business is still your baby and you want it to succeed.

You need the payment from the buyout – to some degree.

The Wealth Manager's work shows up here.

What does a Wealth Manager do?

Some say Wayne Gretzky, the outstanding professional hockey player, said, "it's not knowing where the puck is, but where will it be." (Although, he says he does not remember saying it.)

A Wealth Manager helps you know where your financial health will be in the future while protecting it. This is Wealth Management and Risk Management.

Some Doctors now are spending more time with patients to get them on the correct road for healthy, active senior years.  I hear it all the time in Florida, "if I had known I was going to live this long, I would have taken better care of myself."

Well, what about, "if I had known I would have all these great opportunities, I would have saved more money?"

During your working years, you have to focus on your career.  Let your Wealth Manager focus on the financial aspects of your post-career.

If you transition away from your career with your health, good wealth, and your spouse, you have hit the trifecta.

You have found the correct "who" and “what,” putting together a deal that everyone is happy with. You had the great "Retirement Bash.” And business goes on as usual – without you.

Now what?

You have to retire toward something, not away from something.

I have met many people – and not just entrepreneurs – who retire and do nothing for a couple months then ask, “Now what?"

You have to start – if you have not already done so, and I hope you have – looking for a new passion, and it does not have to be a unique ability. You just have to enjoy it.

Hopefully, your Wealth Advisor has you in a position where you have enough income and cash to fulfill your dreams – through the go-go years and the slow-go years and the no-go years.

Stay fit and healthy, find your new passion, and guard the hen house (visit your wealth manager often).