Telling the truth about SME life today

Ask Timpo: Should I hand over my business to my son?

A: Your retirement plans depend as much on your son as they do on you. If your son has talent and you work well together, I see no reason why you can’t slow down and keep your job – but you must allow the job to change.

Give your son full responsibility for day-to-day management and trust him with the final say on the big decisions. Your role is to help. If you can change from an MD to a mentor, your career can continue for as long as you like.

As a business owner, you have the privilege of picking your own retirement date. When I woke up on my 65th birthday, I was so thankful I could still go to work – and so was Alex, my wife, who dreads the idea of me pushing her trolley at Tesco or hanging around the house.

Active retirement is great. My son James asks when he needs my help in the business and Alex tells me when it is time to go on another holiday (I plan to take an extra week away every year).

But a word of warning: your diary will be fuller than ever. Plan well ahead to make sure you fit in that extra game of golf.  

If retirement is definitely not for you, change your role, hand over to your son, continue to enjoy going to the office and just do the bits you enjoy.

Picture: source

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