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 Related articles:Ask Timpo: Should I rebrand my business? The double-payment challengeCar parking taxes: Has the government gone mad?
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.