“In five years I’m going to retire”

"In five years, I'm going to retire."

I can’t count the number of times I’ve heard my friend say those words over the past 25 years. He’s now well into his eighties, and it’s still, “In five years, I’m going to retire”!

Most of us know someone who keeps pushing retirement into the future. It's not a unique story.

For business owners, retirement is a pivotal transition. And it’s not something you’re typically taught how to do well.

Well, I’d like to share five ways, using the acronym "HELPS", that I believe we can honor and HELP support leaders as they navigate this milestone:

⚡️ Highlight Achievements: Start by recognizing their incredible journey. Celebrate the milestones they've reached in growing and founding the company.

👏 Express Appreciation: Let them know how much their leadership has meant to the team. Their hard work has created jobs and a company.

🌳 Legacy Vision: Encourage them to define the legacy they want to leave. It's easy to get lost in the day-to-day grind, but a clear vision can guide the way forward.

🗣 Personalize Conversations: Dive deeper into their concerns and apprehensions about what lies ahead. Offer support in addressing these challenges.

🪴 Succession Is a Process: Keep in mind that succession planning isn't a one-and-done task. It's a gradual, well-thought-out transition that should respect the owner’s timeline.

What else would you add to my list? What leadership transitions have you witnessed and what did you learn from them?