Business Transition Planning Questions That Have Nothing to Do with Money

You’ve poured your heart and soul into nurturing and growing your business. It is an inseparable part of your personal identity—it has supported your family, your employees and your community. So what do you want your life to be like when you transition out of your business? We invite you to consider these factors as you prepare for your retirement.

What will you do with your time?

Too many people retire without any idea of what they want their retirement will look like. They leave work but haven’t planned what to do with themselves, so they grow restless. It's important to identify what you see yourself doing. There's no hard and fast rule to your dream retirement, so it's important to be honest with yourself about what will bring you joy and satisfaction. Having a clear vision for your retirement can help you align your financial goals. 

Where will you live?

This is another factor in retirement happiness. If you can surround yourself with family members and friends whose company you enjoy, in a community where you can maintain old friendships and meet new people with similar interests or life experience, that may be a plus. If all this can occur in a walkable community with good mass transit, healthcare and services that meet your interests and needs, all the better.

How are you preparing to live in your eighties and nineties?

The actuaries at Social Security project that the average life expectancy for men turning 65 is 84.¹ years old, and the life expectancy for women turning 65 is 86.6 years.² Some will live longer. Say you find yourself in that group. 

Think about what kind of living experience you would want. For example, you may want to move out of a single-family home and into a townhome or condo or you may want to identify a Continuing Care Retirement Community (CCRC) that would serve you well. Also, think about when you stop driving, who would you count on to help you go where you want to go and get out in the world?

These are just a few non-financial retirement questions that pre-retirees should spend time thinking about as you prepare and invest for the future.

1. Employee Benefit Research Institute, 2021
2. Social Security Administration, 2021