I’ve been doing a lot of thinking about what I call ‘Transition’ – a word I use because I don’t like the word (or even the concept of) ‘retirement.’

I realized that I had become locked into a binary mindset. Either a person retired in the traditional sense, leaving work completely, or continued working well past the traditional retirement age.

I’ve come to the realization that there is a middle ground between total retirement and working fulltime. (I can hear some people saying, “What took you so long?”) In the middle ground, a person continues to work but in a changed role. That’s one part of transition.

Business owners often keep working. They love their work. Work gives meaning to life. It’s a place to go, something to do. It’s the challenge of solving problems, the pleasure of interacting with others, having credibility in the community. And, as owners, they have the flexibility to make choices about their future involvement.

The new economy is forcing many people to reconsider ‘retirement’ and continue working to generate income to make up for the big drop in their 401k and other retirement funds.

For many, it’s the way they have wanted it all along. “I don’t want to quit altogether. I want to keep working but in a different role, at a different pace.”

I worked with many business owners and managers who have faced the same issue. It’s probably the most challenging question professionals will ever have to face. I came to the conclusion that, for many, especially professionals, it may not a binary choice: “Should I stay or should I go?” That’s not the right question.

I say this from my personal experience. When I was trying to decide whether it was time to move on from WENDEL I agonized over my decision for three years. I wrote about some of the issues I addressed in a newsletter article (in the article archives of this newsletter) “Don’t Retire – Transition.”

Instead, ask a different question: ‘How can I keep the company progressing – leaving my legacy – but change my role to enable me to do what I love to do and be free of those other responsibilities that I don’t want to do?” Maybe its: “How can I live a meaningful life while maintaining a reduced role in the business?” Another article (also in the archive) “Approaching Retirement” might help you with your deliberations.

Based on my own personal experience and my work with business owners over the past 20 years, I’ve come to the conclusion that they need to deal with their personal ‘transition’ issues – their ‘new’ role – before they can begin to explore succession planning. If they can’t/won’t clarify their new personal role they are unable to consider succession.

Are you pondering your personal transition? I suggest you start do the following:
A) Define your life goals,
B) Choose your new future,
C) Identify your ‘next steps’ to best achieve that future.

Then, you can address ’succession issues’ that are so important to your legacy.

It’s tough to ponder the whole transition challenge and look at it objectively – to step back from the day to day work and ‘just think about this.’ It’s key to set aside blocks of time, away from the work/business issues, to help give you focus. Maybe a ‘coach,’ someone experienced in addressing this challenge, can help you focus on your strategic life issues and add discipline to the process.

The future will not be the past all over again. It’s going to be different. Now is the time to get prepared!

Working with business leaders who are exploring their ‘transition’ options has become a focus of my work. If you’d like to explore your situation give me a call.

Peter Wendel

This article first appeared in Peter Wendel Group Newsletter and was published in Organizational Development Network of Western New York, April 22nd 2009.

There will be a place for off site executive development but generally the cost of “classroom” experience has become quite unreasonable.  While we definitely do insist on some face to face meetings (for events like our Post Merger Integration Program, 5 Dysfunctions of a Team Workshop, Visioning or Strategic Planning and Engaging the Whole Processes), we too offer more teleclasses or webinars.

Here are some other considerations that an individual can do on their own or with the support of their organization.  Sorry, but some of these can cost money.

1. Deliberate Practice. Becoming great at anything–sports, science, business–requires ten years of practice and 1,000 hours of practice per year. “Ten thousand hours is the magic number of greatness,” Gladwell argues in his book “Outliners”.  Read this article in Harvard Business Publishing for a more in depth discussion.
2. Coaching.  I am not going to write about all the benefits and ROI here.  You have heard enough about it but coaching from the right source can speed up your development and help you with that action plan.
3. Read. And I don’t mean business books or necessarily fiction.
4. Volunteer. Volunteering is a great way to gain experience in areas where you may not have the opportunity at work.  Not-for-Profits are always looking for individuals who are willing to step forward and take on a leadership role.  It might even lead to a new job.
5. Hobbies.
6. Travel. A number of firms are offering these services to organizations as the article in the Financial Times points out: Travel broadens executive minds. However, you could develop your own strategy with assistance.
7. Mergers. What Makes the Best CEOs? Mergers Can Help. OK, maybe this isn’t at your level or an obvious option (You’d be surprised though that you probably will be involved in at least one merger in your career.)  I couldn’t help adding it for fun and to stress the need for leaders to develop this specific competency – Post Merger Integration Change.   Adapting to change is key to business survival.
8. Getting a Pink Slip. If yo do experience number 7 – it might be followed up with number 8 – a layoff.  Don’t be too discouraged, an article in USA Today suggests getting fired can be an impetus to create new leaders.

We hope you take the 16 minutes to sit back and enjoy this video and message:

“Validation” is a fable about the magic of free parking. Starring TJ Thyne & Vicki Davis. Writer/Director/Composer – Kurt Kuenne. Winner of numerous Int’l Film Festival awards.

[private_Transition Club]

 [firstname], in case you hadn’t noticed the Working Resources Blog has a list of some short survey you can take online that might be of interest to you.  Click Here.

[/private_Transition Club]

One of the most powerful questions one can ask is “How well do I manage my stress under pressure?” Stress hardy leaders have calm energy and help others become stress resilient under pressure.

The concept of resilience is a core competency in our Collaborative Leadership Model and Brusman’s article asks some great questions around this skill set. As you can see from our definition below, we believe that the starting point for all of this is how well one is grounded in his or her values.

Resilient:  Demonstrates optimism, courage and adaptability that inspires others to be authentic.  Internally well grounded in a strong self knowledge and personal value system. 

Model of: 360 Leadership Readiness™

We do have a specific question around stress in this competency but it is also referenced in some of the other competencies as well.  One of the statements that we use in the “Collaborative” competency speaks well to what I believe Brusman is also emphasizing: I act in a respectful manner even under difficult circumstances.

Stress is a part of everyday living.  How well we manage it will depend on if it creates the tension for positive action or becomes  detrimental distress for us and those around us.

Some older Americans want to give back to society but need some pocket change to cover their costs, while others need a temporary cash cushion as they look to change careers. Either way, there are some options out there. This video is specific to the USA but it might help all of us to push the boundaries of what we think is possible.

For those in transition due to relocation, expat, mergers etc — regardless of age — might want to brainstorm on some of the suggestions and ideas mentioned to expand your own options.

Below is the first teleclass entitled “I want my positive attitude back!” It is divided into three parts for easier listening.

Unfortunately our first efforts at recording a conference call turned out to have troubles.  Not only is there an echo on my voice, you will need it turned up to the top volume to hear Sandy.  For this we are making it available to all Guests who are logged in. Thank you for your patience.