Is Retirement the Same as Death? / by Kerri
Entrepreneurs in the US for the most part are stuck. They are working hard long hours to create an income stream. If they stop working, there’s no income.
The fallacy is that there is no exit, and never will be, if you only focus on generating an income stream to pay your salary or to meet payroll. Without a wealth plan in place, a wealth plan established from profits, then retirement might as well be death because those same hardworking CEOs have no assets to walk away with, no assets to invest for their future.
When I talk to some CEOs and the subject of retirement comes up – you would think I was talking about their mortality. They equate any form of leaving the business as death. They live for the business. They have become so immersed in the business; they’ve lost sight of the purpose of commercial enterprise, their commercial enterprise.
The purpose of all commerce is to make a profit. When a CEO can turn a profit and exit on their terms and timeline, that’s a successful exit.
My assumption is that every CEO wants to liquidate their position in the company they built/own at some point, whether to fund their next step, even if it’s not a classic retirement; secure the future for their family and loved ones; or fulfill the terms of a will or trust. Even those CEOs who resist planning their exit, often procrastinate because they don’t know what to do or how to do it. No one intends to leave their business feet first without a plan for its continued success; but in epidemic proportions, they just don’t initiate and implement a timely exit plan.
When a CEO can walk away from the business with liquidity to fund their reinvention on their terms, instead of a rocking chair, knitting needles or fishing pole, that’s not retirement or death. That’s freedom and financial independence. You can too.
Before you can implement that transition to reinvention, you have to plan it starting with some quiet time to reflect on you, your life purpose and your outstanding Bucket List of goals, dreams, and adventures, accomplishments you wish to pursue or complete beyond your business. Journal about these seven keys to success, in terms of the quality and richness of your life that you want to build after you exit your business.