Transitioning to retirement after over 30 years in business

In my February journal, Preparing for Retirement as an Entrepreneur: Advice from a Semi-Retiring Business Coach, I reflected on my journey to retirement and shared some tips to consider as you transition. Like any major life change, there are parts that are challenging, others that come easily, and surprises along the way. As I continue on this journey, I'm discovering which steps are most 'sticky' for me and learning how to navigate through them.

Here are 5 that have required more reflection and work than I initially anticipated:

1. I had to redefine productivity
   Previously, I associated productivity with the number of hours worked, tasks completed, and revenue generated. Shifting away from full-time client work forced me to redefine productivity. Now, I focus on the impact I'm making, the wisdom I'm sharing, and the use of my unique skills.

2. I found ways to be productive through impactful projects
   Spending less time in traditional business spaces has allowed me to increase my volunteer work. I've found purpose in contributing to projects and organizations that make a meaningful difference in the community. This shift has transformed volunteering from a way of giving back to a measure of productivity and purpose.

3. I had to learn how to embrace leisure time without judgement
   It's crucial not to judge increased leisure time as laziness. Semi-retirement provides an opportunity to enjoy a better balance between work and leisure. Embracing leisure time as essential for well-being and fulfillment is a work in progress, but it's important to allow myself to enjoy it without guilt or judgment.

4. I focussed more on Spending Assets vs. Accumulating Assets
   Transitioning from solely accumulating assets to spending them wisely has been a mindset shift. Semi-retirement allows me to enjoy the fruits of my labor while balancing financial planning with life experiences. Finding this balance requires shifting my mindset and embracing the opportunity to support the lifestyle I desire.

5. I found meaningful pastimes
   Exploring meaningful hobbies that align with my interests and values has been challenging. While remaining physically active and volunteering are significant parts of my day, I've been searching for a creative hobby. Baking has been one of my activities of late, although it challenges my goal of staying healthy, I've found joy in sharing my creations with neighbors. I'm still exploring and will share my discoveries in future journals.

10 questions to inspire your entrepreneur retirement plan 

Based on my reflections and insights from this journal, here are some questions that could help you, as an entrepreneur prepare for your transition:

1. How do you currently define productivity in your professional life, and how might this definition need to change as you transition into retirement?

2. Reflecting on your career, what wisdom or unique skills do you feel you can share in retirement, whether through mentoring, volunteering, or another avenue?

3. What impactful projects or volunteer work can you engage in during retirement to maintain a sense of purpose and productivity? Will you continue to work part-time?

4. How comfortable are you with embracing leisure time? What steps can you take to allow yourself to enjoy leisure without feeling guilty or judgmental about it?

5. What is on your list of ‘When I have more time to do list’? What are the hobbies or pastimes that you have always wanted to do ‘when you had more time’? 

6. How will you balance your health and movement goals with other hobbies or activities that are more sedentary?  

7. In moving from accumulating assets to spending them, what mindset shifts do you think you'll need to make to balance enjoying your retirement while also managing your finances wisely?

8. What measures can you put in place to ensure that your life also includes elements of joy, fulfillment, and well-being, not just financial security?

9. Being curious keeps us young. What are you interested in learning more about to keep your mind active?  Is it time to take a class or self-study a new body of knowledge? 

10.  And last, but likely the most important question. What is filling your social calendar?  It is extremely important to stay connected to your ‘crew’ and possibly pursue new relationships with people who are in the same life stage as you.  How will you ensure this happens on a regular basis? 

Heart Centered Life and Business Mentorship for Entrepreneurs Transitioning

I hope that sharing my tips and insights resonates with you as you navigate transitions in your life. Remember to be curious and embrace this new chapter, as there are many opportunities awaiting you. As always, I'm here to help you navigate this journey.

Get in touch to inquire about or book a consultation call for coaching or to learn about our workshops and other services that might benefit you.