In some industries, people don’t need to retire, and a few will work part-time for the remainder of their lives. This is often true for many established business owners.
A lot of business owners would prefer to keep their businesses running, and would prefer not to sell up. In fact, they have never planned for or thought about an exit strategy. Quite often they have managers and so called trusted aides run the business for them, and it all appears to be smooth on auto pilot.
Many a business has been plundered to the ground by these so called business aides and trustees, as often it becomes very hard to keep on top of things, when you aren’t as sharp as you used to be, or when you trust someone too much with your money.
Mobility differs, perception differs and very frankly, the energy levels you have or have preserved greatly determines what you want to do. I have a friend whose father is in his mid-nineties and still religiously goes to work every single day.
For a few, they believe that’s what gets them going; having a purpose or the feel of wanting to do work. In some cases, this often causes problems, as we all have a mind that degrades or wears off with age, often what seems like a sane decision may not be the right one.
Take my friend’s dad, for example; he makes what often seems like the silliest of decisions when it comes to managing the day to day activities of the business. However, no one would dare ask or contradict his opinions being the founder of a large successful business which is now dying because of his inability to align with the current market needs. Reminds me a lot of Henry Ford who kept on insisting on only making a model T and nothing else.
So when is the ideal time under such circumstances to retire? This is often a hard one, as the person does not want to retire, as mentioned above, that is what drives them. In some cultures, especially Asian ones, it would be not in line to question the elders of their decision making, whether they are sane or not.
How one tackles the situation is difficult to explain. It would be fair to say if you are in such as instance, one passes the rein without leaving it for too long. Then again there is the argument, which once one does it is all gone.