I often remind myself how fortunate I am. My work gives me a front-row seat to some of life’s biggest transitions, helping people move from the ordinary to the extraordinary. For business owners, that often means selling or passing on their “work baby.” It’s not just a transaction; it’s a life change.
I’ve seen these moments bring incredible success. I’ve also seen heartbreak, not because of the money, but due to misaligned visions and strained relationships. The good news? It doesn’t have to be that way. As retirement approaches, succession planning becomes urgent. And it’s not just about the business, it’s about identity, legacy, relationships, and the wealth that have taken decades to build.
My message to those undertaking this journey: a bigger future is achievable. With the right guidance, mindset, and planning, business owners can navigate these transitions with clarity and confidence and enjoy all the spoils that should follow.
I recently worked with a family who had planned their succession for years. The tax was sorted, the structure was perfect, the finances were in order. And yet, when the keys changed hands, something else changed, the relationship between generation one and two. It will never be the same.
This happened because the vision wasn’t aligned. Legacy means more than tax and structure, it’s about values, relationships, and emotions. The fruits of a life’s work deserve that attention. Family matters. People matter. A lot.
A changing landscape | Succession
When I talk to business owners, I hear what the research confirms: things are changing. Only 39% of Australian small business owners expect their kids to take over. That’s a big shift from the old dream of passing the business down, and it says a lot about how careers and priorities have evolved.
This shift leaves many owners at a crossroads. Nearly half are over 50, and almost a quarter of these are within striking distance of “pension age” (they hate that term), yet only a third of the unadvised have a documented succession plan. The result is often paralysis, not just procrastination.
Identity and purpose | Going beyond the balance sheet
Our conversations uncover that succession is not just a financial transaction. It’s a deeply personal journey. For many, the business has been more than a wealth creator and livelihood, it’s been a source of identity, social connection, and purpose. The sale or transition of a business can feel like a loss, even when financially successful.
This is where guidance and mindset become critical. Exploring the emotional dimensions of succession, not just the transactional, can guide reimagination of a future beyond the business. Retirement doesn’t have to mean retreat; it can be a reinvention.
Planning for a bigger future
A well-structured succession plan is essential, but it’s only part of the solution. I encourage business owners to think more broadly and consider the emotions it will conjure up. Ideally, we need to:
Clarify vision: What does your next chapter look like? What kind of legacy do you want, financial, values-based, or both?
Without a clear vision, retirement can feel like a void rather than an opportunity. Let’s avoid that. Defining what a fulfilling next chapter looks like, whether it’s travel, philanthropy, mentoring, or even new ventures, helps align financial decisions with personal aspirations. It also ensures that your legacy reflects your values, not just your balance sheet.
Engage early: Start conversations with advisers, family members, stakeholders and potential successors well before you plan to step back.
If you’re thinking about succession, you’ll quickly find it’s not just your decision, it involves family, advisers, and employees. Starting conversations early reduces stress, prevents rushed decisions being made, and provides the time to address emotional and practical concerns. Early engagement also increases the likelihood of finding a successor who shares your vision and values which can preserve the quality of relationships that are important to you.
Explore alternatives: Family succession is no longer the default for many businesses. Exploring employee buyouts, private equity, or strategic partnerships can unlock opportunities for continuity and growth. These alternatives can also explore company culture and reward your loyal employees while maximizing value for you.
Unlock value: Tax efficiency can significantly impact the wealth you retain post-sale, ensuring you keep more of what you’ve built. Tools like the small business Capital Gains Tax concessions can maximise your retirement savings and preserve a greater proportion of your wealth. This can make the difference between a comfortable retirement and one that enables a bigger future with financial freedom.
Invest in guidance: Transitioning from business owner to retiree is not just financial, it’s psychological. I see this most evidently in farming families as they transition “off the land”. Exploring who they are, what they want to be, beyond the land, beyond the harvest. Professional coaching and advisory support help navigate these identity shifts, manage the emotional challenges, and create a purposeful plan for life after business. This guidance can transform uncertainty into confidence and optimism.
Retirement x 100
Most people retire once, some maybe twice. We’ve guided hundreds through this journey and walk alongside them through every stage of their wealth journey. Our advisory model integrates financial planning with life planning, ensuring that succession is not just about exiting a business, but entering a new life chapter with clarity, confidence, and importantly optimism.
The most important belief? Your best years are still ahead.
Let’s make sure they’re measured in units of freedom, not regret. If you’re ready to plan that bigger future, we’d love to help.
