You love what you do, and you’re good at it. So why should you just stop? Perhaps you shouldn’t.
Here's a hypothetical situation, moderately informed by my own experience before leaving practice.
Along with all the other changes that time and experience load us up with comes a changing attitude to decision-making.
There was a time when you looked forward to making changes to implement long-term plans for growth. Now the changes are just seen as risks and the proactive planning is no longer a priority.
Perhaps you think back fondly on a simpler time when all you needed to worry about was actual client facing work.
Retirement seems like such an all-or-nothing proposition. Maybe you’d like to adjust your work/life balance? Maybe the habits of intense long hours learned long ago and supported by youthful energy are no longer as sustainable, or as rewarding?
Imagine if client facing advice work was the only work you needed to consider – if you could effectively outsource the rest of a practice responsibilities to a trusted partner or senior managers while you reduce your workload, but still retain the ability to service your long-standing clients and perform satisfying work (and the equally satisfying attendant income.)
We’re seeing more and more practice owners opting to reduce their less enjoyable practice tasks and responsibilities as part of a wind-down towards retirement.
There’s lots of options and versions of this kind of arrangement, but at the heart it’s about selling your firm (or part there of) and negotiating a transition arrangement that gives you the ability to stay on for the short or medium term.
You get to secure your nest egg by taking some money off the table. You retain a position, and a revenue stream. You still provide your expert service to the clients that need you.
The take-home is that retirement need not be an all-or-nothing decision. You have options.
Give us a call to talk about them.