Back In The Saddle
Retired family business founders are discovering a new role--as consultants.
Handing over a business that's become an extension of
yourself--even if you're passing it to a family member
who's competent, experienced and respected--is heart-wrenching
for many entrepreneurs.
Some founders just can't do it--even when they know
they've become less effective than the succeeding generation.
Others transition easily and look forward to leaving daily
aggravations behind in pursuit of those interests they shelved
during the frenetic early years of running their company. Either
way, the heads of most family businesses want to stay connected to
the business in some form. Many entrepreneurs achieve this through
a consulting arrangement.
Patricia Schiff Estess writes family business histories and
is the author of two books: Managing Alternative Work
Arrangements (Crisp Publishing) and Money Advice for Your
Successful Remarriage (Betterway Press).
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