3. Beware the Identity Trap

Many leaders are prone to an “identity trap.” They have a disproportionate focus on career, which makes it difficult to move comfortably into retirement due to the impact of this role loss. Contributing factors are the long work hours most family business leaders put in, and the loss of benefits/status, decision-making authority, and administrative support inherent to retirement. Surrounding all of this is the feeling of lack of purpose many retiring leaders anticipate or experience. Leaders can avoid the identity trap by recognizing over-commitment to professional identity, developing interests beyond work, planning carefully—especially for what will be lost—and even practicing their “pitch,” or what they’ll say when people ask what they’re doing in retirement.