Individuals who have achieved tremendous professional success are rarely motivated simply by wealth—rather, the work and perseverance they demonstrated to get to the tops of their professions usually derived from an inner passion and drive that is core to those people. I have long been fascinated by the intersection of long hours and effort combined with joy and fulfillment that I see in successful entrepreneurs, and I wondered how they continue to find purpose and joy when they are no longer in the “driver’s seat” and leading their enterprises day to day.

Exploring this topic for my most recent book, Transitioning From The Top, I was fortunate to interview about a dozen successful leaders of family enterprises who had left their leadership posts but continued to find purpose in other projects, new ventures or philanthropy.

Dick DeVos, for example, once led direct-selling giant Amway. Later, he combined his passions for flying and education to found the West Michigan Aviation Academy, an airport-based four-year high school that launched in 2010. “We have 600 students today,” DeVos says, “and provide kids with a great education strong in aviation, robotics and engineering.”

DeVos is a great example of a former family business leader who found fulfillment after retirement and was guided by his interests to identify and work on meaningful projects. While many former leaders have followed similar paths, others report much less positive post-work experiences and struggle with a loss of identity and meaning.

Frank Schurz is the former CEO of Schurz Communications, a company that enjoyed hundreds of millions in revenue at its peak. When he observed others in the post-retirement years, he didn’t like what he saw.

“I had observed people retiring … and then a year later they would drop dead, and that was not how I wanted things to go,” says Schurz. Inspired by those observations to think ahead, Schurz pursued his passions for fishing and waterfowl hunting while still working. “I figured once you retire you can convert this hobby into a passion and then eventually to a total compulsion,” he says. That’s exactly what he did—becoming part owner of a fishing lodge and joining several conservation organizations, making great friends along the way.

A person’s success in business comes at a cost—mainly in the way his or her sense of self, or identity, becomes defined by a profession. Think of pro athletes who are unable to turn their success and drive on the playing field into a life of great accomplishment later.

If 80% or more of your waking hours are consumed with one role (as a ballplayer, CEO, doctor, etc.), you may feel a great emptiness or lack direction when it’s time to relinquish it. This can have great consequences, especially for family businesses. Why would healthy, capable and driven people let go of the powerful roles they enjoy if they have nothing to move to afterward?

It’s one thing for successful people to lose their identities, but that’s compounded by more practical losses. They also lose perks when their leadership roles are gone, as well as their authority, privilege and status. Here are a few other things to consider:

First « 1 2 3 » Next