Everyone’s transition into retirement is different; every individual succession plan is unique and a personalised process.
Succession planning done right not only means that the business can keep thriving and maintain continuity after you’ve transitioned out, but it also means that you can maintain continuity within your own life when you find yourself without the responsibility of running a business.
Albert Pisconeri, started thinking about his succession plan when he was struck with cancer 15 years ago. The health scare forced him into thinking about it, “not for the bad side of wanting to get out, but to see the future and where it was going.”
Albert is a Director of Pisconeri Fine Foods and Wines, a third-generation family owned business operating in continental foods, wines and kitchenware, servicing everything from supermarkets, to cafés, to restaurants and everything in between. Pisconeri Fine Foods and Wines is a part of Countrywide Food Service Distributors and Albert has sat on the board since 2020.
Continuity of business is of key importance when dealing with succession but, for the individual, a smooth transition out of the business and into retirement is crucial.
Albert explains that, “People who do retire end up doing nothing because they have nothing to do in retirement.”
As you relinquish responsibilities in the workplace, or as a business owner, you have to find enjoyment and activities to keep you occupied and keep you busy. This is especially true if your sense of work is tied to your business.
For Albert the transition into retirement is aided by a plethora of hobbies and activities such as surf lifesaving, walking, karate, photography and football. The most important thing, however, is family.
As a dogged and passionate worker, Albert’s biggest regret is time he didn’t spend with his family. He used to pride himself on always being at work and brag about how much holiday time he was owed. On reflection, Albert is embarrassed by this and admits he wished he focussed on what matters most – his family.
Listen to the full conversation on Episode 23 of It’s Never About Money.
