Friday September 23rd. And after today, only 11 weeks of the year left. So yes, any minute now I’m going to start looking round the TAB boardroom table and suggest you start making plans for next year.
The time of year for looking ahead is approaching – but for some TAB members, ‘looking ahead’ is starting to take on a slightly different meaning. And it’s no surprise…
It’s more than six years since I started TAB York. As I check the boardroom tables, I see plenty of people who’ve become lifelong friends – but I also see rather more grey hair: or – in some cases – significantly less hair…
Yes, the thoughts of some members are turning towards exit strategies, what they’ll do when they’re not building a business and – ultimately – their legacy.
Well, maybe we should take a leaf out of Charles Eugster’s book…
Charles is 97, and holds the indoor and outdoor 200m and 400m world records for men over 95. He worked as a dentist until he was 75 and – despite a small pause in his 80s – has never stopped working. He still goes to the office in Zurich every day, before training in the afternoon. And Charles comfortably wins my ‘Positive Thinker of the Year’ award:
Even at 87 I wanted an Adonis body, in order to turn the heads of the sexy, young 70-year-old girls on the beach.
More seriously Charles Eugster says that he is “not chasing youthfulness. I’m chasing health.” Retirement, he says, “is a financial disaster and a health catastrophe.”
In many ways this was one of the most interesting articles I’d read all year – and I’d add ‘psychological’ to ‘financial’ and ‘health.’
The sentiments chime with what so many of my friends and clients are saying, and echo an underlying theme from the TAB Conference in Denver.
“I’m not intending to retire any time soon, Ed, if at all,” is a phrase I hear over and over again. No-one, it seems, is thinking of their pipe, slippers and Bake Off.
“I’m going to do a lot less in the business and a lot of other things,” is the consensus – with ‘other things’ covering charitable work, non-executive directorships, and mentoring students and start-ups.
I’ve just finished reading Finish Big by Bo Burlingham: ‘how great entrepreneurs exit their companies on top.’
Burlingham talks about entrepreneurs being defined by their place in the world: specifically by how they see themselves in the community. Unsurprisingly, 66% of entrepreneurs who exit their business “experience profound regret afterwards” – and a large part of that is the feeling that they’re no longer making a contribution.
Back to Charles Eugster and his Adonis body. He’s not ashamed to admit that he’s using his vanity as a motivating factor. And why not? Feeling that you’re valued and appreciated is an integral part of Maslow’s Hierarchy of Needs.
It’s no wonder that 66% of entrepreneurs experience profound regret. They’ve built a business, they’ve a wealth of wisdom, experience and knowledge and now suddenly – unless they plan for it – nobody wants to talk to them. Despite all they’ve achieved, they’re no longer defined by their business, they no longer feel valued.
So TAB York is not only about you and your business, or your work/life balance as you’re building the business. It’s not just about immediate problems and next year’s plans – it’s about what comes afterwards as well. It’s about leaving a legacy – for yourself and for the community.
PS I’m sorry, I had to check. Charles Eugster’s time for the 200m is 55.48 seconds. That’s three times longer than Usain Bolt’s time – but it’s roughly 8 minute mile pace. Well, well, there’s a challenge and an interesting ice-breaker for a few TAB meetings. Bring your shorts, ladies and gentlemen; let’s see who’s slower than a 97 year old…