• Continue to participate in management at a reduced level, while beginning to enjoy the freedoms of part-time retirement. While a natural choice of many in your position, this approach, in reality, creates an out-of-touch owner with the power to hinder sound business management. Not a prudent choice.
  
• Continue your family’s ownership, but with no hands-on involvement. This would require establishing an outside board and including senior management (at least) in ownership. While workable, it’s somewhat irrevocable, and you really need some time and maturing before taking this route. Not a practical choice.
  
• Discontinue all management involvement, but oversee the direction of your family’s business as board chairman. Your connection with direction, strategy and management would be real. Governance could be handled with an advisory (versus fiduciary) board. Most important, you retain the full flexibility to return to family management, to choose option 2 or to sell. This may be more involvement than you want, but necessary to staying connected in a positive way. A sound choice.

Donald J. Jonovic, Family Business Management Service, Cleveland

I vote to cut the cord, and make your unique mark in fresh ways! Join a think tank, becoming an industry futurist. Start a provocative industry newsletter. Facilitate great thinking among noncompeting colleagues. Teach entrepreneurship to the offspring of your peers. And consider: You accepted a very old baton, luckily enjoying it. But what aspect of it did you most relish? Maybe focus in on that, heading off to greener pastures and prettier sunsets.

Ira Bryck, University of Massachusetts Family Business Center,
Hadley, Mass.

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