A guide to successful retirement planning

Today I’d like to discuss an important topic for dealers that we often don’t get to talk about: retirement. You’ve made the important decision to retire, but how and when do you get started? Here’s a quick guide to getting started in planning for retirement in the HVAC industry.

To start retirement planning, you need to give both yourself and your company ample time to prepare. I suggest starting your planning no fewer than three years before your intended retirement year.

1. Three years out, begin by:
   1. Assessing and saving for your financial future.
   2. Hiring and promoting the right team to continue in your absence.
   3. Assessing the current state of the company and identifying areas where improvement will be needed.
2. Making a list of goals to be executed before the end of your tenure.
3. Two years out:
   1. Begin preparing the company financially for your retirement.
   2. Check in on your list of goals and how they’re coming along in your three-year retirement process.
   3. Define your role within the company and identify how you would like that role to perform in your succession.
   4. See to it that all major marketing, sales, technological, and management projects begin at this point in your retirement process, allowing you enough time to see the project through to its completion.
4. Hire your successor if needed.
5. One year out:
   1. Make the announcement that your retirement is approaching, giving your successors time to identify and ask questions, as well as identify and assess potential trouble spots down the road.
   2. Hold a team meeting to announce any suggested changes to the company structure, your plans for the next year, and your wishes for involvement post-retirement.
   3. Meet with a financial advisor to talk next steps for post-retirement.
   4. Begin training your successor.
   5. Consider bringing in an outside company to help you with your retirement plans. (Lawyers, accountants, etc.)
6. Six months out:
   1. Begin phasing out your time in the office, allowing new management to begin problem solving and working as a team in your absence.
   2. Cross off the final goals on your list.
   3. Take the time to leave. Your company is like your home, and your team is like your family. Begin the process with plenty of time to say goodbye.
   4. Make a personal announcement to your customers. Change is hard, especially in the HVAC industry, so make a solid effort to ensure that the transition for the customer is as smooth and reassuring as possible.
   5. Let your company know you are there for them for advising after you leave.

With a long-term plan for retirement, you will give yourself, your company, and your customers a great platform for success in the long-term, both with you as a leader and after your retirement.

For more tips on retirement and succession planning, follow me on Facebook at www.facebook.com/hvaclearning.