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W W W. M A I N E B I Z . B I Z 17 M AY 4 , 2 0 2 6 F O C U S B U S I N E S S S U C C E S S I O N / T R A N S I T I O N B Y L A U R A P F E I F F E N B E R G E R A N D B Y L A U R A P F E I F F E N B E R G E R A N D D R E W O E S T R E I C H E R , S P I N N A K E R T R U S T D R E W O E S T R E I C H E R , S P I N N A K E R T R U S T H OW TO E ven under the best of circumstances, succession planning can be tricky. And even with a solid plan — whether you're selling the company to a third party, passing the torch to a family member, or adopting an ESOP structure — stepping out of the leadership seat is often tough for both the outgoing leader, and the organization as a whole. Here are a few ideas that can make the leadership transition smoother. Identify a new role for yourself If you are planning to stay with the company after your successor steps into the top leadership spot, it is important to identify a distinct new role for your- self that allows you to add value while no longer being the one in control. Without a new role, it is too easy to slip back into doing the work you are trying to retire from, which can prevent your successors from fully moving into their new roles, and send mixed signals to the organization about who is in charge. Many outgoing leaders find that taking a seat on the company's board allows them to keep their noses in the business while keeping their hands off the controls. ink about what you want to do. How can you share institutional knowledge, open doors through your industry relationships, and focus on the parts of the work you enjoy most? Timeline for the exit Establish a clear timeline for your exit and key milestones to meet along the way. Whether you followed a step-by- step plan to climb the career ladder or you took a long, circuitous path to reach the leadership seat, it's impor- tant to design a strategic plan to work your way out of the role. Collaborate with your team to map out a timeline for scaling down your responsibilities and transferring them to others. is creates a shared under- standing of how and when the actual transition will unfold and gives the next generation of leaders a clear understand- ing of what to expect. Without firm milestones, the process can needlessly drag on. It's always easy to find reasons to stay, which can hold the company back and frustrate the organization. Think beyond the office walls Many business leaders and owners find that by the time they are ready to retire, their identities have been built around their careers. It can be unsettling to imagine who you will be without the job title. It can be uncomfortable to think about reclaiming relationships and interests that may have taken a back seat during the decades that building the business was a top priority. For many people, abstract ideas about having more time to spend with loved ones, travel or take up long-deferred hobbies just aren't compelling enough; fear of letting go keeps them in their comfort zones at the helm longer than they should stay. Look for opportunities to keep flexing the leadership muscles and expertise you've developed by con- tributing to other organizations. Consider volunteering your time and sharing your skills with professional associations, industry trade groups, and nonprofits that support causes you care about. ese groups often have a real need for seasoned leaders with experi- ence in fundraising, risk management, and strategic planning. Sharing your skills in these settings can be deeply rewarding — and can have a tangible impact. Consider work- ing with a team of advisors that can help you assess your personal readiness for the exit. Evaluate your priorities and clarify how you want to use your time and talent, so you can treasure the next stage of life. How do you want to rebuild the connections that may have been frayed during the hard-charging career years? What changes do you need to make to prioritize your health, leisure and spirituality? Taking the time to think through these questions will ensure that this next stage of life is as fulfilling as the years you spent at the helm. L a u r a P f e i f f e n b e r g e r i s a s e n i o r v i c e p r e s i d e n t a n d ES O P c l i e n t a d v i s o r a t Spinnaker Trust in Portland. D r e w O e s t r e i c h e r , a certif ied exit planning advisor, is a principal and senior client a d v i s o r a t S p i n n a k e r Tr u s t . NOMINATE A FAMILY-OWNED BUSINESS TODAY FOR THE MAINE FAMILY BUSINESS AWARDS Self-nominations are encouraged! To nominate a business visit: FAMBUSINESS.ORG ♦ Renys Large Business (25 + employees) ♦ Chalmers Insurance Group Customer Service ♦ M&T Bank Innovation & Technology ♦ Shep Lee Community Service ♦ Geiger Environmental Leadership ♦ Androscoggin Bank First Generation ♦ Maddy Corson Small Business Presented by Volk Packaging Corporation (fewer than 25 employees) AWARDS ARE PRESENTED IN 7 CATEGORIES: ANNUAL 26 Make a commitment to Maine's creative economy and the arts. Navigate a leadership transition Establish a clear timeline for your exit and key milestones to meet along the way.

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