The London Insurance Market also has some experienced individuals heading up their companies who may feel it is too early to retire, even with the government shifting the official retirement age. The same issues expressed by the Staible Family of Robinson Fans in this article, a 6th Generation Family business, could easily apply to other, not "family" businesses. But granted less Sunday lunch disputes!
At Morning Data the transition was very smooth back in 2005, when Marek Cropper handed over to his daughter Kirstin Duffield the switch was made completely. Whilst he holds the title of Chairman and is the ultimate arbitrator if there was ever a Solomon ruling required, the day to day position is that he is an employee, although obviously a senior one, whose role is essential as a mentor to the next generations of staff, family or otherwise. There is no need to retire if it is not desired, in fact the continued engagement of such experience and balance is a massive positive and highly valued.
Almost seven in 10 baby boomers plan to work past the age of 65. That means a lot of family businesses are dealing with parents who aren’t ready to retire, and their children who aren’t sure when and if they will ever run the show on their own.