As I write, I find myself in the exchange zone. I’m retiring from a 32-year career of providing financial and investment advice – Including the last 25 years at Foster Group. Just a few months left to go.
Then what?
Approaching retirement or other significant transitions, some will think only about leaving and being done. Others may focus entirely on the next thing, whatever that may be. But know there’s value to being present in the exchange zone, the transition phase. There’s important work to be accomplished here, and I’ve discovered Five Hs that are critical in guiding my efforts. Here. Humility. Help. Humor. Hope.
Here: Staying Presents
After winning the 2026 Player’s Championship, Cameron Young was asked about how he was able to finish strong during the last few holes of the tournament. He said he just kept looking at his feet, walking down the fairway – concentrating on staying present wherever his feet found him at that moment. He was not rethinking a hole or two back. He was not thinking about the holes ahead.
I planned my retirement transition to take about a year. I had the choice of staying here, working with the people I’m passing the baton to. Or I could have simply turned my attention to the end of the year, focusing on all the things I’ve dreamt about.
The pull of the future can be magnetic. But there’s satisfaction to be gained in the present. For example, spending relaxed, relational time with long-term colleagues. It creates opportunities to express mutual appreciation and encouragement. It helps smooth the transition for the next generation of leadership.
Humility: It’s Not (Just) About Me
C.S. Lewis defined humility as “not thinking less of yourself but thinking of yourself less.”
There’s nothing wrong with wanting a little recognition as you head to the door. Or wanting to be consulted. And you enjoy hearing the phrase, “It’ll never be the same around here without you.”
But perhaps you could refocus your attention on the team you’re leaving. “I hope that your future will be even better and that you’ll continue to build on whatever I’ve helped accomplish.” You can be humble and open-handed without selling short the work you’ve done.
I’m learning not to be threatened by new colleagues, younger people who are in some ways smarter than me. When someone new gets noticed for doing great work (even for doing what was previously your work), it won’t change the fact that you’re still successful and appreciated. After all, success in the future is usually built on the shoulders of the past.
Transitions are full of expected and unexpected experiences. Don’t worry. Take a breath. Think of yourself a little less and refocus on the needs of others, as well as the organization.
Help: Giving and Receiving
Giving help is what most of us think about when we map out our roles in a transition. We help others learn and then take over the work and the responsibilities we’re leaving behind. One of the best ways to help is to let go of things as quickly as possible.
An executive coach advised me to give people as much as they ask for and can handle – as quickly as possible. He was right. Faster transitions give you more time to observe, mentor, deliver feedback, and provide encouragement. And you may be invited to participate. (I still enjoy being invited to make a guest appearance on our Financial Perspectives podcast, something I helped launch during the COVID pandemic in early 2020!)
Years ago, my wife, Kim, and I received parenting advice that applies equally to the office. Uninvited advice is often received as criticism. In other words, if no one asks my opinion and I offer a piece of unrequested advice, it will likely be interpreted as criticism about how someone is doing my job.
In any company, it’s helpful to establish formal feedback practices long before any transition. When giving and receiving feedback – advice – is already an expectation in the organization, it is less likely to be misinterpreted.
As important as it is to give help, don’t be shy about receiving help in the transition.
I’ve identified a small number of peers inside the organization who I know appreciate my contributions. They help me process how things are going. They remind me that I have done good work, am still respected, and that everyone wants this to be a good transition for me as well as the company.
Humor: Laughing at Myself
You can probably get through a transition without a sense of humor, but my experience thus far says that being able to laugh at myself, as well as to chuckle a bit (to myself!) at what seems like the naivete, idealism or inexperience of others makes the transition so much more enjoyable for everyone.
How do you want to be remembered? Gracious? Generous? Humble? Good natured? Or grasping? Critical and controlling? I try to take myself less seriously, laughing at my overreactions or my wounded ego. Sharing a self-deprecating laugh every now and then helps take the pressure off myself and others.
Hope: Somewhere Over the Rainbow
My transition commenced voluntarily. At this stage of our lives, there are some higher pursuits Kim and I want to work on while we’re still relatively healthy.
We want to spend more time together with family and friends (including my soon-to-be-10 grandchildren).
I want the flexibility of ordering my upcoming days, weeks, and years to learn and write about subjects of personal interest that have been put on hold for too long.
And I want to enjoy hobbies (golf, cycling, music) and special experiences with Kim and the family while we have energy and attention to devote to them.
It was time to stop talking about these priorities as someday items and to start taking concrete steps toward our new day-to-day reality. For as long as God allows.
This picture of the future gives me hope. It makes the fact that I’m leaving meaningful work among people I enjoy seem less risky. It makes me believe that what is next, while different from the past, will be even better.
Be Prepared to Hit the Ground Running! (Even if Slowing Down is Part of your Ideal Future…)
The Internet and bookstores are full of timely advice, practical tasks, and checklists to help smooth your retirement transition. Taking a little time to study can help you get off to a satisfactory start.
One writer encourages getting that first trip booked and all the details ready to go, so if travel is on your list, you can come out of the gate moving. Kim and I are planning three trips in the first seven months, two for just us and one larger family trip. This gives us many things to work on now and to look forward to after I turn in the key fob.
It was time to stop talking about these priorities and start taking concrete steps toward our new day-to-day reality.
A year ago, I thought that the keys to a good transition were going to be all about finishing a few projects and thoroughly transferring my work responsibilities and helpful how-to’s to some key people. These are important, but this experience has reminded me that my attitude and mindset are what matter most in passing the baton.
Kent Kramer is Chief Investment Officer and a Shareholder at Foster Group.
