Recently I had a conversation with a woman who is heading her 2nd generation family business.  She spoke about her father who is in his mid 60s. She told me he does not interfere with her management of the business but does insist on retaining control of some day-to-day operations. She added that he had recently divorced her mother and was dating again.

She doesn’t want to get involved in his personal life, but does want him to play a different role within the business. She believes that with his 30 years of experience he would be more beneficial to the firm as its ‘ambassador.’ In this role, with his industry knowledge and contacts he had nurtured over the years he can spread goodwill, identify potential opportunities and mentor emerging next-generation family members.

This situation shines light on the question of how an older-generation business leader can maintain personal relevancy after the younger generation has assumed control. It’s not uncommon for someone approaching their elder years to be facing this passage. Instead of letting go and moving forward, they may attempt to relive times of their life when they felt most alive.

By transitioning to the new role his daughter wishes him to assume—one that neither he nor the family may have envisioned before—her father’s personal and work relevancy can be reborn.