“Age is just a number.”

How many times have you heard this adage?

If you’re a business owner who’s been around a while, you could find this a very helpful saying – or perhaps you roll your eyes when you hear someone say it. Either way, it’s certainly true that being 60 today looks very different to when your parents and grandparents were the same age.

With improved healthcare and better living/working conditions than the generations that came before, you might have reached 60 and feel fantastic. Although early retirement is an important goal for many people, you could be experiencing the opposite feeling: wanting to keep going despite society telling you that now is the time to stop.

Yet at the back of your mind, there could be the niggling worry that you’ll fall behind your younger competitors, or experience ill health, if you carry on running a business after 60.

Here are some crucial longevity tips.

Don’t ignore, adapt

You might have read our recent article about the importance of AI in modern workplaces, which talked about when to lean into this technology and when it might be best to remain old-school.

If you’re an older business owner, making a concerted effort to adapt to contemporary workflows, technologies, and attitudes, is absolutely essential. This isn’t about ignoring your instincts and experience in pursuit of being “trendy” – it’s about remaining creative and maintaining the loyalty of your colleagues in a rapidly changing work environment.

Here’s an example.

You’ve been running your floristry business for 30 years. Your husband and son also work for the business, along with a small team of five delivery and administrative staff.

You find out about a new technology that can entirely automate the invoicing process for new and existing clients. Your administrative assistant is keen for this to be implemented, so that he can spend more of his time helping you with the human element of the business, such as customer outreach. But you’re worried about this technology billing people incorrectly, being unsecure, or alienating your customers.

Rather than saying “no” altogether, take the time to do your research:

• Discuss the technology with other business owners in your community
• Ask an IT professional about the security of the programme
• Weigh up the costs involved.

Once you’ve left no stone unturned, make a decision.

Adapting to today’s evolving workplace might help you remain “in the game” for longer and hold onto the trust of both your team and your clientele.

Work with your age, not against it

Although your age doesn’t define you, you might still notice the difference at work. You could feel more tired, less tolerant of issues and problems, and if you become ill with a cough or cold, it could take longer to recover than it used to.

If you’re not mentally ready to retire and longevity is your goal, make sure to work with your age rather than against it.

This might look like:

• Working disciplined hours rather than long days with excessive overtime
• Learning to delegate tasks to your trusted team, to facilitate a better work-life balance
• Taking care of your health through a good diet, plenty of exercise, and lots of sleep
• Getting regular checkups with your doctor to ensure you’re still fit to work
• Adapting your work to suit you – for example, you may choose to work remotely a few days a week to avoid a stressful commute.

Ignoring your limitations could lead to burnout, health problems, and ultimately, being forced to retire earlier than you want to.

Read more: Are you emotionally ready to exit your business and retire?

Avoid retirement stress by planning far ahead

Though you may not be ready to hang up your boots just yet, proactively planning ahead for retirement might make a huge difference to your stress levels and offer you peace of mind. This is especially pertinent if you are aiming to sell your business upon retirement.

It can take three years or more for business owners to find the right buyer, facilitate the transition, mitigate tax, and see the transaction through. If you wait until you’re ready to retire and only then begin planning, you might find yourself working far longer than you initially intended to, or rushing a sale that doesn’t reward you financially in the way it should.

So, proactive retirement planning for business owners over 60 is paramount. Along with your tax adviser and legal team, our financial planners can help you gain the maximum personal wealth possible from your business when the time comes.

Work with our experienced team at iQ Financial

Our experts work only with business owners looking to successfully plan their future and exit when the time is right.

To learn more about what we can do for you, email us at clients@iqf.ie, or call 353 71 915 5560.

Please note

This article is for information only. It does not constitute advice.

It describes financial planning services that iQ Financial can offer to you. Financial planning services are not regulated by the Central Bank of Ireland.

iQ Financial is not a tax adviser and tax advisory services are not regulated by the Central Bank of Ireland.