The last month has provided more work, travel, and waiting than I really wanted.

There were two trials within a month of each other, with a project involving some 21 entities in between. The Oklahoma City trial consumed much or all of seven days traveling or waiting to testify. I went out Tuesday and returned Friday, then went back Sunday and returned Tuesday.

Between the two Oklahoma City trips, I delivered a sermon at The Living Cornerstone in Port Orange. The subject was developing an “attitude of gratitude.” I have had several opportunities to practice this attitude recently.

The two courts’ timing created an unusual concentration of obligations in a short period of time. I don’t expect the coming months to look like this one. Still, it seems like a good time to revisit a question I have been working on for several years:

What is an appropriate amount of work at this stage of my life?

Giving Myself Permission to Change

In August 2009, when I was 61, I asked Matt Crow to become president of Mercer Capital and gave up operational control. Ownership succession took a bit longer. During Covid in 2020, we agreed that I would sell most of my remaining shares to our ESOP over the following three year-ends.

Management and ownership succession were important steps. My own transition into a successful semi-retirement or retirement has proven more difficult.

I am still well known in the business appraisal profession and have not yet outlived those who choose to call on me.  The proverbial phone still rings. Initially, as we worked on ownership succession, I supervised and/or performed most of the work that came along. Working hard had been part of my life for decades. It was also part of how I saw myself.

Our management succession beginning in 2009 was successful.  And our ownership succession beginning in 2020 was also successful.  The problem was that I did not give myself permission to slow down.

A surprisingly practical change helped. We began taking a monthly living expense draw from my investment portfolio. After years of working, saving, and investing, I began using some of those investments for their intended purpose.

That took some getting used to.

Over time, it has become easier to pass project work along to others or decline engagements that do not fit how I want to spend my time. I can still contribute without accepting every opportunity that comes along. And as my outlook changes, it is easier to help bring in business that others will perform.

The money arrangement helped me give myself permission to change.

Making Room on the Calendar

Now, I think I need to give myself permission to change a bit more.

I enjoy working. I enjoy thinking through valuation questions, writing, speaking, and helping other professionals. I also enjoy pickleball, walking, and my developing workout routine. I want time to travel with Carol and participate in church.

Those things deserve places on my calendar.

My next step is to become more disciplined about scheduling them. When a new engagement comes along, I need to consider how it fits with commitments I have already made to myself and others. An open space on the calendar does not necessarily need a client’s name in it.

I’m still working out what an “appropriate amount” of work means for me. I suspect it will continue to evolve. But I’m gradually getting a clearer picture of the life I want that work to fit into.

For professionals already on this side of retirement, some of these thoughts may sound familiar. For those approaching it, consider that your financial planning may be easier than changing the habits that made the financial planning possible.

I’m grateful that people still want my help. I’m learning to be more thoughtful about when to say yes.

And to give myself permission to leave a little more room on the calendar.

As always, be well, and age gratefully,

Chris

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