A longitudinal study of family business leaders nearing retirement age examined the effects of goal adjustment capacities (disengagement and reengagement) on retirement planning. Goal disengagement predicted taking concrete steps to prepare retirement, whereas goal reengagement was related to having positive retirement expectations. Family business leaders with high goal reengagement capacities who trusted their successor’s abilities set an earlier retirement date than others. Leaders with poor goal disengagement capacities who did not trust their successor were unable to improve their retirement expectations over time. This study shows the importance of psychological variables in the retirement planning process of family business leaders.
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