Well, you would have had to be living in a cave over the last few weeks to not be aware of the current political maelstrom over the concept of getting old — or just getting older.
Mark Twain put it this way in his autobiography: “It is sad to go to pieces like this, but we all have to do it.”
Now, I do not do politics, so the following thoughts are gender neutral, party neutral, politically neutral and carry no agenda.
I did a little thinking about “mandatory retirement.” You know that used to be a major part of corporate America. Think about some Fortune 500 CEOs, think airline pilots, FBI agents, U.S. Capitol police officers with at least 20 years’ service must retire after turning 57, air traffic controllers, firefighters and so on and so forth.
However, in the United States mandatory retirement has been generally unlawful since 1986 — with certain exceptions. We have the Age Discrimination in Employment Act of 1967, which protects individuals who are 40 years of age or older from discrimination based on the fact that they are 40 years of age or older. Huh. How about discriminating only on competence?
“In 2023, 69 percent of the boards of the S&P 500 reported having a mandatory retirement policy,” according to executive search firm Spencer Stuart in an article from CNN.
OK, as you know, I am over 70. So I have to get my driver’s license renewed. They do not consider my driving record (currently blameless), rather they ask me, “What is the fine for leaving a dead animal on the side of the road?” or “How far is your chest supposed to be from an airbag?”
The core issue here is not mandatory retirement per se, it is the awareness for each of us of our human limitations. Self-awareness should trump ego and a death grip on power.
I am currently the CEO of my little artificial intelligence company. I am actively looking for a replacement. I know I can’t hit the fastball as well as I used to.
Even more insidious is that when someone stays too long at the table, they are preventing others from sitting there as well.
Think of the sadness when sports figures overstay their welcome. You have to look away. No one denies their greatness, but we are asked to only remember their prime (think Willie Mays among a plethora of sports figures).
As always today, let’s ask AI.
Gemini: “Drawbacks of mandatory retirement can lead to the loss of experienced workers.” But it also says, “there should be a focus on skills and abilities.”
ChatGPT3.5 says mandatory retirement leads to “renewal and fresh ideas. It avoids entrenchment, it prevents long term incumbency.”
But it adds: “Voters always have a choice. Mandatory retirement can be seen as undemocratic.” It suggests term limits, “The balance between new leadership and avoiding stagnation.”
It is a fascinating time in our country today. The average age of founders of high-growth unicorns is 45 years old. So the myth of the college dropout (Zuckerberg, Gates) is an anomaly, an outlier. There is the balance between exuberance and experience.
I don’t know how the puzzle will shake out at this time, but the issue of when to step aside is real. The average age of a U.S. senator is 64 years. And 30 percent of the senators are over 70.
As an entrepreneurial concept, knowing when to turn over the reins is a classic one, visited time and time again by a board of directors — when there is one.
It is that painful conversation when they ask you to step down.
I have been “removed” three times as CEO. Each time, however, the company prospered and both the investors and I made money. I did not like being told I had to release the reins, but my bank account did.
In my time, I was a really good CEO from a napkin to a few million in revenue. And then I was not as effective. Not easy to confess. It was just not as interesting to me after that.
Think about having to admit to inadequacy — in any area of one’s life. In the final analysis, “mandatory” may not be the answer, but a good psychoanalyst might be the perfect solution. Also, look in the mirror.
Rule No. 816: Me, me, me.
Senturia is a serial entrepreneur who invests in startups. Please email ideas to neil@unicornhunter.ai.
