Quick Look:
- Client: Cathy Pace, former credit union president and CEO
- Services: Legacy Planning
- Consultant: Karen Grabow
- Value: Guidance to create a ‘strategic life plan’ for retirement
When Cathy Pace recalls the arc of her career, Allegacy Federal Credit Union in Winston-Salem, North Carolina, is central to the story. After 46 years with the organization, Pace recently retired as president and CEO. She started during summer breaks, working her way up from switchboard operator, teller and loan officer to key leadership roles in wealth management and marketing. She was named president and CEO in 2013.
Such a lengthy tenure made the transition to retirement difficult to picture.
“I didn’t know how I was going to handle leaving this organization,” Pace said. “My family, from the minute they were born, were involved in anything we did.”
On the advice of another recently retired CEO, she turned to Navigate Forward. A Legacy Planning engagement helped her create a “strategic life plan” with new ways to leverage her time, talents and passions in her next chapter.
“A friend said, ‘Make sure you retire to something, not just from something’,” Pace recalled. “It’s very true. Navigate Forward’s guidance was exactly what I needed during this timeframe.”
Creating Her ‘Strategic Life Plan’
As part of her transition, Pace spends time advising her successor at Allegacy Federal Credit Union. That role enables her to maintain a connection to her industry and set both her previous team and the credit union’s clients up for success. Simultaneously, she has the flexibility to consider her next moves.
Legacy Planning was a wonderful opportunity to think about what my life looks like next
Pace teamed up with Navigate Forward, working one-on-one with lead consultant Karen Grabow on a smooth exit strategy and ideal next steps.
“It was a wonderful opportunity to think about what my life looks like next,” Pace said. “I knew I wanted to do something where I could use the many skills that I have in leadership, strategy, marketing, management and retail; there’s a lot I can give.”
Grabow encouraged her to think about retirement as a pie chart, defining how big each “slice” of time would be. For Pace, this included community involvement, family, leisure, new activities and hobbies, board service, and even “me time.”
Pace likened the process to building a strategic business plan for work, now tailored to a “strategic life plan” to achieve her personal goals.
Putting Her Natural Gifts to Use in New Ways
From this exercise, several elements emerged as important, especially when Grabow challenged her to think about her passions.
These included:
- Championing women’s health and financial well-being
- Continuing her involvement with Wake Forest University
- Staying active in the local community
- Pursuing additional corporate board work
- Mentoring young adults
A simple question from Grabow led Pace to a range of insights.
Navigate Forward helped me realize what my natural gifts were, and why those were the things I need to take forward
“She asked, ‘Do you realize where you get your burst of energy, where your joy comes from?’. Karen helped me realize what my natural gifts were, and why those were the things I need to take forward,” Pace said.
She added, “I get this natural high when I’m connecting people together who are trying to solve a problem or seek an opportunity.”
Making a Match with the Ideal Transition Coach
Having a great match in her Navigate Forward coach was one of the high points of her engagement. Pace credits CEO Anne Sample and the company’s detailed intake process with identifying the consultant who would best fit her goals and personality.
“I appreciated the fact that Anne got to know me, what I might be going through, then said ‘I know just the person to work with you’,” Pace recalled.
Karen Grabow fit the bill. A licensed psychologist, former corporate executive and serving board member, she understood the challenges and opportunities facing Pace. She offered peer-level support, empathy and practical guidance.
Navigate Forward’s guidance was exactly what I needed during this timeframe
“Karen Grabow is such an incredible listener—but she asks just the right amount of questions. She was just amazing for me,” Pace said.
Pace also valued having an expert “on call” as she experienced the emotional ups and downs that so often accompany significant life transitions.
“There were moments in time where I was on a high. Then three weeks later I was in a valley. Once I talked to Karen, I was back up again,” Pace said.
Following Her Passions, Supporting Her Community
Pace now fills her days with a range of activities that bring her energy and fulfilment. She’s a member of several local boards that speak to her interests in health and wellbeing, including the Board of Visitors at Wake Forest University’s School of Business; the Institute of Regenerative Medicine at Wake Forest University’s Medical School; and chair of the board for Greater Winston-Salem, Inc. She’s considering another corporate board role in the near future, having held similar positions in the past.
A friend said, ‘Make sure you retire to something, not just from something’
Pace was honored by Wake Forest University in 2024 with an honorary doctorate in business administration and a request to be the keynote speaker at the “hooding ceremony” for new graduates at the School of Business.
“That took my breath away. They wanted me to tell my story, my journey,” Pace said.
The opportunity introduced her to another outlet for her talents: mentoring and supporting college students as they consider their futures. She has worked with several leadership classes at Wake Forest University and enjoys being a “connector” of people.
Encourages Others to Plan for Transition
More than anything, Pace encourages others to take the time to be thoughtful and intentional about their next steps. She highly recommends the Navigate Forward team and process.
“The greatest thing that happened to me is that I used a transition coach,” Pace said. “An executive coach is helping you with day-to-day. The world of Navigate Forward is exactly what the name says, how are you going to navigate forward?”
She sees her biggest value in simply continuing to share her talents, skills and experience.
“I received something that was intangible, that I have these gifts and I need to use them. It’s going to help me feel like I still have a purpose, I’m still bringing value. That’s so important,” she said.
Considering retirement or your next chapter? Learn more about the value of Legacy Planning for tenured leaders.
