Mr. Bush, Rumsfeld and Gates made a joint appearance at the White House on Wednesday afternoon in a symbolic passing of the torch.

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Call it riding the wave or the passing of the torch.

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In my experience, the search should start with the elder entrepreneur, for whom the passing of the torch can be a massive blow to his self-esteem.

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It is not retirement that does it, I think that I have found in my own life that certain aspects of that third phase, passing the torch, are just really appealing and make me happy and I think are somewhat valuable.

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So I think it is part of the natural evolution but clearly going towards that passing the torch phase, which most people miss, can be a fantastic capstone to a long career.

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