It's not a set process, but I do follow roughly the same pattern.
I start with looking at the goals I set for the previous 5-year period and assess my success. If I haven't met them and still want to, I stay the course, but I also replace the goals I've reached.
I look then at my family. What do we have to work on there, or what do we want to accomplish during the next five years?
If I determine that a redirection professionally is necessary, I talk to my leadership team at work and our CEO. As a senior leader, I owe it to him to include him in the process. I am almost always training my replacement. It makes me look humble and responsible, but I find doing this gives me great flexibility.
If it's a personal redirection, I discuss it with my wife. She has to be on board. When I told her I wanted to move to the country, it took her almost a year to embrace the idea. I had a lot of questions to answer for her.
Once I've made the decision, I move aggressively into the change. I burn the ships on the previous period. It doesn't mean that I burn down those relationships, but it often turns out that way. People don't tend to like it when you leave them behind. But if they aren't moving too, you are going to gain much by holding on to them.