When I realized my startup was turning into more of a lifestyle business I decided to go part time and work remotely from Asia (I'm the founder and our only dev).
I gave our lead designer a lot more responsibility and empowered her to assign me the tasks she needed done instead of the other way around.
I kind of expected revenue to trail off over a few years. Oddly enough, with me working 1 day per week vs 5 I got back from Asia 7 months later and the business was going stronger than when I left.
I think being part time helped me focus on the things that actually mattered instead of just filling my time with trivialities for the hell of it. 80/20 rule in action.