1) It's too easy to fall into the pattern of bullsh%t by day, hacking by night. There are two problems with that. First, you're still seeing management as bullsh%t (a natural inclination for a hacker.) Second, it's unsustainable and overwhelming. If you find yourself feeling like you never get anything done while other people are around, then your job is no longer coding and you have to accelerate the transition to manager (especially in your own mind.) This has been my experience.
2) Not every engineer should make this transition. If you're a founder or CEO, you will have to, but make sure you build a company where every engineer does not have to. I've worked at companies where the only path to success was through delegation and distance from the code. That sucks. Some people are amazing coders who will continue to deliver increasing value for years and you will only lose them if you can't find a way to let them progress their careers without having to do things they find uninteresting or are simply not well suited for.