How to avoid the penniless, penurious pivot

Congratulations. You've tried to make your clinical job work as best you can, but you've lost the love and decided to move on...silently until you pull the plug. You haven't told your boss and only confided in some trusted mentors or compadres. Your LinkedIn profile doesn't reveal your intentions either.

For those nearing retirement, consulting can be tempting as a second career, a good way to monetize your expertise, contacts and experience.

But the transition is harder than it looks. Novices struggle with how—and how much—to charge. They overestimate how easy it will be to get clients. They underestimate how much free time they’ll have.

The ultimate proof of success is landing paying clients. Without them, you’re just an older person with opinions.

Here are five keys to launching a successful consulting practice in retirement.

Many professionals dream about shifting into a new role or perhaps an entirely new career. Of course, making the case for yourself in a new industry may be challenging, especially if you lack directly relevant experience. But even beyond the obstacle of convincing others to give you a shot, there’s often a larger conundrum: how to pay for it.

Many midcareer or senior professionals have garnered enough experience and seniority to command substantial salaries. And even if your yearly take-home is more modest, it’s still common — between mortgages, tuition, and more — for many professionals to find themselves locked in “golden handcuffs” that require a certain level of income in order to avoid drastic lifestyle cuts. Yet starting over in a new career often necessitates taking a temporary — or, depending on the field, not-so-temporary — pay cut.

How do you avoid the penniless, penurious pivot?

Here are some things you can do.

Also:

1. Give yourself an adequate job preview
2. Find mentors and connectors to help you make the transition confidentially
3. Be sure your finances are in order
4. Plan to do double time, running parallel pathways, for as quietly as possible and for as long as it takes
5. Be sure your spouse is on board
6. Ladder your non-clinical career portfolio
7. Continue to build your personal brand and business model canvas
8. Test your business ideas
9. Decide when or if you want to be in stealth mode
10. Innovate your heart out, just don't tell anyone other than those in your circle of trust you are doing it
11. Protect your IP. Avoid putting things in the public domain
12. Do your best in your present job until you quit. Do not silently quit. The world is a round place.
13. This Is How You Job Search Without Your Boss Finding Out

Doing double duty and running parallel careers is like having an affair with your newfound love. The bad news is that, when you pull the plug, you will have to divorce yourself. The good news is you won't have to pay alimony, child support, or anyone else other than yourself when you are happy in your new gig.

Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs on Substack

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