5 STAGES OF A CAREER TRANSITION

For executives between the ages of 45-65

Stage 1: To retire or not to retire

First, you ask yourself. Can I, Do I want to or, Am I able to afford to retire.

Are you able to accept early retirement and retire for good? Can you live off your savings? This choice can be very attractive if you didn’t like your old job in the first place, or?you're looking for a change in lifestyle, and you think that retirement can be beneficial for your health and quality of life.

Stage 2: Get a job in your industry

The second option is looking for another job in the same industry. Working longer actually has its perks. By working longer, you are provided with more opportunities to save up for retirement. Not only that, but working longer shortens up the number of years you spend in retirement which can help make your savings go further. But looking for another job has its own set of problems too. Job hunting is hard enough as it is—try job hunting with even more odds stacked against you. High-end jobs are hard to find or to duplicate. Searches take longer which in turn raises the level of frustration even more. Even in this good economy, it is even more tough to ask for the high salary you are accustomed to since the competition nowadays is a lot steeper with younger counterparts who are willing to work longer for lesser pay.?

If you are between the ages of 45-65 you will be faced with new challenges as the older you climb on this scale the more difficult it will be to find employment. Should you be one of the lucky ones that do land a job, you will find that wages are on average 35-40% less than you are accustomed to and be aware that the average tenure for a new position will be less than three years. We encourage you to take this into consideration when laying out your career strategy.

Stage 3: Start your own business

The third option is to start your own business. What you choose to do with the retirement money when you turn 60 is completely up to you. Plenty of older executives have launched successful enterprises. Harland Sanders, the founder of KFC, was 65 when he began franchising his business. Ray Kroc, the founder of McDonalds, was 52 when he teamed up with the McDonald brothers, his business partners. The bottom line: having money allows you to take career risks you otherwise wouldn’t be able to take. When you’re in your 60s, with 40 plus years of experience and tons of connections at your disposal, you might want to capitalize on opportunities. A strong retirement fund will allow you to do just that. Things to pay attention to include your energy level, time to reach your business goal and your center of influence to rally around you to become your support team as you forge ahead.

Stage 4: Buy an existing business

The fourth option is to buy someone else’s existing business. The business is already up and running, so you may be able to start doing business immediately, with vendors, customers, trained employees, and cash flow day one. You will also avoid all the issues of choosing a location, building out a site, and reviewing demographic studies. An existing business has a history. Instead of guessing whether your new business will be successful, you can analyze actual historical financial data to determine whether it is a good business or not. The biggest challenge with this stage will be in the verifying of the numbers and whether or not you feel you can either adapt to or change the existing culture without affecting your desired outcome.

Stage 5: Buy a franchise

The fifth and last option is to buy a franchise. This option is the most viable career option for corporate employees who had experienced downsizing or unfavorable work conditions. The pros to buying a franchise include speed to market, minimized risks, capitalizing on your existing skill sets and the ability to own your own business yet be teamed up with likeminded folks all who are rooting for your success.

The franchise system is a proven system for operating the business and generating profits. If you are willing to pay a little more but get to profitability quicker, then a turnkey franchise should be considered. Buying a franchise offers the opportunity to share your challenges with other entrepreneurs who are facing or have faced the same problems. As franchise companies state, you're in business for yourself, but not by yourself. However, one must also consider owing royalty payments and having less freedom and privacy regarding operation procedures and financial information.

These five options all had definitive pros and cons that must be weighed in. We encourage you to sincerely evaluate each path thoroughly.?It would be wise to choose the path that can fit your personality, work ethic, financial status and of course, what can bring the greatest benefits to you and your family and are aligned with your goals and objectives.

Motivation is a fire from within. If someone else tries to light that fire under you, chances are it will burn very briefly.

-Stephen R. Covey

If you want to learn more about the opportunities, schedule a call in this link: https://calendly.com/rlebrun/15min.

#ExecutivesinTransition #newopportunities #business