Limited Consulting in Retirement
Limited Consulting in Retirement
(OP)
I am retiring in a few years and am thinking about doing some limited consulting. I am not willing to take anything that shows up on my doorstep but want to be selective only in a few areas. Building investigations, reports, testimonies, construction inspection, special or unusual detailing are the kind of thing that I am thinking about.
Any advise or comments?
Any advise or comments?





RE: Limited Consulting in Retirement
Nice thing about my current position is I charge so much money that people only ask me to do interesting things. There have been some tedious Project Management things earlier this year that people were willing to pay may rates to do, but I turned them down (maybe my rates are not obscene enough).
The key thing is that with interesting projects I feel younger than I did 5 years ago when most days were just filled with pointless meetings (isn't that a redundancy?) Now the engineers at my old company send me the projects that they would dearly love to do, but don't have space to do. It really is a kick.
I sure wish I knew a one-man structural firm in this area, I've had to send three different people to one of the large firms that has the only structural PE that I know--I hate sending people to the big firms.
David
David
RE: Limited Consulting in Retirement
RE: Limited Consulting in Retirement
Last year I set a firm date that I was going to close the business and start working on my PhD. Now it is only 4 years away and I find myself starting to dread it just a touch.
David
RE: Limited Consulting in Retirement
Don Phillips
http://worthingtonengineering.com
RE: Limited Consulting in Retirement
RE: Limited Consulting in Retirement
I am not retired but do maintain a small profitable side practice and it is FUN.... working mostly on residential and light commercial - nothing too big or too time consuming.
Once word gets around (builders, architects, etc) that you will take on the "small" jobs --- you will get busy - because the companies like your current firm will not do them...
RE: Limited Consulting in Retirement
cost of healtcare insuranace if you are under 65 years old
cost of E&O, general liability and workers comp insurance
cost of software maintenance
Also, if you plan on just a couple days work per week you will find you are sitting at your desk and giving out proposals to the people who call and need it right away!
My thought are that my busineess has nothing to sell (it to another firm) since I am a one man show.
I am thinking it is better to close my business, and go with a large local firm that pays your benefits for your working two days or so a week.
JIM
RE: Limited Consulting in Retirement
Lansford, I incorporated in 2002 and slowly built my company by investing every dollar I made in buying the hardware, software, and furnishings so that in 2007, I was able to quite my day job.
Don Phillips
http://worthingtonengineering.com
RE: Limited Consulting in Retirement
RE: Limited Consulting in Retirement
Good Idea!
RE: Limited Consulting in Retirement
As a result, I've had the opportunity of taking on a role in the past year of a chief structural engineer for a larger firm in another local city where I am helping set up and expand their structural section. They do much larger and more complicated projects with a much more diverse market. I still do a few small jobs under my old business, selective jobs, but not what I did before. The calculating I do for the other firm is for the more difficult situations - more callenging and more interesting. I do more managing and project directing there than calculating. I've gotten to the stage in my life where that is more satisfying and less stressful - plus teaching younger engineers the business.
Mike McCann
MMC Engineering
RE: Limited Consulting in Retirement
I also miss a lot of the interaction with people so I am thinking of going part time (healthcare benefits included) with a large local consulting firm.
"It is unfortunate that many people 55-65 years of age are taking full time work often to just get healthcare benefits.
JIM
RE: Limited Consulting in Retirement