Limited Consulting in Retirement 1

[jike]

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?

 

[zdas04]

I did that. I retired 5 years ago from a 60 hour a week job to start a 252 hour/month consultancy--I think I'm ahead.

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

 

[jike]

When I said retire, I do NOT mean 250+ hours a month! Maybe 10 to 20 hours a week if it is busy and some weeks zero!

 

[zdas04]

That's what I said too. I want to say I wish you luck with the goal, but I really don't. When you really love what you're doing you don't notice the hours, days, months, years ticking away.

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

 

[DonPhillips]

David, where are you at that you cannot find a small structural firm?

Don Phillips

http://worthingtonengineering.com

 

[zdas04]

Farmington, NM.

 

[MiketheEngineer]

Do it ----

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...

 

[lansford]

Some major issues:
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

 

[DonPhillips]

David, NM is on my list as a possible retirement location (20 years). I figure AZ will be too crowded by then. If you still need someone and can wait a little bit, I'll look you up.

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

 

[RVSWA]

I have often thought of "hosting" a semi-retired engineer in my office. The exchange would be a place to met clients, E&O coverage, a group health policy, we answer the phones, all in exchange for experience and oversight on projects outside our current level of expertise. Why not interview a relatively new company and strike a deal. Win-Win

 

[jike]

RVSWA:

Good Idea!

 

[msquared48]

I've semi-retired in the last couple of years, partly from the economy, part from health issues, and part from burn out. There is little joy any more in the humdrum of running the numbers for the standard, everyday problems in structural engineering...

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

 

[lansford]

I am feeling the same in my consulting business as Mike McCann mostly the effects of the down economy, the "comodity' that the field is becoming and especially the cost of my health insurance.
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

 

[jike]

There is always "Welcome to Walmart...." for more people interaction.