Making Lemonade: Starting a Business After
Ending A Career
By: Liz Sumner, M.A., CPC
What do you do when the money tree starts sprouting lemons?
It's increasingly common these days to find middle-aged, mid-level
managers suddenly faced with huge shifts of circumstance.
Down-sizing, bubble-bursting, plant-closing, and consolidating are
just some of the forces creating a class of sudden solo-preneurs.
At 50-something you face particularly difficult job-hunting
challenges. Your salary range is high. Your network is decent after
so many years, but jobs at your level are few. You've been there,
done that, and thought you were finished with all that new
trick-learning.
A big upset like job loss can provide a shift of perspective - an
opportunity to take stock. What is really important? What do you
want to pursue at this point in your life? Is being your own boss
the way to go?
I spoke with several silverbacks to share their wisdom gleaned from
these life changes with a new member of the pack.
Dean turned 50 in January of 2005. In May he was fired from his
position as marketing director of a high-tech firm. He's angry at
the ease with which an employer could let him go.
"Control is a big issue for me. Do I really want to have someone
tell what, where, and how? It seems like I work a lot but don't reap
the benefits. If I were on my own I'd have all the benefits and all
the risks."
Dean is deciding whether to find another job with the security of a
regular paycheck and benefits, or start his own business. He finds
information on the internet helpful but wishes there was a Big
Brother-like program pairing people and businesses to help him sort
through the options.
Carl was 51 when the ordinance plant where he was safety manager
closed its doors.
"I had a lot of friends in the business. I could have easily picked
up another job but I would have had to relocate halfway across the
country. I didn't want to do that."
Bob was an engineer whose position was eliminated after 23 years
with the firm. This sent him into a deep depression that lasted for
months.
"I couldn't even drive."
With the help of his psychiatrist, Bob recognized what was most
important in his life-his wife, his son, and his lifelong hobby,
bird-watching.
"My doctor told me to go bird-watching every day. While out there on
the wetlands I had a vision. I couldn't go back to the corporate
life."
It takes a lot of stamina and belief in yourself to move ahead with
plans for a business. Carl spoke of his state of mind at the time:
"I wasn't frightened. I'm a survivor. I screwed up when I was
younger- went bankrupt, lost a lot of material things. One good
thing about failing is that it gets you over that fear of failure.
You learn from your mistakes."
Both men did a lot of research, internal and external. Bob
determined that he loved birds, kids, nature, education,
photography, and the environment. Anything he pursued needed to
involve those. Once he was clear on the essentials the how-to landed
in Bob's lap.
"I saw an ad in a magazine to call for franchise information. My
mind immediately took off with the possibilities. I began looking at
retail spaces thinking 'I wonder how that location would work?' I
saw the ad on a Saturday. That Tuesday I called the company. On
Thursday I had the package and on the following Tuesday they had it
back."
Carl was taking his time, looking at options. His values included a
love of people and a desire to create a positive environment.
His plans started with casual conversation.
"My buddies owned this building. There had been a restaurant there
years ago but it had been mismanaged. And somehow the idea of
starting another one came up. At first we were clowning around,
yucking it up over a few beers, but then we started getting more
serious.
Bob made use of the infant, but still helpful internet of 1995. Carl
used lower tech methods to estimate his market.
I spent 15 days from 4:00 am to 11:00 am counting cars at that
intersection. I figured if we could get a big enough percentage of
them to stop we'd be in business.
Bob used a book called, The Insider's Guide to Franchising [Webster,
B. 1986 Amacom, New York] to help him review his offer. Carl was
mentored by a successful friend in the restaurant business who
helped him think things through. They developed their business plans
and opened their doors.
The first year was tough for both businesses. Miscalculations and
errors sent both owners reeling.
At first Carl knew nothing about preparing and serving food.
"The restaurant was overstaffed and overpaid. I felt held hostage by
the people who worked for me. Things were pretty shaky there for
awhile. Some days I wondered if we could open the doors."
Bob got overwhelmed with paperwork and screwed up his accounting
records.
"Plus I went crazy at Vendormart. I bought four times as much
inventory as I should have. Nowadays the franchise pairs successful
stores and newbies so that doesn't happen, but those safeguards
weren't in place back then."
In September Bob's store will celebrate its tenth anniversary. It
has been recognized three times among the Top 30 Most-Improved
stores. In February and June of this year his store was number 2 out
of 320 in overall sales.
Carl was advised that he'd know if the restaurant would make it
within four years. It was clear after three that they'd be fine.
Today after seven years they're looking to expand.
"We're not getting rich but we're self-supporting, and the
relationships are priceless."
What advice do they have in hindsight for Dean and others like him?
Bob says, "Find what you love and create your opportunity. Be
willing to change-be retooled. Don't get stuck in a rut. And you
gotta have another source of income when you're starting."
Carl adds, "We grossly underestimated the working capital we'd need.
And if I had it to do over I'd own the building. There are
improvements I'd like to make but I'm restricted by the landlord."
So back to Dean, who's looking at buying an existing restaurant
business, if he doesn't decide to return to marketing. Where do you
want to be in a year? What will you say when I check back with you?
"I made the right choice. I'm doing exactly what I should and I'm
excited about it.
Author Bio
Liz Sumner, M.A., CPC, of Find Your Way Coaching specializes in
mid-life reassessment. Are you happy with your direction? Do you
feel good about yourself? Are you fearless? Joyful? Energized? You
could be. Visit
www.findyourwaycoaching.com or call 603-876-3956 for more
information.
