Consultant Opportunity: Seeking advice

[Seeking Hobbes]

Well, after just over a year of blissful retirement... my old account has approached me directly to do some consulting on a project for them.

I still need to find out more regarding the project, but since I have no experience as an independent consultant... I thought I'd ask for some general advice from the forum on the pro's/con's of doing this kind of work.

This is what I've come up with so far...

Pro's
- The project could be interesting.
- I might have the opportunity to work with some old friends.

Cons
- I'm not sure how well I would adjust to a Schedule/Boss after being free for a year.
- The project would kill my summer.
- I might have to work for/with people I didn't like when I WAS there.

Neutral
- Don't really need the work or money.
- Not sure how to place a value on my service.
- Not sure if a contract is involved for work/performance... or how to safeguard my interests if there is.
- Not sure how this would effect my overall tax situation. (I fear that it may be more trouble than it's worth - after taxes.)

Any thoughts

 

[MichaelB]

If retirement is blissful why are you considering working?

 

[Idnar7]

Just some quick thoughts:

Tax question - could you arrive at a total $ amount for consultation rather than hourly? $ rather than time. Decide at what amount you would say yes.

Would you be able to some/most of the effort from home?

Know all the details before deciding.

 

[eytonxav]

If it were me, I would insist on a contract to make clear liability and other expectations/obligations of each party; would expect to be paid at typical consulting rates for my particular specialty (probably something like $130-$150/hr for me); and make sure you understand the tax implications for you as an independent contractor (eg FICA, SS impact, etc).

 

[Seeking Hobbes]

If retirement is blissful why are you considering working?

You know?!?... YOU'RE RIGHT!!!

I just needed to write it down - and have someone else point out the obvious.

I guess I struggled with it only because I was flattered that they asked... my natural reaction was to "serve" them with a smile.

This is especially unsettling, since they treated me like a steaming pile of poo while I worked there.

Now I know why abused spouses return... yikes!

I'll do my best to respectfully and politely turn them down.

 

[REWahoo]

This is especially unsettling, since they treated me like a steaming pile of poo while I worked there.

I'll do my best to respectfully and politely turn them down.

I'd say the former makes the "respectfully and politely" portion of the latter entirely optional...

 

[MichaelB]

I just needed to write it down - and have someone else point out the obvious.

I guess I struggled with it only because I was flattered that they asked... my natural reaction was to "serve" them with a smile.

This is probably more common than you realize, and your reaction was normal IMHO. Feeling wanted and having your positive attributes acknowledged is a great feeling. As someone once said to me, you need to keep in mind that this is their problem and your retirement...

I'd say the former makes the "respectfully and politely" portion of the latter entirely optional...

Being nice usually works out best...

 

[W2R]

Good decision. Your time is yours, now, and you have earned it. There is no reason to consult if you don't want to, since you do not need the money.

 

[REWahoo]

Being nice usually works out best...

Yes, but it's often so lacking in personal satisfaction!!!

One option would be to not get back to them with a reply - and be unavailable when they called.

 

[donheff]

I did a few projects after I retired and had about the same pros and cons you did. I quickly discovered that I retired for a reason - I didn't really want to work anymore. Bye bye projects.

 

[Tigger]

;-)

But I understand that you might get a kick out of doing it.

 

[ShortInSeattle]

Even if you wanted to work again, sounds like a poor deal. Gigs with people you don't like working with have a way of going south.

 

[Animorph]

I enjoyed my consulting, but it was on my own schedule with a boss I liked. I started a Solo 401k and was able to stuff everything in there (<$30k) so there was no immediate tax consequence. That was a consideration since DW still works. It's been a while since then, so I'm not sure I'd do it again.

 

[Nords]

Pro's
- The project could be interesting.
- I might have the opportunity to work with some old friends.
Cons
- I'm not sure how well I would adjust to a Schedule/Boss after being free for a year.
- The project would kill my summer.
- I might have to work for/with people I didn't like when I WAS there.
Neutral
- Don't really need the work or money.
Any thoughts

You know?!?... YOU'RE RIGHT!!!
I just needed to write it down - and have someone else point out the obvious.
This is especially unsettling, since they treated me like a steaming pile of poo while I worked there.
I'll do my best to respectfully and politely turn them down.

Better yet, tell them that you'll let them buy you lunch and gossip with you about the project. You'll be a "work for food" consultant. That way you'll accomplish the pros without having to put up with the cons.

Of course considering the way they used to treat you, I'd hate to see what's on the lunch menu...

 

[bld999]

Work always "kills my summer" too, good reason not to do it, IMO.

 

[ksr]

You mentioned that one of the pros would be the possibility of working with some old friends. Every once in a while, I find myself thinking that one of the few things I miss from my old j*b was the social interaction with some of my favorite co-workers. I try to fix this by periodically meeting them for lunch. For me, it works wonders!

 

[bssc]

Is there someone else that you could refer them to? It would be a win/win then and you wouldn't have to lose your summer.

 

[Seeking Hobbes]

Update...

Well I spoke to the VP who is heading up the project and I tried to (politely) turn down the opportunity. At which point I was asked by him to take a little time to think it over.

I told him that I would... and I suggested that I would get back to him by the end of the week.

I wish I could think of someone else to recommend... but I'm drawing a blank. They run such a lean operation that everyone else has either left or is currently overworked (except for management, that is).

My mind hasn't really changed... but I'll have lunch with an unbiased director within the company today - just to talk it over with them & hear their opinion.

Thanks for everyone's input!

 

[steelyman]

It doesn't seem to me as if you're really ready to retire (nothing wrong with that). You might "still be there".

 

[REWahoo]

Update...

Well I spoke to the VP who is heading up the project and I tried to (politely) turn down the opportunity. At which point I was asked by him to take a little time to think it over.

I told him that I would... and I suggested that I would get back to him by the end of the week.

Careful: Don't allow flattery to make you lose sight of the facts:

I guess I struggled with it only because I was flattered that they asked... my natural reaction was to "serve" them with a smile.

This is especially unsettling, since they treated me like a steaming pile of poo while I worked there.

 

[MichaelB]

Update...

Well I spoke to the VP who is heading up the project and I tried to (politely) turn down the opportunity. At which point I was asked by him to take a little time to think it over.

I told him that I would... and I suggested that I would get back to him by the end of the week.

I wish I could think of someone else to recommend... but I'm drawing a blank. They run such a lean operation that everyone else has either left or is currently overworked (except for management, that is).

My mind hasn't really changed... but I'll have lunch with an unbiased director within the company today - just to talk it over with them & hear their opinion.

Thanks for everyone's input!

Your mind hasn't changed, so you will meet again to talk it over. This sounds more like a negotiation than a refusal. Are you sure you don't want to go back?

 

[rescueme]

If retirement is blissful why are you considering working?

+1 (it does not compute ).

Why give up a goal/achievement of ER just to jump back into the fire?

Of course, if you are/were both financially/emotionally not ready for retirement, than that's another story.

As for me (5 years in retirement thus far), I would rather give up a kidney than go back to the grind, regardless of the promises made (of course, I'm financially/emotionally "set" so it dosen't matter in my case).

 

[eytonxav]

Also, in addition to other aspects of the engagement, how can you think about it if you do not know what they are willing to pay you

 

[xyz]

I would think of it from the perspective that you are holding all the cards and you are able to negotiate an ideal situation. What was the best thing about your position you liked? For example, did you enjoy doing negotiations? Did you enjoy doing something like design? It is not unreasonable to outline a role which may be intellectually stimulating, has hours on your terms and you are paid a very fair rate. You obviously have a skill they desire and are willing to pay for. If you don't need the job, consider what you would do without the things you disliked. If you can't come up with a role you want then at that point the answer is certainly no.

 

[Semiretired2008]

Maybe you could negotiate working from home predominately and just going to the brick and mortar area - say once a week to discuss what you did this week and what is on the agenda for next week - that is what I have done with many of the part time projects that I have picked up here and there...

And yes, many of them were with areas that I was not particularly fond of, but I knew they needed my expertise to complete the project so I bit the bullet (or my frustrations) so to speak...