How to Make Lemonade When Your Professional Career Has Come to an End

What should you do if your money tree begins to produce lemons instead of money?

It’s becoming more common these days to see middle-aged, mid-level managers who are suddenly confronted with dramatic changes in their circumstances. Downsizing, bubble bursts, factory closures, and consolidation are just a few of the dynamics that have resulted in an influx of new solopreneurs.

You have especially significant job-hunting hurdles if you are past the age of 50. Your wage range is quite broad. After so many years, you’ve built up a respectable network, but there are few opportunities at your level. All of your new trick-learning has taken you to this point, and you believed you’d reached the end of the road.

A major setback, such as a job loss, might result in a change in perspective and a chance to reassess the situation. What is the most important thing? Is there anything specific you want to pursue at this point in your life?Is becoming your own boss the best route to take?

I chatted with numerous silverbacks who were eager to share their life lessons learned through these transitions with a new member of the pack, which I did.

Dean celebrated his 50th birthday in January of 2005. The marketing director of a high-tech company sacked him in May, and he has not returned to the company since. He’s enraged at the ease with which a company may fire him without cause.

I struggle with a sense of control. Is it really necessary for someone to tell me what, where, and how to do something? It seems like I put in a lot of effort but don’t receive the rewards. If I were to do it alone, I’d have all the advantages as well as all the hazards. “

Dean is debating whether he should look for another job that would provide him with the stability of a regular income and benefits or if he could start his own company. He finds the material on the internet to be useful, but he wishes there was a Big Brother-style program that paired individuals with companies to assist him in sorting through the possibilities available.

Carl was 51 years old when the ordinance factory where he worked as a safety manager was forced to shut down.

In business, I had a large number of acquaintances. Even though I could have easily found another job, doing so would have necessitated relocating half way across the nation. “I didn’t want to go through with it.”

Bob was an engineer who had worked for the company for 23 years when his job was terminated. This sent him into a deep depression that lasted for weeks, if not months.

“I couldn’t even get behind the wheel.”

With the assistance of his psychiatrist, Bob came to terms with the things that were most important in his life: his wife, his kid, and his longtime love of bird-watching, among others.

I was instructed by my doctor to go bird-watching on a daily basis. While I was out in the marshes, I got a vision of something. “I couldn’t see returning to the business world.”

In order to continue forward with business objectives, you must have a lot of tenacity and confidence in yourself. Carl described his state of mind at the moment as follows:

“I wasn’t scared in the least. I’m a survivor of a traumatic event. When I was younger, I made some bad decisions that resulted in my being bankrupt and losing a lot of material possessions. One advantage of failing is that it helps you overcome your fear of failing in the future. You get knowledge through your blunders. “

Both guys conducted extensive research, both internally and externally. Bob came to the conclusion that he enjoyed birds, children, nature, education, photography, and protecting the environment. Anything he did had to have something to do with them. Once Bob had a grasp of the fundamentals, the how-to fell into his lap.

In a magazine, there was an advertisement to call for franchise information. My imagination went off with all of the possibilities right away. When I first started looking at retail locations, I thought to myself, “I wonder how that site might work?” On a Saturday, I happened to see the advertisement. On Tuesday, I dialed the company’s phone number. They received the box on Thursday, and I received it back on Tuesday the following week. “

Carl was taking his time and weighing his alternatives before moving further. His principles included a love of people as well as a desire to create a happy atmosphere for everyone.

This building belonged to a group of my friends. There used to be a restaurant there, but it had been poorly handled over the years. And somewhere along the line, the notion of starting another one occurred to me. We started out joking about it and yucking it up over a few drinks, but as time went on, we began to take things more seriously.

Bob took advantage of the still-developing, but still-useful, internet in 1995. Carl estimated the size of his market using lower-tech approaches.

I spent 15 days counting automobiles at that junction from 4:00 a.m. to 11:00 p.m., seven days a week. I reasoned that if we could get a large enough number of them to quit, we’d be in the black very quickly.

Bob utilized a book titled “The Insider’s Guide to Franchising” [Webster, B. 1986, Amacom, New York] to assist him in reviewing his offer. The book was written by Bob Webster. Carl received guidance from a successful acquaintance in the restaurant industry who guided him through the process of decision-making. They worked on their business strategy before putting their products on the market.

During the first year of operation, both firms struggled. Both owners were left reeling as a result of miscalculations and blunders.

“The eatery had an excessive number of employees and was compensated. I felt as though the folks who worked for me were holding me prisoner. For a time, things were a little unstable in that area. There were days when I questioned whether we would be able to open the doors.

Bob became overburdened with paperwork, which resulted in his losing track of his accounting records.

On top of that, I went nuts at Vendormart. I overspent and purchased four times the amount of merchandise I should have. In order to prevent this from happening, the franchise now links successful locations with newcomers. However, such controls were not in place back then.

Bob’s business will be celebrating its tenth anniversary in September of this year. It has been included in the Top 30 Most-Improved Stores list on three separate occasions. During the months of February and June of this year, his shop ranked second out of 320 in terms of total sales.

Carl was told that he would find out whether or not the restaurant would make it within four years. After three, it was evident that everything would be OK. They are now trying to grow after seven years in business.

“We’re not becoming wealthy, but we’re self-sufficient, and the connections we’re building are invaluable,” says the couple.

What counsel do they have for Dean and those like him now that they have the benefit of hindsight?

“Find something you like doing and make it your opportunity,” Bob advises. Be open to being retooled and eager to adapt. Don’t let yourself become trapped in a rut. In addition, you must have a secondary source of income when you first start out. “

“We badly overestimated the amount of working cash we’d need,” Carl continues. And if I could do it all over again, I’d buy the building. It is true that there are changes I would want to make, but I am constrained by the landlord. “

As a result, Dean is considering purchasing an existing restaurant company if he decides to pursue a marketing career in the near future. What do you want to accomplish in a year? What do you think you’ll say when I get back in touch with you?

“I made the correct decision. I’m doing precisely what I should be doing, and I’m looking forward to it.