From CEO to Retired to Consultant

Redefining What It Means to Work

Retirement often carries the connotation of completely stepping away from work, but for many former CEOs and high-level executives, it doesn’t mean hanging up the hat entirely. Instead, it offers an opportunity to transition into a new role—one that combines the best aspects of retirement with the chance to continue contributing in meaningful ways. For some, this transition means becoming a consultant, where the experience and insights gained over years of leadership are used in a new, more flexible capacity.

Retirement as a Rebirth, Not a Retreat

The idea that retirement is a full stop to one’s professional life is becoming outdated. Many CEOs are discovering that retirement is more of a rebirth than a retreat. It’s a chance to step away from the day-to-day responsibilities of running a company and instead focus on sharing their expertise in a way that suits their lifestyle. The shift from CEO to consultant can be incredibly fulfilling, providing the opportunity to work on projects that are both intellectually stimulating and impactful.

As a consultant, former executives can often cherry-pick their projects, choosing to engage with companies or initiatives that align with their values, interests, or areas of expertise. This freedom allows for a balance between work and leisure, offering the best of both worlds.

The Power of Consulting: Sharing Wisdom and Gaining Flexibility

Consulting is an attractive option for many retired CEOs because it allows them to stay connected to their industry while enjoying a more flexible schedule. Unlike the demanding hours and high-pressure environment of a CEO role, consulting offers the freedom to work on one's terms. This could mean advising on a few select projects a year, mentoring up-and-coming leaders, or providing strategic insights on a part-time/fractional basis.

The benefits of consulting go both ways. Companies value the seasoned perspective that former CEOs bring, which can be instrumental in guiding them through complex challenges or growth phases. The years of experience, strategic thinking, and leadership skills that come with a CEO background are invaluable resources for any organization looking to innovate or navigate the ever-changing business landscape.

According to an article in Harvard Business Review, many former CEOs find that consulting allows them to remain engaged with the aspects of business they enjoy most, such as strategy development or crisis management, without the administrative burdens that come with the CEO title . This transition can lead to a more balanced and fulfilling work life, where they can focus on the big picture and make a significant impact in a different way.

Crafting a New Identity

Transitioning from CEO to consultant is also about crafting a new professional identity. For many, being a CEO is a major part of their identity, and stepping away can be challenging. However, consulting provides a bridge, allowing them to leverage their experience and skills while exploring new facets of their career. It's an opportunity to redefine success on their terms, whether that means mentoring the next generation of leaders, contributing to philanthropic ventures, or simply working in a capacity that provides more personal freedom.

A Forbes article highlights that many retired executives who become consultants find that this new role offers a sense of purpose and a way to continue making a difference. They can choose projects that align with their passions and values, allowing them to contribute meaningfully without the all-encompassing demands of their previous roles.

Conclusion: Retirement as a Redirection

In essence, retirement for many former CEOs and executives is not an end but a redirection. It’s about shifting from being at the helm of an organization to offering guidance from a different vantage point. Consulting provides a path to stay engaged, continue learning, and contribute in ways that are both personally and professionally rewarding. It's a testament to the idea that retirement doesn’t have to mean never working again; it can simply mean working differently.

So, if you’re transitioning from the role of CEO, consider the possibilities that consulting can offer. It’s a chance to take everything you've learned and apply it in new, exciting ways—proving that retirement is just another phase of growth and contribution.  Ready to start planning for that transition, the time is now to start shaping your plan.  Let's have a strategy call

Sources:

Harvard Business Review: "Why Retired CEOs Make Great Consultants"
Forbes: "Life After CEO: The Surprising Path to Consulting"