Over the holidays, I was able to catch up with my friend and colleague, Stan. He often calls me when he is on a road trip. This time, he was traveling through Kentucky to work with a client in northeastern Ohio. As with most of our conversations, this was wide-ranging, including personal and business-related topics. We talked a little about Covid-19, politics, scotch, and cigars, and of course, Football. When we talk Football, it’s NCAA Football in general and the SEC.
Eventually, the conversation turned to our respective businesses, which occupied the remainder of our time. Stan’s business is booming! He is unique among Independent Consultants as he doesn’t suffer the feast or famine cycle. He has a strong network that feeds him new business regularly. That is the good news. The bad news is that he would like to retire. The revenue has been exceptional, however. So good that it has crowded out any recent consideration of retirement. But now, the workload is starting to take its toll. Also, he has other interests he wants to pursue. So, we chatted about him getting serious about making a transition toward retirement.
I asked him if he’d ever thought about taking on a protégé or two. It wasn’t the first time I raised that issue with Stan. He’s never been too keen on the idea, however. He believes that his network refers business to him because they know his capabilities and the quality of work he delivers. I agree with him in that assessment as far as it goes. But I seriously doubt that anyone expects Stan to do all the work himself. I told him that I believe he is laboring under the mistaken belief that his referring agents expect him to do all the required work himself. I am not buying it! Although the client expects results, they are not so concerned about how he achieves those results, assuming there is minimal disruption to their daily routine. Share on X I would wager that if Stan asked his network, they would agree with my assessment.
Leverage Your Consulting Projects
-
- Employ Subcontractors
- Train Subcontractors to become protégées
- Offload lower value-added work assignments
- Provide quality control and oversight
- Expand the business while working the same hours or less
The apparent solution to Stan’s dilemma is to find subcontractors to perform the work under his direction. Employing subcontractors would give him more free time. Early on, Stan may be required to train these folks to complete the job to his expectations. However, once trained, Stan can work with the subcontractor to plan the scope of work, then let them execute the plan. Of course, Stan would provide oversight and direction. He would be the account manager, providing supervision and quality control.
Another way to approach winding down would be to divide the workload between high and lower value-added activities. Stan could assign the lower value-added activities to a subcontractor or protégée while taking on the more significant value-added workload. Again, he would free up his time while developing a resource to aid him in his transition.
Most independent consultants would be delighted to have Stan‘s problem. Instead, many fight the feast or famine cycle, trying to smooth out the peaks and valleys while growing their business. Often, these folks are not marketing themselves at the most basic level. However, they can still benefit by developing protégés or subcontractors to help them leverage their time during the cycle’s peaks. Better yet, they should consider marketing their services to someone like Stan, who needs help. They should consider growing their business by seeking work as a subcontractor.
Summary and Conclusion
The fundamental question Stan must resolve is, does he want to retire and close his business entirely, or does he want something that continues to generate income throughout his retirement? Then he must determine how to transition from one state to the next. Stan has an enviable position. He can afford to close his business and live comfortably. On the other hand, if Stan could maintain the business with minimal effort, there would be an additional source of cash flow to enhance his balance sheet. Furthermore, he would have an asset to sell or leave to his heirs. Stan has some exciting prospects to consider.
For more reading on growing your independent consulting business, check out these links.
https://www.mbopartners.com/blog/how-grow-small-business/how-to-grow-your-independent-business/
Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners
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The Holiday Season is upon us as 2021 rapidly comes to a close. It’s been a crazy year but thankfully, not as much as 2020. Business is bouncing back. Those furloughed in 2020 are probably back at work. And, our children are back in school. That is not to say that we haven’t faced continued challenges created by the pandemic. There is a lingering imbalance in the supply and demand equation for labor. Supply chains are struggling to recover, and inflation is driving up prices. It is safe to say that we are in a better place than last year. I think next year will be better still.
I am a long-time LinkedIn user. According to LinkedIn, I was one of the earliest adopters. It is a powerful tool that I use extensively in my executive search business. I use it exclusively to promote my brand and to find candidates for my searches. It is an excellent product that is easy to use and has enhanced my productivity. It has become more valuable since the Microsoft acquisition, until recently at least. However, it’s not perfect.
While gainfully employed, we are comfortable using systems, processes, and procedures to accomplish our work. We use CRM systems to help us build and maintain our customer base. We have applications to help us with project management and to improve the quality of our teamwork. We use calendars to plan our work by day, week, month, and even year. We have systems to communicate with our customers and prospects, known as marketing. We are comfortable working in a structured environment for a paycheck. However, I find it interesting that many job seekers don’t have a system to manage their job search efforts. As you can imagine, they spend more time in a job search than their better-organized peers.
Your calendar application is an obvious requirement to ensure you are always where you need to be. It helps record reminders and follow-up items. I synchronize my laptop to my iPhone and iPad, so my calendar is always with me, one way or another. I use the Calendly app to make it easier to schedule appointments. Calendly ensures that I do not waste time trying to schedule a meeting. It has proven to be an excellent productivity tool. Your calendar function has the additional capability to improve your productivity. Add links to your appointment to allow you to access files or pull up the LinkedIn profile for your meeting counterpart. I also use MileIQ, which automatically tracks and reports my automobile mileage.
Last week I wrote on the importance of conversation, especially for networking success. The genesis of that article was the recent dialog I had about networking. Many of the folks participating in those discussions were frustrated by their lack of success. They complained that their conversations were not leading to follow-up meetings. Some confessed that their conversational skills might be the problem. In my post, I spoke to the need to respect the other person in the conversation. I recommended that you listen intently and show interest in the other. I explained how to make a connection. The other issue was the need for an effective networking strategy. I inferred that they did not understand the foundation principles of networking. I will address that issue now.
This week I had an interesting conversation with a senior executive recently released from a major brand. Let’s call him John. He has the benefit of an Outplacement Program, which will be helpful as he has not had to look for a new job in a very long time. He reconnected with me to discuss his situation and to seek my help. John was interested in my opinion of his goals relative to the current market for his skill set.