Executive retirement during COVID
Anyone have insight into why an executive at a big RE firm would retire during COVID? They're near retirement age, one of the top few at a smaller, but successful company.
This was a person I was talking to to make a switch to a different industry, is it worthwhile to stay in contact or would they not really want to be bothered?
You're going to have to be a lot more specific for any of us to weigh in on this.
That person could have been asked to retire (with incentives). That person could have seen a recession coming and just decided to take a time out. That person could have made a ton of money during a historic cycle and hit their number earlier than expected. That person could have burned out.
Tons of reasons.
Big developer in big city (think LA, NYC, Miami). Within the past year sold out a big project, I was in touch with them in the middle of Covid and they were still there. Have been there for a long time (I believe 15 years).
Again, can't be sure, but you may have just given the reason yourself.
If the company sold a big project in the last year, he may have gotten a big payday in the last year.
I would absolutely stay connected, people can get bored in retirement quickly, and mentoring and helping people can become a fun way to stay in engaged. If they want to be 'left alone' they may say so, but I would think the opposite in your situation.
@ OP; this ^
I won't comment on the payoff discussion because like @CRE" mentioned, who knows really.. To your other question - If you had a good relationship with this individual and wanted to lean on them for insights as you transition your career, I'd honestly be surprised if they weren't willing to at least hop on the phone and talk
When I was transitioning into CRE, I read a really interesting article about the credit markets and how they had been transformed by the great recession and new regulations, written by a banker who had been retired for a few years at the time. I managed to find a personal email online, sent him a cold email explaining that I enjoyed his article and asked for some advice considering my situation.
He gave me some very helpful info and we actually stayed in touch for a few years after that initial email. My point is generally speaking; successful, high-level people love to pay it forward
And even if they don't want to be bothered, then they won't respond. You don't really have much to lose... Just be genuine in your outreach, making sure to express some interest in their situation.
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