Possible Options for a 55 Yr old (Not me, my buddies dad)

renzel's picture
Rank: Senior Monkey | banana points 92

Going to bullet point so it's easier. My buddy's dad wants to switch paths, he's like 58-60, here's his background
-Graduated first in class from a non-target (BS in Accounting, Statistics, Physics)
-Did big four accounting 2 yrs
-Did turnaround consulting 2 yrs
-Stanford MBA
-IB at a BB as an Associate (1989-1991 - think Bear JPM etc)
-Corp dev at a few medical device companies (some were sold off)
-Few start-ups - none really hit it out of the park for him
-2003, co-founded a wireless company. $50mm/yr revenue for a while, decided to close doors (just wasn't lucrative past 2013, quickly took a downturn for last 2 years).
-Traded options and managed his $ for the last 5 years.

Guy is an absolute whiz, but wants to get out of the house. Lives in a tier 2 city (Think Charlotte, Minneapolis, Denver, Philadelphia) - is willing to re-located. Not extremely connected and definitely would never want to be an MD at an IB.

We were shooting the shit and he asked me what he should do next. Guy really understands accounting, he traded well, but just wants something different.

Comments (19)

May 16, 2018

This is a super cool story and profile, the guy sounds like a legend. For someone with his array of experience and likely wide network, I would say he should look into wealth management. I'm sure he has some really strong connections that he could leverage into a solid book of business. He likely would be able to remain in the city he's currently in and would be able to get back out in the field while retaining good flexibility. Not sure how he'd feel about a sales position, but if he worked at startups and co-founded a company, it sounds like he has a knack for sales/networking. Keep us updated with any more correspondence you guys have, I'm interested to hear what he decides on.

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May 16, 2018

He's an interesting guy. To add to the story, he was born when his mother was 19 in government housing, and the kicker is he has an older brother. Crazy stories within that, for a different time.

He's kicking the can around on doing consulting at McKinsey.

Will let you know where he ends up.

May 21, 2018
renzel:

He's an interesting guy. To add to the story, he was born when his mother was 19 in government housing, and the kicker is he has an older brother. Crazy stories within that, for a different time.

He's kicking the can around on doing consulting at McKinsey.

Will let you know where he ends up.

I was just thinking to myself "consulting". He can travel, stretch his brain a bunch of different ways, and perhaps use his financial background depending on the practice area he ends up in. Upside tonconsulting is the variety. I'm ex finance in consulting so I'm biased but he seems to tire of stuff fast....consulting you change jobs every assignment.

How's his people skills? Consulting is somewhat less numbers driven but much more people/politics driven. Is he a people person?

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May 16, 2018

He should consider running his own Consulting shop. That kind of resume would get him some hard looks.

May 16, 2018

Yeah I agree with the comment above. At this point you can't really 'apply' to jobs, you have to wait for people to contact you or set up your own shop.

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May 16, 2018

The Stanford MBA alumni network will be highly valuable for him.

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

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May 18, 2018

Maybe he should be reaching out to his Stanford network and not a bunch of kids.

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May 18, 2018

If this post is serious - I doubt anyone on here has a clue what a 58 year old should do who wants to ride out of retirement on a white horse and find another pot of gold under the rainbow.

If he's really spend the past 15 years either retired, semi-retired or at a string of failed startups with no exits, he'd best hit that Stanford network hard and hope he's kept in touch. Usually these guys who crushed life in the 80's/90's and haven't accomplished much since, then suddenly are on the job market looking for the same type of prestige role they had back in the 80's 90's, are either one of two things:

Almost out of money because they burned cash on their startups/other endeavors, or overspent, or traded poorly, and don't want to change their spending to keep up appearances
- or -
They woke up one day to an aging wife, kids off with exciting lives or a drug habit, a house that feels smaller every year, and suddenly they want to relive their glory days

I don't know your dad's friend's situation and maybe he is an exception to the rule. But it's probably safe to assume he's already tapped his personal network. So if he is talking to his friend's son about job prospects, instead of executive recruiters, that's probably a good indicator as to how his life is going.

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May 18, 2018

54 yr old here. Know several people that "look" just like him. They don't need monthly cash flow, (i.e. a job). They want to be intellectually challenged, work on some cool projects, make a difference. One former colleague comes to mind. He's 70 now but has been in this mode for many years. He networks and puts deals together, sometimes getting a deal fee, sometimes a piece of revenue, sometimes both. Most are potential home run type scenarios. Most don't make it. But he has a blast in the creative process of learning the business, putting people together, working through the details, etc. His current project has been quite lucrative, especially for part time work. It took 18 months to get off the ground but now is operating and generating consistent monthly cash flow (well in to 6 figures annualized).

It keeps him "young", interesting, and interested! Also very flexible so he can get off the grid whenever he wants. He does that frequently. Travels to Europe for a month, heads up to the city for a few weeks (loves going to the museums and all that Manhattan has to offer - used to live there).

It's a cool way to live. Starting to move in that direction myself.

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Most Helpful
May 18, 2018

Since Guy sounds like a French name and since your username is Renzel indulge me with this.

Mr. Guy Renzel ("Guy") has over 30 years' of experience in business development, consulting and investment banking. Currently, Guy manages his family office with asset under management of USD [00.0] Million. Prior to that, Guy co-founded an internet service company [XYZ Name] in 2003 and steadily built for a decade from a startup to a successful enterprise with an annual revenue of USD 50 Million.

Before that, Guy spent a decade building several startups and running companies, which were successfully sold off for a decent return of [0.0]x MOM. Guy started his career in 1985 with a traditional career path with a CPA at [Big Four] Accounting, a Management Accountant at [Name], and lastly as an Investment Banker at [Bear Sterns]. Guy received his MBA from Stanford School of Business.

Guy is looking to a challenging role as a senior executive in helping companies to grow to the next level with his extensive experience in advising, financing and operating [00] of companies. His primary interests is in fintech space bringing in with him decades of both financial and tech experience in building the next financial technology and service companies that can make our world a better place.

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May 18, 2018

Wonderful

May 18, 2018

wow

May 18, 2018

That is a pretty badass resume. If he is indeed Philly-based feel free to shoot me a PM and I can try to brainstorm some ideas in the area.

May 18, 2018

Entrepreneurship could be a good idea. Another would to be to reiterate the wealth management track or working at a broker dealer. Make sure the B/D would be legit though. There are lots of cool ones that work with smaller companies to bring them public and raise money through retail and institutional investors. Getting to know the company inside and out then selling to accredited investors is intellectually stimulating and can be lucrative - especially with a good network!

May 18, 2018

How do I know you are either A. insane, or B. a liar? Cause you listed Charlotte as a T2 city. My man I would call that a T9 city, just a step above Livingston TX

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May 19, 2018

^^^ Don't talk shit about Livingston, the locusts there are great this time of year. Plus, the concessions stand sold BBQ'd turkey legs during baseball tournaments. Nothing like a big ass turkey leg between games.

May 19, 2018

Also OP, with this guy's experience, I'm sure he could start doing some angel investing/start up advising. He could scale his involvement up or down with his desired hours, while remaining self-employed.

May 19, 2018

Has your friend's father considered doing a search fund (entrepreneurship through acquisition)?

Think of it as a micro private equity fund. Traditionally, it's a financing vehicle to provide capital to a entrepreneur looking to buy an existing small to medium private business. The idea is you raise money from investors and have 24 months to find a small or medium with stable free cash flows but plenty of room for growth with a new CEO, new strategy, operational improvements, etc. Put in at least 10% equity and finance the rest with debt.

Search funds are popular with MBA students and people with a few years of experience, so your friend's father will have an advantage in the search process since he has more experience (deal making and operating skills) and owners of small businesses, rightly or wrongly, feel more comfortable handing the reins over to a guy who has been around the block as opposed to a freshly-minted MBA. Moreover, assuming he has plenty of money in the bank, he can do a self-funded search and raise equity from investors once he has a deal under LOI (typically better economics for the entrepreneur)

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May 20, 2018