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#602: Consultants Need to Embrace The Coming Boomer Retirement Wave

Posted By Mark Haas CMC FIMC, Tuesday, July 5, 2011
Updated: Tuesday, July 5, 2011
Many of my current clients whom I have served so long are talking about retiring. I am aware that with all the boomer age executives retiring, I will have to develop a whole new marketing strategy to cultivate new sets of clients. Should I be concerned?

Yes you should.

We all know CEO tenure is declining, whether from burnout, impatience or getting the boot, but one could reasonably expect that nonprofit executives are generally happy to stay and focus on their mission. This doesn't look to be true. The Meyer Foundation and CompassPoint recently completed a survey of 3,000 nonprofit executives titled Daring to Lead and found that two-thirds of them plan to leave their jobs within five years.

Although every demographic, social, technological or economic shift comes with a need to shift your consulting business in some way, this is not all bad news. First, although many boomers are in executive roles, there are plenty of others waiting to move up the organization ladder from within. You should already have relations with those key managers. Second, a little shake-up in your marketing activities is a good thing; if you don't do it regularly on your own, here is a chance to reexamine all your approaches from a fresh perspective.

Tip: As distressing as this might seem, do you recognize the opportunity? Executive transitions are an opportunity for organizations to make some big changes. Every organization undergoing a loss of a long-time executive may need advice on how to make that transition effectively and with minimal stress. Your current clients may even welcome your contribution as either an executive recruiter or as interim executive. Embrace the change.

© 2011 Institute of Management Consultants USA

Tags:  client development  client relations  market research  planning  trends  your consulting practice 

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