They have blown a six-figure hole in my finances. Two sources of income have dried up. A three-year term as president of a real estate company and my job at a television network ended. was canned. I’m 54 years old, so what do I do next?
Do I even need a new job? After all, I’m still pretty busy: I have the radio show, TV appearances and this column. Then there is my role on the governing council of the Royal Albert Hall and let’s not forget that I am president of the Frinton-on-Sea Lawn Tennis Club. It’s a great list. But the last two are unpaid. Volunteer positions are like bindweed in the garden: if left unattended, they will fill any void you may have.
And besides, I may be asset rich, but I’m often short on cash. And you have to deal with ever-increasing expenses: taxes, maintenance, vacations and effervescence, and the pool It’s not going to heat itself.
So how should I approach this challenge and what results do they get?
Before you opt for any role, be realistic. There is a whole industry of former FTSE 100 and 250 CEOs on the board merry-go-round. Transparency means we know the outgoing NatWest chairman earns more than £750,000 a year. In my experience, the sort of board positions you could reasonably expect to get typically pay between £50,000 and £70,000 for a commitment of 15 to 20 days a year. It amounts to between £3,000 and £5,000 a day.
It would be of great help, without a doubt. But is it enough?
Dust off your CV, they say, but for what? My CV, like that of many of my colleagues, is starting to look slightly schizophrenic. Am I a speaker? A consultant? Or a business leader? Yes, yes and yes, is my answer, and that’s not always what recruiters are looking for.
Would I leave my current duties for a big project? The financial package would have to be significant to tempt me back into the corporate wheel and away from all the fun I’m having. And besides, I was there, I did that, and I got the pension. And the corporate umbrella.
Experience, a wide range of skills and active contacts is where value is added. However, taking advantage of these opportunities can be a difficult task.
In my experience, unless they call you, headhunters are of limited use. They are often designated to remove a particular person from their current employment or to satisfy a diversity requirement. In which case, you have to be the answer to someone’s problem.
I have found that a direct approach is more effective. Linkedin can be a great door opener, which is no surprise: it’s a list of your best contacts and what they’re up to.
If you are looking for new opportunities, you will have to throw your hat in the ring. But whatever you do, avoid asking for a job. You will be a ghost. Ask for advice. And research those you know. And never feel embarrassed about it.
However, completely dispersed use is less likely to produce results. To demonstrate this, as part of my research, I posted my availability to see what proposals I would receive. This certainly sparked a response. Some assumed he had free time and would do any heavy lifting for paltry sums to fill the hours. Worse still were those who offered zero hours contracts assuming I need to build my profile with the equivalent of work experience.
Interestingly, an inquiry arose from my appearance on a reality TV show about 20 years ago asking if I would be willing to try selling a wolf fleece jacket on a home shopping channel. I’m afraid the sun does not shine where that proposal was presented: I politely declined.
I’ve noticed that one problem I have is that in my career I’ve done pretty much every job that people love to hate you for. With a background in real estate, I am a qualified chartered surveyor. When I say that, everyone hears about “real estate agents,” slippery salespeople who would sell their grandmother to get a deal. I’ve worked in investment banking, my reputation damaged by the storm of blame that followed the 2008 financial crisis. And as a radio host for the past 20 years, I’ve fueled the flames of conversation and reviewed the newspapers. Or as one critic concluded: “You’re nothing more than a noisy fool hanging on a pole.”
And no, I’m not really looking forward to getting the full set and becoming a politician. The pay is awful.
The point is that any CV must surpass perceptions. Some may conclude, from my experience to date, that I am a player, a stubborn narcissist, and expensive to boot. But I think that, like most people categorized like this, the reality of what I can offer is very different.
Effective networking is essential. Fortunately, I am exceptionally good at lunch – an underrated skill. Unfortunately, unless there’s a restaurant reviewer position on the line, I’m not sure “lunch capacity” will seal the deal.
The older you are, the more important it is to focus on the skills you have. Disseminating information, developing strategies or convincing investors may seem incongruous, but all of them require effective communication. And I’m sure there will be similar underlying traits in other people with portfolio careers.
While the search continues, retirement is not an option. Sure, I could move to a smaller house, live in a bungalow and buy some sneakers, but I would get bored. I want to be challenged and wake up every day knowing it will be different from the day before. Anyway, I can’t stop working now. I need the money.
James Max is a radio and television presenter and property expert. The opinions expressed are personal. X, Instagram and threads @jamesmax