The next 25 years

A summary of notes for the class of '71 GSB Stanford University:

The class of ’71, GSB, Stanford University what are we going to do in our next 25 years: a career and lifestyle perspective

The next 25 years: key components:

  1. Finishing up our present goals
  2. Finances
  3. Personal perspectives on the future
  4. Health
  5. Family

Within those components

  1. Finishing up our present goals:
    • Look at what you want to accomplish and when; use an executive coach or a group of friends as advisors.
    • Look at your style, where it fits now
    • Really look at how you are beginning to spend your time; are you drifting away from you primary responsibilities; are you loosing site of a goal that was once important to you; how much effort do you want to make at realigning to that goal; what will it do for your development; now and in your future plans… if a lot, then get back on track
  2. Finances
    • pre-retirement planning; the WSJ says $3MM for a family used to $150K/yr.
    • estate planning; go through a good attorney that will ask TOUGH questions about where and when you want your money used.
  3. Personal perspectives on the future
    • Interests; what have they always been… in the past. You know, look at how you spend your time, what brings a smile and a lengthy conversation to your face
    • passion; what do you think about when you get up at night that you enjoy, usually similar to
    • fun; same
    • meaning; we all like to give back, whether through charity or through mentoring, or through something that we are good at that helps others; in our own way we are all "a hero with a thousand faces" (Joseph Campbell). We have all been through something that no one else has and have returned stronger for it. That’s the first part of it. Sharing that experience for the well being of others, with a passion, with others is the hero part.
    • skills; look at your self; write down what you have accomplished. Each required a skill; sometimes so natural that you don’t even see it, so ask your friends.
    • ego; we all have it. How healthy and grounded has it become. How much do we still need external measurement Vs internal.
  4. Health
    • long term care… do I have the money for it and/or do I need insurance (START EARLY, it gets exponentially expensive to get assisted living as we age
    • rat race, is that what I consider that I am in, and how does it or well it effect me; ask your doctor(s)
  5. Family
    • children: schooling; returning home; additional financing and loans Vs. personal values
    • parents: long term care and cost; just how are you going to know about their financial condition; what are personal values vis a vis your family; how do you feel about them returning home
    • spouse: what is his or her greatest fear upon your departure

Notes:

Probably one of the greatest keys is not to try to repeat the past. After all these years of work, golf and personal issues look pretty good.

After 6-12 months things get pretty dull. What to do and how to do it is partially a function of overcoming that ego driven feeling that anything except what one has been doing is failure in external eyes.

One has to look at what one has been doing. As mentioned above, is it enjoyable, or are you literally beginning to work yourself to death.

In other words don’t be a human Xerox machine and try to reproduce what you did in the past…

Sooo….

what to do:

Take a look at yourself; what do you like and combine that with the skills you have developed… up periscope and see what is happening in the marketplace. It literally can be anything. Anecdotally, but true, I, as a corporate career change consultant, have had CEO’s who are running ski resorts; CEO’s running camps; Cable TV executives consulting in Eastern Europe; Presidents of major companies counseling other CEO’s in this process. One thing is always in common. Each had an interest in what they are now doing and each had the skills to bring to the table to be good at what they are doing and each has a passion for it..

Most people don’t want to leave their egos on the table; and they are tired of the politics… what do you do with the juxtaposition. Well, their is a lot of ego satisfaction in doing teaching; non profit boards; consulting to small companies.. the corporate mentor; for profit boards, etc. BUT…

Don’t think that you will automatically be picked up. You have to be proactive. It is like looking for a job.

Soooo

Look at what you are interested in; what you are good at; set a strategy refining with research; tactics refining with networking; and success with persistence.

Let’s look at an example: me… I love to watch growth; I could do that gardening; teaching; non profit; for profit, etc. I also love the results of growth financially, partially because I need some more income, and more importantly, equity. So which one is best. Probably advisor, investor, and board members to small growing companies. What do I bring to the table. Probably not the best business acumen, but possibly some of the best change management and strategic views of complex adaptive systems and how people relate to them. Is that necessary. The market will tell me.

One company I am investing in has a CEO that does not want to let go; another has a management team which has not looked at how they deal with each other from a personality view point; another just needs money and business acumen I don’t have… So the first two I can be proactive in… the third I can broker other people into the board and be a happy shareholder. All this done in the context of 1-5 above.

So, like everyone says, the best is yet to come!