ENTREPRENEURIAL ITCH FUELS TRANSITION

Embedded in the first wave of Baby Boomers reinventing retirement are those turning their hobbies into small businesses. Some of these new entrepreneurs had been making hefty salaries but want to run their own show, reports Brent Bowers in "Early Retirees in New Ventures Mostly for Fun" (New York Times July 3, 2008). This may require a change in lifestyle, but they aren't complaining. And if a lot of capital isn't required initially, they can start up with little risk.

Boomers are finding a new kind of career satisfaction from artistic ventures. They start the business to have fun but feel validated when someone purchases what they make.

Increasingly, Boomers looking toward retirement from their main career who don't know what they want to do but know they want to or have to do something, are seeking out coaches. Coaches and career counselors have noticed more people looking for an improved quality of life, more balance and an expression of who they are. They are thinking about their legacy. A former bank loan officer with a PhD in Denver explained,"I'm at a period where I'm no longer motivated by money. I'm looking for something with more substance and meaning." He sought the advice of a coach and is now exploring ideas he never thought of previously.

Phyllis Weiss Haserot      www.pdcounsel.com