It’s getting close to bonus time for a lot of business valuation professionals. And it’s…
John Borrowman, CPC
Borrowman Baker LLC
Your career is stable. You and your family have been thinking about relocating; maybe to someplace you’ve always wanted to live, maybe to be nearer to family.
For one reason or another, you just weren’t able to do it before. And now seems like the time. Could it be too late?
As with all career questions, the answer is “it depends”. The variables that impact a move like this one are largely knowable, however. If you stop to think about them, they won’t come as any surprise to you.
Is there a time when it really is too late to make such a move? While we won’t quite go that far out on the limb, we can say that there is a career point beyond which it becomes increasingly difficult.
That point, typically, is when you’re generating (actually generating, not merely managing) revenue at a multiple of 1X your base salary. “Oh,” but you say, “Isn’t that when my value is increasing? Wouldn’t that make it easier for me to join a practice in a new location?”
Yes, it’s obvious that you can leverage a network and generate revenue. That network won’t likely come with you, however. How does that impact your value to the new employer? What is the risk (translate: cost) to him while you ramp back up to that level in a new location?
Chances are that the more revenue you’re generating, the higher your compensation. But, also, the more revenue you’ll have to replace in the new location in order to expect the same compensation.
Everyone’s life is unique, as are the factors that impinge upon the timing of relocation. You can make smarter moves and avoid pitfalls, however, by being aware of the impact of timing on the mobility of your career.