Risk management during career transition

      Heart pounding?  Sweaty palms?  Hyperventilating?  Do you believe these are symptoms of a career transition?  WRONG!   Changing careers should not feel like you are leaping into an abyss.  Yes, there is going to be some stress but it is manageable.
       A clear understanding of the reasons that prompted your decision to change careers is essential.  This information will let you know how quickly you will need to leave your current employer, resources, availability of references and your feelings about the transition.  The latter is extremely important!  Your feelings will impact how you interact with others, approach necessary tasks and ability to recall information.
        Develop a Career Transition Plan, which is a formal strategy listing the steps need to be taken.  These steps should meet the SMART criteria.  They should be specific, measurable, accountable, realistic and time specific.  Federal, state and county employee can consult with their personnel department.  The U. S. Office of Personnel Management offers the Career Transition Assistance Program.  (www.opm.gov/rif/employee_guides/career_transition.asp).   Military personnel can participate in either TAP or DTAP (http://www.turbotap.org/portal/transition/resources/About_Us).  Major corporations that are downsizing  or relocating frequently offer employee assistance programs or outsourcing sources as part of the discharge package.  Determine your entitlement to these benefits by consulting the human resources department and/or union representative.  Depending upon your state unemployment services may provide counselling services that outline the steps to be taken and other supportive services.
     According to Susie Orman, you can be financially responsible and make a midlife career change.  She recommends that your have at 6 months of saving at all times and provides steps on how to make a career transition in her article "Getting Set to Start Over"  (http://www.oprah.com/money/Getting-Set-to-Start-Over).  Consulting with your financial planner, personal banker, investment broker and/or accountant will help you make decisions on the best time to leaving your present position, withdraw money and adjust your financial investments.   
     Purchasing a business or franchise requires due diligence.  Informational interviews, The Occupational Handbook and the Department of Labor can provide industrial information but legal advise is necessary.  Checklists such as the one listed at http://www.findlaw.com/  on "Buying a Business: Due Diligence Checklist" is a good place to start.  Organizations such as SCORE and the U. S. Small Business Administration (http://www.sba.gov/), Success Magazine, or sites such as http://www.entrepreneur.com/ are useful.  Depending on the type of business, consider using an attorney that specializes in e-Commerce Law, Entertainment & Sports, Environmental, Tax, Business or Real Estate/Property Law.
     The financial aid office for institution of higher learning that you are considering can provide assistance.  A Google search will provide a plethora of sites that  promise to help locate funding for this pursuit.  One of these sites is www.collegegrantnews.com/new.php.
      If you need help creating your career transition plan, contact me at 402.965.1496.