Knowledge Transfer as a Second Act

Brian Smith's first act was hard to follow. In the 1970s, the Australian surfer-turned-entrepreneur used $500 in savings to pursue an unlikely dream: selling sheepskin footwear in America. The boots, known generically as "uggs" down under, already were popular in his homeland when he introduced them to the U.S. In 1995, Smith sold the UGG name, now capitalized and trademarked, to Deckers Outdoor Corporation for $14.6 million.

Brian Smith, UGG founder, on left, in 1978  |  Credit: UGG

Smith then joined the lecture circuit and has become one of the most sought-after speakers in the country. At 78, he's still sharing life and business lessons with audiences large and small, making fees from $20,000-$30,000for a keynote.

Marshall Goldsmith, 76, also is a highly regarded business author, speaker and consultant. His catchphrase — "What got you here won't get you there" — is a popular business maxim and the title of one of his bestselling business books.

Not Playing but Still Coaching

Both Smith and Goldsmith spent time pursuing careers before becoming speakers and consultants — Smith was a chartered accountant, and Goldsmith was a professor of management at The Tuck School of Business at Dartmouth.

"I knew I wanted to continue to help people and organizations reach their full potential."

They are just two of the growing number of consultants, coaches and business advisors who are retired from traditional occupations but still committed to sharing their expertise. While not all rise to Smith and Goldsmith's levels of success, many say they value the rewards — monetary and non-monetary — they receive from these efforts, and the impact they have on others.

It has become clear that many people who are "of retirement age" aren't ready to retire. If they do, a significant percentage return to the work world in some capacity. One arena in which they have much to offer is knowledge transfer — teaching others how to excel based on their years of business experience.

How Transfers Work

Retirees have accumulated a great deal of knowledge over the course of their careers — many may not even realize the value of what they know and how they could make money from that knowledge by teaching others. This can be done as a keynote speaker, as in Smith's case; as a consultant, as Goldsmith illustrates; or through a range of other means of sharing their wisdom and knowledge with future generations.

Bill Barrington is one example. After spending 27 years in the Air Force, he started Barrington Leadership Group LLC in Arlington, Virginia, where he provides one-on-one executive leadership coaching, facilitates workshops, and delivers keynote speeches on topics including leadership, culture, resiliency, and communication. His target audience is military members and corporate executives, many of whom are in leadership roles for the first time and do not have formal leadership training.

The best part of his time in the service, Barrington says, "was helping others succeed through serving the conditions and culture for the organization to thrive, building high performing teams and providing the resources needed to be successful."

After retirement, he says, "I knew I wanted to continue to help people and organizations reach their full potential."

Retirees' wisdom and experience can be a "powerful force for change in a young person's life."

Brian Townsend launched a couple of businesses after retiring in 2022 as a supervisory special agent with the U.S. Drug Enforcement Administration. One was Eagle 6 Training in Springfield, Missouri, which offers consulting, training and speaking services, and another Only 2mg, a non-profit in nearby Rogersville that raises awareness about the fentanyl crisis and emerging public health threats.

But retirees do not have to come from high profile roles to have valuable knowledge that can be in high demand. And it is not just live speaking engagements that hold the opportunity for retirees to share their expertise.

Share Knowledge by Volunteering

While some retirees are looking for an income from the knowledge they share, others are happy to volunteer their expertise — and there are many opportunities for them to do that.

Retirees can help students "build confidence, set goals and overcome obstacles — especially those that arise from being the first in their family to pursue higher education."

Retirees with business backgrounds are likely familiar with SCORE, an organization that offers resources to small businesses, including mentors who are retirees from the business world. But there are a wide range of other non-profit opportunities that value retirees' wisdom and mentorship.

For example, Foundation for CHOICE(Consider How One Individual Changes Everything), an education equity nonprofit that offers a structured, 27-week one-on-one mentoring program to ensure that underserved students in North Texas are prepared to succeed in college or the workforce.

Co-founder and CEO Jessica Bartnick says she believes that retirees' wisdom and experience can be a "powerful force for change in a young person's life." With her organization, for instance, people aged 50 and over can be involved in one-on-one mentoring, serving as what are known as business champions, connecting students with career exposure opportunities or become a board member.

Retirees' guidance, says Bartnick, can help students "build confidence, set goals and overcome obstacles — especially those that arise from being the first in their family to pursue higher education."

There are ample opportunities to share knowledge through speaking, coaching, volunteering and other means. But how can you learn about opportunities that might be just right for you?

Finding Opportunities

"From my experience working with many retirees, the key is starting with what I call the inner circle approach," says Andrew Lokenauth, a retirement planning consultant. Starting with former employers can be the best first step.

"I had a client — let's call him Bob — who approached his old company about creating a mentorship program," Lokenauth says. "They now pay (Bob) $150 an hour to coach rising leaders."

"Niching down is critical. One of my clients focused specifically on change management for manufacturing companies — she's now booked six months out."

LinkedIn is another important way to find opportunities and build credibility. "One of my most successful students, a former CFO, posts weekly financial insights and has built a following of more than 25,000 connections which led to consulting contracts worth more than $80,000 last year," Lokenauth says.

Professional associations like the Society for Human Resource Management for HR folks or the American Marketing Association for marketing pros also offer an avenue for finding potential leads. "They're constantly looking for experienced practitioners to lead workshops," Lokenauth adds. Chambers of Commerce can be another source of opportunities for speaking; the pay may not be great, but it can lead to other opportunities.

Lokenauth does offer one caution, though: "The biggest mistake I see people make is trying to teach everything they know," he says. "From my consulting work, I've learned that niching down is critical. One of my clients focused specifically on change management for manufacturing companies — she's now booked six months out."

Lin Grensing-Pophal 

Lin Grensing-Pophal is a freelance business writer with a background in HR/employee relations and marketing/digital marketing. She is accredited through SHRM, the Society of Human Resource Management, as a Senior Professional in Human Resources and Senior Certified Professional. She also is a member of the American Society of Journalists and Authors and the Association of Ghostwriters.  Read More