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Pay Me More

In fact, you negotiated a better deal than any of our other consultants ever has. Trevor reminds me that in his preliminary discussions with you, before you joined the company, he told you that you could expect $50,000 to $75,000 in the first year. I might have said $75,000 to $100,000, but nothing more than that. Although you earned less than Trevor and I, you earned more than Harry, who started in the company at the same time as you did. And you have the best benefits package of anyone in the company, including me. You have more disability and dental insurance, and a bigger life policy than I do.

You have made a career change, and as you know from your experience with our clients, anyone who changes careers can expect to step back in salary, at least for the first few years. Then they usually recover and often exceed their former salaries.

Regarding your $100,000 guarantee: CareerLab simply doesn't have the resources to do that. We operate 100% out of cash flow, so if the revenue isn't there today, we have no way to pay salaries. It doesn't have anything at all to do with "believing in you" or "not believing in you." It has to do simply with cash in the bank. I can't even guarantee myself a $100,000 salary, unless I get out there and do billable hours. Whether it is a law firm, a CPA practice or a doctor's office, everything depends upon billable hours in a professional services firm.

I don't think you fully realize how small CareerLab really is. You came from Oilfield Services Corporation, a $6.5 billion company with 50,000 employees operating in 65 countries. We are a six-person company, a "Mom and Pop" shop—and there's a big difference.

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25 Reasons I love consulting.
by William S. Frank

Brand. You are your own brand, and you can define it any way you want. For many years, I provided outplacement to the ex-employees of Schlumberger, the world's largest oilfield service corporation. When departing employees left the company, they didn't request outplacement in their severance package. They said, "I want Bill Frank."
Demand. The world will always be full of terrible problems that need solving.
White Hat. I can be a helper and get paid for it.
Pay. I can be paid to do things I'd gladly do for nothing.
Variety. Every day is different.
Happiness. At this stage of my career, I only work for people I respect and care about. If a client micromanages me or is otherwise no fun, I complete the assignment and replace them.
Talent. I'm using 110% of my talents and stretching myself to the max.
Change. I can change my focus any day I want. If you're a McDonald's franchisee, you don't say, "Hey, I've got this great idea for a meatball sandwich—let's try it out today." In consulting you can adjust your focus hour-by-hour, as long as your clients still understand and appreciate what you do.
Income. No one else would pay me as much as I pay myself.
FUN. I can't think of anything I'd rather be doing.
Retirement. I can write and consult as long as I am physically and mentally capable. Peter Drucker worked into his 90s, and when asked which book was his best, he said: "My next one."
Job Security. Although clients come and go, no one can come into my office and say, "Pack up your stuff . . . You don't work here anymore." In 29 years, I've only had one employer: ME.
Travel. I don't have to travel unless I decide to. I travel if it's both FUN and profitable—or at least FUN.
Commute. I live five minutes from my office, a corner office in an upscale six-story tower. In winter, I leave a heated garage at home and drive to an underground heated garage at work. There's seldom time to hear even one song on the radio.
Vacation. Consulting is more fun than vacation (except on Wailea Beach in Maui).
Friends. I have developed hundreds of close acquaintances and several lifetime friends.
Time. I can work as much or as little as I like: four-hour days or 18-hour days. (Of course, my income will reflect that.)
Employees. I can work with employees, subcontractors, partners, or alone—I've done it all.
Passive Income. I've developed several products that provide "mailbox money." I earn while I'm sleeping.
Ethics. I've never had to violate my values or personal code of ethics. I've never had to lie, purposely deceive or harm others, or promise things I can't deliver. I go to bed with a clear conscience. That doesn't mean there's never any conflict. But the conflict is conducted according to generally accepted business practices.
Virtual. My career is fairly portable. With the Internet, e-mail, cell phone, and FedEx, I can work nationally, even internationally from my office—or anywhere in the world.
Purpose. I make a difference in peoples' lives every day. I see it in their faces, hear it in their voices, and read it in their thank-yous.
Experience. Every painful or joyful life experience makes me a better consultant. So does every person I meet or book I read. Grey hair can be good in consulting.
Structure. I have to work very hard, and the clients expect superb results—but I get to structure my days, weeks, months, and years.
Boss. Most of the time, I love my boss.

As I was posting these letters online, I realized I want to communicate my love for consulting. It's just a great business. The single letters, taken together, may create a picture of enjoyment, but in a burst of creativity I listed some of the reasons consulting is such a good fit for me—and perhaps for you, too. They are not prioritized; this is just how they came out.