When I knew it was time to make the leap
In January 2001, I decided it was time to think about leaving the Boston Consulting Group (BCG). I'd been there six years, learned a lot, and done work I was proud of. I was "on track" to make partner in another year, but my heart wasn't completely in it. I didn't look forward to spending my time on relationship management with very large companies, with an ever increasing sales quota and administrative tasks. So I decided to leave.
Critical self-assessment steps to take first
Over the next couple of months I kept a journal to help me in my planning. I recorded things I liked and tried to develop an objective personal assessment by taking the standard personality tests, speaking with friends and family, and trusting my own judgment. I also did some financial planning.
Over the next couple of months I kept a journal to help me in my planning. I recorded things I liked and tried to develop an objective personal assessment by taking the standard personality tests, speaking with friends and family, and trusting my own judgment. I also did some financial planning.
I had an intuitive feeling that I didn't want a "job" in the traditional sense, so I didn't draw up a resume, speak to headhunters, or apply for any positions. I'd known others who had left BCG without being as introspective, taking the seemingly easy route of working with headhunters to land a corporate strategy or similar role, only to find themselves unhappy again a year later.
Here's what I came up with in my journal:
Things I like in my work:
- Working with innovative companies (usually small ones)
- Working in health care -something I've done in one way or another since high school, when I was a computer programmer at a VA hospital
- Working on multiple projects at once -the more the better
- Writing - I'd been a newspaper editor in college, and started writing newsletters in elementary school
- Living in Boston
Personal assessment:
- I'm very good at keeping in touch with former colleagues. I am still in regular contact with people I worked with at my first job at the LEK Partnership in 1989, and former colleagues from BCG.
- I have a strong work ethic
- I'm introverted -I don't need to have a lot of people around in order to work
- I am a good mentor, manager, and team player
- Although I don't think of myself as stubborn, I like to make my own decisions. It would be hard to imagine having a boss
- I have little experience selling, but it's an important skill I should develop
- I've always held a job and have never been self-employed
Financial considerations:
- With two kids, a jumbo mortgage, a wife who stays home with our kids, and so on I can manage well on a BCG salary, but what about in the real world?
- I have built up a good level of savings, and don't have many material desires
Based on these observations, I made a simple plan:
- Network with former colleagues to find ways to collaborate with them again
- Maintain low enough overhead to enable me to work with small companies. Since I'm introverted, I do well working at home and don't need to rent an office
- Make sure whatever I do lets me do more of the things that I like
I managed my transition with BCG honestly and proactively
At the end of July I discussed my plans with the head of the office, and made a transition to half-time work for the next few months.
At the end of July I discussed my plans with the head of the office, and made a transition to half-time work for the next few months.
How I landed my first clients
In late August and early September I traveled to meet with former colleagues about finding ways to work together. Soon I was doing consulting work for Healinx in California (now RelayHealth ) where one of my favorite people, Giovanni Colella, was CEO. It took some courage to "sell" my services for the first time, but Giovanni responded warmly and coached me on how to work with others. Through networking, I soon added other clients and had a busy consulting practice working for health care start-up companies. My home office was perfect -I had all the latest computer and telecom tools, and paid no rent. I made sure to leave time for other priorities: I started a breakfast club for independent healthcare consultants and entrepreneurs, and began lecturing in the Biomedical Enterprise program at MIT.
In late August and early September I traveled to meet with former colleagues about finding ways to work together. Soon I was doing consulting work for Healinx in California (now RelayHealth ) where one of my favorite people, Giovanni Colella, was CEO. It took some courage to "sell" my services for the first time, but Giovanni responded warmly and coached me on how to work with others. Through networking, I soon added other clients and had a busy consulting practice working for health care start-up companies. My home office was perfect -I had all the latest computer and telecom tools, and paid no rent. I made sure to leave time for other priorities: I started a breakfast club for independent healthcare consultants and entrepreneurs, and began lecturing in the Biomedical Enterprise program at MIT.
Eventually, I expanded my new firm to include other like-minded professionals
In early 2003, another former BCG colleague left Deloitte Consulting. We'd been in touch all along, and he and I decided to combine forces to start MedPharma Partners , a consulting and business development firm focusing on large and small healthcare clients. I found after working with only small clients that there was value in putting large and small together. We recruited several of our favorite ex-colleagues from BCG, LEK, and Deloitte and set up a firm based on our personal value system.
In early 2003, another former BCG colleague left Deloitte Consulting. We'd been in touch all along, and he and I decided to combine forces to start MedPharma Partners , a consulting and business development firm focusing on large and small healthcare clients. I found after working with only small clients that there was value in putting large and small together. We recruited several of our favorite ex-colleagues from BCG, LEK, and Deloitte and set up a firm based on our personal value system.
Having my own firm constantly provides new avenues to pursue what I value most
The one thing I hadn't done until recently was to get back to writing. But a month ago I started the Health business blog , where I offer commentary on business issues in healthcare. It's not a direct revenue generator, but it's synergistic with the consulting business, and I'm enjoying it a lot. So far, most of MedPharma Partners' clients have come from networking. I hope to use the blog to introduce ourselves to companies that don't know us directly.
Here are the lessons I learned from my transition from BCG to my own firm
My transition from a big consulting firm to an entrepreneurial venture has been the most rewarding experience of my career. In hindsight, here's why it went well:
My transition from a big consulting firm to an entrepreneurial venture has been the most rewarding experience of my career. In hindsight, here's why it went well:
- I spent the time to think hard about what I really wanted to do and what I could do well
- I planned financially to give myself enough time to explore and make mistakes
- I maintained good relationships with colleagues throughout my career, so over time I built up a solid network that has been a real asset
- I had the support of my wife, who always expected me to be an entrepreneur
David Williams is the founder of MedPharma Partners
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