Exit Strategy - How to Announce?

[Ajb147]

Hey all!

I am at the point to take the leap into FIRE from a high paying engineering manager position that just doesn't agree with my long term life plan and values.  I have been with the company for over 10 yrs (I am 31) and have great relationships with supervisors, coworkers, and subordinates.  I am looking for any advice on how to handle this announcement and plan for exiting.

What I'm thinking:
1. Inform mentor
2. Inform supervisor that I will be leaving in X months.  I'm thinking 6 months since it is a high level position with a lot of intellectual capital and I don't want to screw them over.
3. In the mean time, begin to document game plans for various initiatives and train a replacement
4.  As it gets closer, inform other coworkers

But, it I just know that this will be hard for my teams that I have a high respect for and I am looking for any advice about how to approach this.  I apologize if this is in other posts (I'm sure it is) but I couldn't find them, so feel free to point me in the direction of those.  And if there are any other references that address this, I would absolutely welcome that as well.

Thank you so much in advance!
Adam

[Intrigued]

This feels a little brutal, but the fact is that people come and go whilst the company continues. Only a very few will leave a significant impact particularly when planned properly for them leaving so it may not be as big a deal as you think.

Plan sounds good, if for any reason you're reluctant to say retiring then just say you're spending a few years exploring hobbies and leave the door open for the future.

[mbl]

Agree with Intrigued.  People leave all the time at all levels.
It's usually a non event.  No matter how important you believe you are.

Your leaving isn't going to be as big of an impact as you think.
Give management some lead time and let them decide when to tell the team.

[Ajb147]

Thanks for the tip.  Yeah, I think saying "retiring" would be tough to say @31 (hard to come to terms with myself actually lol), so saying that it is for hobbies, volunteering, etc would work better.  Another thing I'm thinking is calling it a sabbatical to make it a little easier for them to understand and then update them after a few months to say it will be permanent

[sokoloff]

Agree with X months, but I think 3 is sufficient. 6 months would be more CTO level.
I completely disagree (with mbl's now-removed text) that 2-4 weeks is appropriate for a high-level management position assuming the company has treated you fairly.

Take a look at your vesting schedules for any long-term comp. You've earned it, so might as well line up the leaving date with a vesting date (or at least don't miss a quarter's worth of vesting because you missed it by a week or two).

[bryan995]

What sort of TC would you be waking away from (if you don’t mind sharing)?

In a similar position myself, but not yet ready to pull the plug.
Agree with the others, re not giving too much notice.  6 months seems excessive. Is there a chance they make an offer for you to stay on? Generous RSU refresh? Promotion?

Calling it a sabbatical seems safest and leaves the door open for your return should FIRE not be what you thought.

And yes as stated above, align your exit date with your vesting / bonus schedule.

[Tick-Tock]

Check the Ask a Manager blog. There was an article just a couple of weeks ago about how to quit your job.

[martyconlonontherun]

Your plan sounds good but I would keep the lead time short (say 2-6 weeks) where its reasonable to find someone. If it's a hard role to fill and want to stay until they have a replacement, make sure you are willing to stay on short-term as a part-time consultant. They will then have to look for someone instead of hoping you just stick around.

[Aggie1999]

Don't let your boss/HR/etc know you are leaving until you are truly prepared to walk out the door that day. While you may want to give then X lead time, the company may let you go on the spot. This happens in right to work states. No clue about other states.

[GuitarStv]

In my life and over the many jobs I've had . . . I don't remember a single time that I've ever been rewarded for or benefited from loyalty to a company.  When the time comes to leave, give your notice and walk out the door.  Life goes on.

[DreamFIRE]

I have one of those positions where I can't be easily replaced also after 18 years in a senior technical position, but I don't plan to give more than about 4 weeks notice.  Of course, in my case, I'm planning on offering to stay on part time for a good part of a year, so there would be time to get someone out of the starting blocks before I left for good.

[skip207]

I was a senior technical bod for a very well known blue chip company.

Asked my boss for a chat, walked into the meeting room and explained I was looking to move on, wanted to give them plenty of notice do the full hand over etc.  3 month notice so loads of time.
He asked me to hang for 5 minutes.  About half an hour later he came back to the room with security and escorted me to a waiting taxi.  As I walked past my desk IT had already removed my laptop.  As I got into the taxi HR called me to say I was on gardening leave for 3 months and they would send me an appointment for an exit interview. 

Just because you know you are going to FIRE they may not understand / believe you so they might assume the worst... in my case I was going to the competition so their reaction was understandable but you never know.

I would also stick to your guns.  They might try and keep you on for an extra few months, I have seen it happen.  Oh we cant find anyone to replace you can you do a few more months etc etc.  Just stick to your plan.  Also, consider everything you say as it may impact others.  FIRE is a strange concept especially early as 31 so your actions could have an impact on others as a company might sit back and think how much are we paying these people and how can we lock them in for longer etc etc...

IYSWIM.

HTH!

[partdopy]

Don't let your boss/HR/etc know you are leaving until you are truly prepared to walk out the door that day. While you may want to give then X lead time, the company may let you go on the spot. This happens in right to work states. No clue about other states.

I've heard this, but never actually seen it happen.  FWIW I've always worked in right to work states, filling jobs from bag boy at a grocery store to lead systems engineer.  Always quit with decent notice, never even seen someone be told to leave on the spot when quitting any job.  I wouldn't worry about this, probably only happens to people who were not well liked or known as poor workers.

OP don't over think it.  If you're retiring just retire, the company will be fine and in a few weeks you probably won't care.

[Spitfire]

Don't let your boss/HR/etc know you are leaving until you are truly prepared to walk out the door that day. While you may want to give then X lead time, the company may let you go on the spot. This happens in right to work states. No clue about other states.

+1. Your plan sounds fine but you should be FIRE-ready the day you give notice just in case they want you out right away or in less time than you offer.

[Maenad]

I've heard this, but never actually seen it happen. 

If you work in Banking it's SOP. One of my friends in that industry said if you know you're starting your new job on Monday, you don't give notice at your old job until the previous Friday, because they will walk you out immediately.

IME, 2 weeks is standard and usually isn't a problem. I'm planning on giving 2 weeks once I know I can leave immediately, and only agree to consult part time after 2 weeks if they really want me around for an extended transition (highly doubt they will).

[firelight]

Don't let your boss/HR/etc know you are leaving until you are truly prepared to walk out the door that day. While you may want to give then X lead time, the company may let you go on the spot. This happens in right to work states. No clue about other states.

+1. Your plan sounds fine but you should be FIRE-ready the day you give notice just in case they want you out right away or in less time than you offer.

+2 happens a lot in mine (large tech company that you've all heard)

[jjandjab]

Interesting - I'm a physician at a tiny hospital and because we truly do have long lead times to get new folks hired I have various clauses that require at least 3 months notice.

So I just keep thinking do you have a contractual obligation to give a certain amount of notice? As long as you put your minimum that in writing, I would think you would be fine. You could then offer, either verbal or written, to stay up to 6 months as you planned. But like other folks have said, be ready when you give your notice that you could be gone that day...

[NoVa]

Companies (and the sector the are in) vary, a lot. Look around your company, surely there has been an example of someone resigning. What happened? I work in IT companies, the norm here is the hour you announce is your last hour. Depending on the company you may or may not be paid a final two weeks (companies owned by assholes do exist). Someone who has already checked out hanging around for two weeks with superuser privileges scares some companies. And they usually don't want you having any more contact with the customer.

[markbike528CBX]

What I really wanted was a sabbatical, but was prepared as listed below.  What I got was FIRE, no problem. 
Total time ~8 months from first mention.   Too long a time to be doing the countdown.  YMMV

Quoted from exit letter "Request for Leave of Absence and or Resignation /Retirement notice."
   
The options are listed in order of my preference.  While I would like to be associated with the [tiny part of SemiBigCorp], I understand that because of headcount issues, this may not be possible.

   1) Leave of Absence/Sabbatical for the summer (May15- Sept 15th 2018) with a return to #2 or 3    below.  This is the only option for which I would feel contractually tied to [SemiBigCorp],

2) A switch to part time work/consulting to include very occasional field jobs and specific responsibility (gamma spectroscopy, SEM, etc) and training/mentoring,

3) Part time with consulting as above but no field jobs,

4) Traditional two week notice,

5) Immediate departure upon receipt of this letter.


Edit to redact the specific organization names.   

[politenessman]

I'm in IT for a global company. As soon as there is even a wiff of anyone outside of help desk leaving, they are essentially walked out and 'given a few weeks vacation' prior to the exit interview. There is too much risk otherwise, weather malignant or not.

[robartsd]

Interesting - I'm a physician at a tiny hospital and because we truly do have long lead times to get new folks hired I have various clauses that require at least 3 months notice.

So I just keep thinking do you have a contractual obligation to give a certain amount of notice? As long as you put your minimum that in writing, I would think you would be fine. You could then offer, either verbal or written, to stay up to 6 months as you planned. But like other folks have said, be ready when you give your notice that you could be gone that day...

I would expect to work out a contractual notice period - and expect to be paid for that period even if they cut me loose early. If the contract doesn't request a specific notice period, I would provide the customary 2-week notice with the understanding that some companies will cut you loose early without pay (but I'd try to know if my company is one of them before giving notice).

[mm1970]

Agree with Intrigued.  People leave all the time at all levels.
It's usually a non event.  No matter how important you believe you are.

Your leaving isn't going to be as big of an impact as you think.
Give management some lead time and let them decide when to tell the team.

I'm gonna say that...I've worked in many companies at many levels - and honestly - yes, life goes on when people leave.

But for many people who are left?  It hurts.

It's probably not gonna hurt the people above him all that much.  But there are going to be people who take over his job.  It's going to hurt them.  It's going to be painful.  When highly productive people leave, it super super sucks.

[Ajb147]

First...WOW!! I can't believe the number of people that have weighed in on this in less that 24hrs! Makes me feel a lot more confident in this.  While I am not worried at all about the ability to be be FI immediately, it is a great feeling to know that there is such an engaged community like this to lean on.  I've basically just gotten to this point on my own (could have done it sooner if I had looked into this!), so its still unreal to me as I've come to the realization.  Thanks to all for your responses thus far!

Anyway, lots of things were brought up and I figured I'd try to address them:

1.  I am fully vested in all types on compensation so that isn't an issue.  I have no issue with patient/client contracts or anything like that.

2.  I do think that they will attempt to offer a pay increase to prevent me from leaving.  But really, that isn't what I'm looking for.  A couple years ago, I got a 150% raise, which, honestly, was probably too much as it helped me to go full steam ahead on my previous goal of retiring by 40. I hate to admit it...but a pay increase and all that wont really change anything...First world problems... We all have to own how lucky we are and give back in any way we can.  Which is exactly my plan once I can turn off this laptop lol.

3.  Thank you for the reference to "Ask A Manager" blog.  I will be sure to check that out ASAP!

4.  Being a part-time reference for the interim is a great suggestion and seems like it would be a great way to handle the transition.   There will be a huge learning curve for the next person (partially my fault for keeping everything in my head instead of writing out the policies etc), so at least I can help for a bit.  I really dont wan't them to fail, especially because a lot of my role involves safety of the people at my sites.  Its hard to not be personally invested in the success of the group when you've worked so hard on designs to keep people from getting hurt.

5.  You are all so right.  Life goes on.  People move on to other roles in the company or external.  It happens frequently in my group too and we adjust as needed to fill the gaps.  I've just always found it hard to accept that I'm not needed! I guess its a mix of empathy and ego. Same feeling as I've moved between other positions as well.  But, its just the way things go.  We all dealt with it.  You've all dealt with it.  And it wont be the last time.  Thanks for the support!

6.  I highly doubt it will be an instantaneous "walk to your car" type thing since I will be clear about not going to competition or really anything in any sort of related industry (kinda my point on leaving that 24hr life style or high consequence decision making).  But, I guess if thats how they want to play it...well I should make sure I forward my personal stuff from my laptop just in case!

7.  Be ready to be out of the job immediately... great advice.  In my case, this won't be a problem and I can supplement my investments with random things starting today.  The idea of working at a 9-5 (where you completely check out after clocking out) honestly sounds like the dream, so I'm sure I can find something.  Like dog walking :)

Thanks again everyone!  you rock!

[CoffeeAndDonuts]

Thanks to those that encouraged at least 4+ weeks of noticele.

I'm the owner of a small company and most of the time, losing someone is a really big deal. We've never walked someone that told us.

We've increasingly seen really short notice departures where 2 weeks is an overstatement (e.g. notice right before a holiday).

Life does go on and I get it that there are places where experience says you will or may be walked.

But at least give it some serious thought, as the OP is doing.

[AccidentalMiser]

I plan to retire in April of 2022 at age 54.  I need to make it to 22 since that's the year I turn 55 and that's also when I project I'll feel financially secure enough to walk away and never go back.  April because winter is pretty crappy anyway and I'll have three months to help find and train a replacement.

On January 2, I will inform my boss and HR of my plans to retire.  I will recommend a replacement candidate or two.  If the company wants a seamless transition, they will get someone moved over quickly so I can train them and introduce them to my network (a big part of my job.)

I think six months it too long, and two weeks is too short for a managerial or skilled key role such as the OP has.  I am waiting until January 2 because it's within my required window (after January 1, 2022) in case something stupid happens and they "retire" me before April 1 but I realize this is pure paranoia on my part.

I may (not likely) ask for a half-time schedule at 75% pay but it wouldn't really fit into our plans.  It would be fun to see what, if anything, I could get them to offer me to leave.  But, like the OP, I really like my co-workers and management folks and wouldn't want to piss them off just for the fun of it.

I salute the OP for planning in advance and for being considerate of his friends and his company.  Some companies suck and some don't; we shouldn't punish those that don't if we can help it.