Catering to Your Midlife Crisis Is a Growing Business
Kanebridge News
    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,635,570 (+0.09%)       Melbourne $990,779 (-0.14%)       Brisbane $1,002,534 (+0.89%)       Adelaide $899,189 (+1.63%)       Perth $853,385 (-0.01%)       Hobart $727,599 (-0.08%)       Darwin $665,330 (-2.24%)       Canberra $1,030,329 (+2.00%)       National $1,054,780 (+0.44%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $758,114 (+0.56%)       Melbourne $494,774 (+0.21%)       Brisbane $562,776 (+0.42%)       Adelaide $448,109 (+2.19%)       Perth $451,267 (-0.77%)       Hobart $504,603 (-1.31%)       Darwin $357,621 (+2.79%)       Canberra $496,414 (-0.41%)       National $532,600 (+0.26%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 10,429 (+70)       Melbourne 14,915 (+41)       Brisbane 7,933 (-18)       Adelaide 2,089 (-116)       Perth 5,787 (-101)       Hobart 1,241 (+4)       Darwin 244 (-2)       Canberra 988 (+18)       National 43,626 (-104)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 8,586 (+58)       Melbourne 8,221 (+87)       Brisbane 1,635 (+21)       Adelaide 372 (-9)       Perth 1,517 (-36)       Hobart 198 (-10)       Darwin 404 (-2)       Canberra 1,028 (+31)       National 21,961 (+140)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $820 (+$3)       Melbourne $600 (-$5)       Brisbane $650 ($0)       Adelaide $600 ($0)       Perth $680 ($0)       Hobart $550 ($0)       Darwin $750 ($0)       Canberra $680 (+$10)       National $676 (+$1)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $760 (-$10)       Melbourne $595 (-$5)       Brisbane $640 (-$3)       Adelaide $500 (+$5)       Perth $620 ($0)       Hobart $450 ($0)       Darwin $540 (-$10)       Canberra $550 (-$10)       National $596 (-$5)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 5,832 (+125)       Melbourne 6,113 (+155)       Brisbane 4,426 (+39)       Adelaide 1,506 (+63)       Perth 2,727 (+138)       Hobart 431 (+13)       Darwin 95 (-3)       Canberra 602 (+6)       National 21,732 (+536)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 10,046 (+377)       Melbourne 6,071 (+301)       Brisbane 2,272 (+28)       Adelaide 373 (+1)       Perth 740 (-4)       Hobart 143 (+14)       Darwin 136 (+6)       Canberra 746 (+30)       National 20,527 (+753)                HOUSE ANNUAL GROSS YIELDS AND TREND       Sydney 2.61% (↑)        Melbourne 3.15% (↓)       Brisbane 3.37% (↓)       Adelaide 3.47% (↓)     Perth 4.14% (↑)      Hobart 3.93% (↑)      Darwin 5.86% (↑)        Canberra 3.43% (↓)       National 3.33% (↓)            UNIT ANNUAL GROSS YIELDS AND TREND         Sydney 5.21% (↓)       Melbourne 6.25% (↓)       Brisbane 5.91% (↓)       Adelaide 5.80% (↓)     Perth 7.14% (↑)      Hobart 4.64% (↑)        Darwin 7.85% (↓)       Canberra 5.76% (↓)       National 5.81% (↓)            HOUSE RENTAL VACANCY RATES AND TREND       Sydney 0.8% (↑)      Melbourne 0.7% (↑)      Brisbane 0.7% (↑)      Adelaide 0.4% (↑)      Perth 0.4% (↑)      Hobart 0.9% (↑)      Darwin 0.8% (↑)      Canberra 1.0% (↑)      National 0.7% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 0.9% (↑)      Melbourne 1.1% (↑)      Brisbane 1.0% (↑)      Adelaide 0.5% (↑)      Perth 0.5% (↑)      Hobart 1.4% (↑)      Darwin 1.7% (↑)      Canberra 1.4% (↑)      National 1.1% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND         Sydney 28.9 (↓)     Melbourne 30.3 (↑)        Brisbane 30.8 (↓)       Adelaide 25.4 (↓)     Perth 36.1 (↑)      Hobart 37.8 (↑)      Darwin 35.1 (↑)        Canberra 28.5 (↓)     National 31.6 (↑)             AVERAGE DAYS TO SELL UNITS AND TREND         Sydney 29.6 (↓)       Melbourne 30.2 (↓)     Brisbane 29.6 (↑)        Adelaide 25.4 (↓)     Perth 38.3 (↑)      Hobart 30.1 (↑)        Darwin 46.7 (↓)       Canberra 38.0 (↓)     National 33.5 (↑)            
Share Button

Catering to Your Midlife Crisis Is a Growing Business

Budding industry helps adults who seek fulfilling second acts

By ANNE TERGESEN
Tue, Aug 1, 2023 8:52amGrey Clock 3 min

Americans want their midlife crisis to be more productive. This presents, for a growing number of companies, coaches and consultants, a multimillion-dollar opportunity.

Some programs are online and charge a couple hundred dollars. Others take place in exotic spots and feature luxury accommodations, yoga and surfing classes for thousands of dollars. Discounts are sometimes available.

Fuelling the businesses are longer lifespans, leading more people to search for meaningful pursuits in their 40s, 50s and 60s. Some psychologists call this period a second adulthood when identity-shaping roles, from executive to full-time parent to caregiver, can fall away, causing some to re-evaluate.

“Transition is a skill we need to master in an era of increased longevity and change,” said Chip Conley, co-founder of Modern Elder Academy, or MEA, which offers online and in-person workshops.

Some studies show life satisfaction reaches a low point around the mid-40s, perhaps because of stress linked to the demands of work and family. That juggle, coupled with little time for self-reflection, leaves many people unsure how to approach their next chapter.

Instructors in midlife programs explore topics including psychological development in midlife and ageism, which can cause people to believe they are “irrelevant, over the hill, and that their best years are behind them,” said Conley.

He created MEA after working at Airbnb, where the home-sharing company’s young founders dubbed him a modern elder at age 52. The workshops aim to help participants learn to better navigate stressful transitions, including layoffs, divorce and the death of loved ones.

Space for self-reflection

Like the months long academic programs several universities have launched for adults nearing the end of careers, most midlife courses bring together groups of eight to 50 people.

“These programs give people the space and structure to consider not just what, but who they want to be at this stage,” said Barbara Waxman, a gerontologist who teaches at MEA.

Nadia Al Yafai, 46, said she discovered the Midlife ReThink, a $385 online program, after being laid off recently from a senior position at a U.K. insurer.

The Midlife ReThink proved transformational, she said, adding that meeting others who felt similarly unanchored comforted her.

Started in 2020 by Avivah Wittenberg-Cox, a coach and consultant who specialises in gender and generational balance in the workforce, the program consists of three 90-minute online sessions for about 25 participants.

“A lot of people suffer through transitions on their own, as if this is some terrible thing they are going through,” said Wittenberg-Cox. “Community is the key to helping people realize it’s normal and fairly predictable at this age and stage to get restless” and crave change, she said.

Al Yafai said an exercise that asked her to define what she wants from the next seven years led her to start a consulting business.

“I went from feeling a bit lost at not being part of my old world anymore to realising there’s this new world of people doing really interesting things,” she said.

‘We still have value’

Reboot Partners, which provides workshops and coaching on career and other transitions, has organised two weekend-long retreats this year, in Santa Fe, N.M., and Sag Harbor, N.Y., for $1,895. Participants visualize their perfect life and discuss fears and motivations around change, said co-founder Jaye Smith.

On an oceanfront campus in Mexico’s Baja California Sur, MEA teaches courses on re-creating careers, embracing midlife and optimising longevity. It also offers weeks long online programs on transitions, purpose and reframing retirement for $395 to $1,250. It plans to open a campus in Santa Fe, N.M., next year.

Lisa Fitzpatrick said MEA, which she first attended in 2019, helped her face down barriers to success.

Dr. Fitzpatrick, 55, was launching Grapevine Health, which publishes online health information for low-income communities. She relished the opportunity to interact with Conley, a veteran entrepreneur.

The Washington, D.C., resident said an exercise to identify self-limiting beliefs helped her conquer a fear of being too old to start a business. She returned to Baja five times to attend workshops on entrepreneurship and healthcare.

For that first visit, she received a scholarship for a seven-day stay that now costs $4,000 to $5,500.

One exercise Fitzpatrick particularly enjoys involves stacking rocks on the beach. “It sounds kind of woo-woo,” she said. But the task of balancing a big rock on a small one helped her overcome mental barriers to what she could achieve. “MEA helps people in midlife realise we still have value,” she said.

Finding a purpose

Some programs explore next acts or spirituality.

Dallas-based Halftime Institute’s offerings include a two-day, $2,500 couples retreat and a $25,000 yearlong program. The latter features in-person and online sessions, as well as one-on-one coaching on relationships, health, faith and finding one’s calling.

“Not everyone who goes through it is Christian but that’s the perspective we come from,” said Co-Chief Executive Jim Stollberg. “We talk about a calling, rather than a purpose.”

For $2,500, Union Theological Seminary in New York offers a four-month Encore Transition program, with virtual sessions on topics such as spirituality in midlife and finding work with social purpose.

Consultant Carolyn Buck Luce leads a group of women through a weeks long online program called the Decade Game that costs $2,250. It challenges participants to set goals to guide their next decade in areas including education and purpose.

“It’s about being able to declare the purpose you were called to,” said Luce.



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Money
A Killer Golf Swing Is a Hot Job Skill Now
By CALLUM BORCHERS 14/06/2024
Money
Apple Sued by Employees Alleging Unequal Pay for Women
By ERIN MULVANEY 14/06/2024
Money
The unexpected reasons Australians are retiring earlier than planned
By Bronwyn Allen 14/06/2024
A Killer Golf Swing Is a Hot Job Skill Now

Companies are eager to hire strong players who use hybrid work schedules to schmooze clients on the course

By CALLUM BORCHERS
Fri, Jun 14, 2024 5 min

Standout golfers who aren’t quite PGA Tour material now have somewhere else to play professionally: Corporate America.

People who can smash 300-yard drives and sink birdie putts are sought-after hires in finance, consulting, sales and other industries, recruiters say. In the hybrid work era, the business golf outing is back in a big way.

Executive recruiter Shawn Cole says he gets so many requests to find ace golfers that he records candidates’ handicaps, an index based on average number of strokes over par, in the information packets he submits to clients. Golf alone can’t get you a plum job, he says—but not playing could cost you one.

“I know a guy that literally flies around the world in a private jet loaded with French wine, and he golfs and lands hundred-million-dollar deals,” Cole says.

Tee times and networking sessions have long gone hand-in-golf-glove. Despite criticism that doing business on the course undermines diversity, equity and inclusion efforts—and the fact that golf clubs haven’t always been open to women and minorities —people who mix golf and work say the outings are one of the last reprieves from 30-minute calendar blocks

Stars like Tiger Woods and Michelle Wie West helped expand participation in the sport. Still, just 22% of golfers are nonwhite and 26% are women, according to the National Golf Foundation.

To lure more people, clubs have relaxed rules against mobile-phone use on the course, embracing white-collar professionals who want to entertain clients on the links without disconnecting from the office. It’s no longer taboo to check email from your cart or take a quick call at the halfway turn.

With so much other business conducted virtually, shaking hands on the green and schmoozing over clubhouse beers is now seen as making an extra effort, not slacking off.

Americans played a record 531 million rounds last year. Weekday play has nearly doubled since 2019, with much of the action during business hours , according to research by Stanford University economist Nicholas Bloom .

“It would’ve been scandalous in 2019 to be having multiple meetings a week on the golf course,” Bloom says. “In 2024, if you’re producing results, no one’s going to see anything wrong with it.”

A financial adviser at a major Wall Street bank who competes on the amateur circuit told me he completes 90% of his tasks by 10 a.m. because he manages long-term investment plans that change infrequently. The rest of his workday often involves golfing with clients and prospects. He’s a member of a private club with a multiyear waiting list, and people jump at the chance to join him on a course they normally can’t access.

There is an art to bringing in business this way. He never initiates shoptalk, telling his playing partners the round is about having fun and getting to know each other. They can’t resist asking about investment strategies by the back nine, he says.

Work hard, play hard

Matt Parziale golfed professionally on minor-league tours for several years, but when his dream of making the big time ended, he had to get a regular job. He became a firefighter, like his dad.

A few years later he won one of the biggest amateur tournaments in the country, earning spots in the 2018 Masters and U.S. Open, where he tied for first among non-pros.

The brush with celebrity brought introductions to business types that Parziale, 35 years old, says he wouldn’t have met otherwise. One connection led to a job with a large insurance broker. In 2022 he jumped to Deland, Gibson Insurance Associates in Wellesley, Mass., which recognised his golf game as a tool to help win large accounts.

He rescheduled our interview because he was hosting clients at a private club on Cape Cod, and squeezed me in the next morning, before teeing off with a business group in Newport, R.I.

A short time ago, Parziale couldn’t imagine making a living this way. Now he’s the norm in elite amateur golf circles.

“I look around at the guys at the events I play, and they all have these jobs ,” he says.

His boss, Chief Executive Chip Gibson, says Parziale is good at bringing in business because he puts as much effort into building relationships as honing his game. A golf outing is merely an opportunity to build trust that can eventually lead to a deal, and it’s a misconception that people who golf during work hours don’t work hard, he says.

Barry Allison’s single-digit handicap is an asset in his role as a management consultant at Accenture , where he specialises in travel and hospitality. He splits time between Washington, D.C., and The Villages, Fla., a golf mecca that boasts more than 50 courses.

It can be hard to get to know people in distributed work environments, he says. Go golfing and you’ll learn a lot about someone’s temperament—especially after a bad shot.

“If you see a guy snap a club over his knee, you don’t know what he’s going to snap next,” Allison says.

Special access

On a recent afternoon I was a lunch guest at Brae Burn Country Club, a private enclave outside Boston that was the site of U.S. Golf Association championships won by legends like Walter Hagen and Bobby Jones. I parked in the second lot because the first one was full—on a Wednesday.

My host was Cullen Onstott, managing director of the Onstott Group executive search firm and a former collegiate golfer at Fairfield University. He explained one reason companies prize excellent golfers is they can put well-practiced swings on autopilot and devote most of their attention to chitchat.

It’s hard to talk with potential customers about their needs and interests when you’re hunting for errant shots in the woods. It’s also challenging if you show off.

The first hole at Brae Burn is a 318-yard par 4 that slopes down, enabling big hitters like Onstott to reach the putting green in a single stroke. But to stay close to his playing partners and keep the conversation flowing, he sometimes hits a shorter shot.

Having an “in” at an exclusive club can make you a catch. Bo Burch, an executive recruiter in North Carolina, says clubs in his region tend to attract members according to their business sectors. One might be chock-full of real-estate investors while another has potential buyers of industrial manufacturing equipment.

Burch looks for candidates who are members of clubs that align with his clients’ industries, though he stresses that business acumen comes first when filling positions.

Tami McQueen, a former Division I tennis player and current chief marketing officer at Atlanta investment firm BIP Capital, signed up for private golf lessons this year. She had noticed colleagues were wearing polos with course logos and bringing their clubs to work. She wanted in.

McQueen joined business associates on the golf course for the first time in March at the PGA National Resort in Palm Beach Gardens, Fla. She has lowered her handicap to a respectable 26 and says her new skill lends a professional edge.

“To be able to say, ‘I can play with you and we can have those business meetings on the course’ definitely opens a lot more doors,” she says.

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Lifestyle
Stressing Over Your Next Home Renovation Project? Let AI Handle It.
By NANCY KEATES 13/06/2024
Money
A Killer Golf Swing Is a Hot Job Skill Now
By CALLUM BORCHERS 14/06/2024
Money
How to Avoid Pitfalls When Loaning Money to a Family Member
By ANDREA RIQUIER 13/06/2024
0
    Your Cart
    Your cart is emptyReturn to Shop