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How do I do diligence on a prospective angel?
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Benefits and steady pay are the reasons driving my decision to stay with a partner firm. I'm not a risk taker and felt more stability with a firm vs independent.
Independent a good gig, no doubt, but a much higher ceiling at a partner firm - particularly B4/ACN. Additionally, at ~D and up you significantly broaden your skillset and your focus transitions from being a software practitioner to running a large business unit. This is very transferable and a hedge against your software or focus that independents won’t have. When WDAY took off, senior leadership for platforms across the major ERP ecosystem simply slotted over. They knew how to run a professional services technology business regardless of the platform. Workday won’t be the top dog forever, and those with seasoned experience in mid-upper management will be well positioned to hitch their carts to the next shooting star without skipping a beat.
Coach
Independents are running their own business as well and have the hands on knowledge. Hands on knowledge is always the most important. Clients want to know that you can solve their difficult problems and you can’t have those skills unless you’ve spent 10 years plus on them. You can only BS at a high level for so long. Eventually the clients want answers and you have to provide the details of how you will solve their problems and then they will see who the important people in the project truly are. It could be an analyst that is more important than the partner if he knows some obscure stuff. Also I’m not talking about easy HCM stuff. I’m talking about Payroll, Finance, SCM, integrations etc. also Workday is just PS 2.0 so it HAS been the top dog forever and will highly likely continue due to their highly specialized knowledge of functionality and compliance. Otherwise FAANG would’ve taken over by now. I’ve seen many MDs and partners fall off due to failed projects because they didn’t have answers to mission critical gaps or simply couldn’t manage to the timelines effectively, whereas I’ve seen independents grow their business to multi deca million dollar revenue businesses.
I know for a fact the people I know doing independent are clearing at least 250000 a year. Some closer to 4.
Coach
You gotta run multiple contracts concurrently and clear $300k. Good to transition at manager level where that will be a good pay bump. For directors, not really worth it as they can make more than $300k already.
No one cares about your expired cert if you’re independent. Your work history or client history is more important. Been independent for 3 years. Highest rate I’ve personally billed is $140. I’m now FTE due to my assuming economic downturn coming, but still consult on the side.
Nice to know!
Coach
I am independent and contract through a consulting firm. I chose my own rates. I have no certifications but I have eons of HR experience and some finance and operations experience too. I find it to be lucrative. I don’t have health benefits and have to manage my own taxes and such so that is definitely something to consider if you aren’t organized and disciplined.
Agree with MC, however, I am contemplating transitioning to client side. Being able to focus on one customer rather than eight is very appealing.
Coach
Many organizations offer different models in order to meet the needs of the customer. You can DM me and we can talk through options based on where you work.
Yeah. That too.
Client side can be more engaging and you feel more worth sometimes.
How are the chances to coming back to partner if you go to client side?
Dang!
How many YOE do people usually have before going independent?
I feel like it’s not worth it at Sr Mgr or Director level when you are already making over $200K. If you factor in benefits, bonus, stock, etc, I don’t think going independent will get you anything extra. Well, maybe the fact that you are working for yourself?
You’re right 😂
You can come back, but if you miss three release cycles you have to go back through HCM certification.