I am currently in a position where I have lost my CFI job and am not flying regularly. Like a few posts above, I had to sign a two year contract saying I will not infringe on the business of my employer. However, these contracts are rarely acted on, and by talking with the chief flight instructor we reached an agreement where I can continue to instruct, only not through renting his airplanes. Be sure you do reach an agreement, though, because one person I know of got completely screwed. He was working in the next town over as a CFI, quit his job and moved to my town where he was hired on as a CFI. The other company heard about it, and decided to make an example of him by bringing down the full force of the law upon his head. He now cannot work for 2 years in aviation (in this region) and had to pay $20,000 in court. $20,000 is more than a year's pay in our profession!

I am now increasing my multi-time flying empty legs with a friend's Conquest and teaching a random flight student here and there. 920TT and 70 multi and thousands of resumes floating around. Here's hoping for that lucky chance!