Goodlad was an underwriting member of the Lloyd's of London insurance market, commencing in 1977 and ceasing in 1990.

His membership coincided in the latter years with the rising tide of asbestos losses and his share is estimated to have been about £90,000.

Labour Prime Minister Tony Blair then appointed Goodlad as High Commissioner to Australia.

Goodlad accepted the office of Steward and Bailiff of the Chiltern Hundreds on 28 June 1999 to formally vacate his parliamentary seat,[3] triggering the 1999 Eddisbury by-election.

On 19 July 2005, he was created a life peer as Baron Goodlad, of Lincoln in the County of Lincolnshire,[4] and was introduced in the House of Lords the following day.