I agree with that as a theoretical physicist you can develop all sorts of skills which are most useful in the industrial world take away from specialization in a theoretical area.
and what's more, as a theoretical physicist (of mid level or higher),especially the ones work on fundamental physics, such as string theory or relativity, many jobs are just too easy for you according to your intellectual level,if you just wish to stop your academic career and have a job,for a job I mean some kind of engineering or applied tech or mathematical financial or other easier things(a mid math/science teacher e.g.) with mid or higher level income .
and the ones work in subfields with wide applications, such as condensed matter ,nuclear , optics, things would be even more easier,what he need is just get some kind of licenses of engineering on related fields of tech or something equivalent to that,then join a company, he will find that what he need to do is just some kind of phenomenology with large help from highly developed computer software.
But most of physicists would never do that, give up physics is almost the same word of 'you are a loser of life' to them in the sense 'physics is too hard for me, even I thought I was clever enough earlier'(='I'm too stupid'),they would just change research areas to relative easier subfields or less theoretical ones, see the example of John Baze ,he gives up string theory recent years, but still researches on some applied areas, q-information e.g. , and has done good jobs.
situation is different for a physical student, who has not became a theoretical physicist yet. if you do not like academic life, I suggest you get some 'useful' PhD, it will save your time. but if you have got a PhD on physics ,it's also good, a PhD means you have already mastered enough general tech and knowledge for most industrial company real needs ,what you need is turn to a applied area or engineering you are interested in, you would soon master the skills you need in practical work.
forgive my terrible english please,already corrected by word