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Message
Calling any/all Small Biz owners
Posted on 11/23/14 at 3:58 pm
Posted on 11/23/14 at 3:58 pm
I truly value most of the opinions that this board provides each other. I come to you for any "fatherly" advice that you may have from past experiences.
I have had an open invitation to work for a small family own business for the past couple of years. It's a sign business that specializes in commercial property signs including hospitals, apartment complexes and new commercial buildings. The company has been around 7 years and has about $3m in rev with growth every year. I am currently in the corporate world managing about $20m in business for a large CPG company and have a pretty cushy job. I get to play golf 40+ times per year, attend numerous sporting events around states, nice dinner's and other entertaining activities. As anyone who has worked in a F500 environment knows, there's a lot of red tape, "boys club" culture and an overall feeling of just being a number and not valued.
My dilemma is this..... I'm 34 and have my first child on the way in February. My wife and I make ok money and live in a major metropolitan area so cost of living is pretty high. I have been strongly considering lately taking my chances with jumping ship and going to the family owned business and within about 5 years running this business.
So, small biz owners, tell me about your experiences and some of the stresses that you're enduring. If offered, would you trade your job for a corporate job like I have or does being your own boss trump anything else?
I have had an open invitation to work for a small family own business for the past couple of years. It's a sign business that specializes in commercial property signs including hospitals, apartment complexes and new commercial buildings. The company has been around 7 years and has about $3m in rev with growth every year. I am currently in the corporate world managing about $20m in business for a large CPG company and have a pretty cushy job. I get to play golf 40+ times per year, attend numerous sporting events around states, nice dinner's and other entertaining activities. As anyone who has worked in a F500 environment knows, there's a lot of red tape, "boys club" culture and an overall feeling of just being a number and not valued.
My dilemma is this..... I'm 34 and have my first child on the way in February. My wife and I make ok money and live in a major metropolitan area so cost of living is pretty high. I have been strongly considering lately taking my chances with jumping ship and going to the family owned business and within about 5 years running this business.
So, small biz owners, tell me about your experiences and some of the stresses that you're enduring. If offered, would you trade your job for a corporate job like I have or does being your own boss trump anything else?
Posted on 11/23/14 at 4:05 pm to CHiPs25
Is it your family that owns the sign business?
If so, if you can work with them well, I would do it in an instant.
7 years is established enough that I think the risk is low. It would be a much more challenging and fulfilling career imo.
ETA, if it's not your family business and you would just be running it for someone else, I would probably pass... Especially if they have kids int the family that may want to get involved some day.
If so, if you can work with them well, I would do it in an instant.
7 years is established enough that I think the risk is low. It would be a much more challenging and fulfilling career imo.
ETA, if it's not your family business and you would just be running it for someone else, I would probably pass... Especially if they have kids int the family that may want to get involved some day.
This post was edited on 11/23/14 at 4:07 pm
Posted on 11/23/14 at 6:26 pm to CHiPs25
3m a year would be a little too small for me to feel comfortable
Posted on 11/23/14 at 7:00 pm to CHiPs25
I took a major pay cut in starting my own business about 6 years ago. It was scary as hell to follow through on the decision, but it's been one of the best choices of my life.
I've surpassed the pay I left behind by a lot, but the most fulfilling part of it all is knowing that the business, a thing I created, is growing because of the decisions and work I put in everyday.
Not having a boss and being 100% responsible for the companies growth is a ton of responsibility, but worth every bit of it IMHO.
I've surpassed the pay I left behind by a lot, but the most fulfilling part of it all is knowing that the business, a thing I created, is growing because of the decisions and work I put in everyday.
Not having a boss and being 100% responsible for the companies growth is a ton of responsibility, but worth every bit of it IMHO.
Posted on 11/23/14 at 8:02 pm to CHiPs25
Being in business with partner(s), perhaps even more so with family, can be tough. Jealousy and resentment will rear its ugly head sooner or later. I've been there.
I eventually left my successful partnership after about 5 years and started my own gig. Scariest and ultimately the best decision I ever made. Good luck in whatever you decide.
I eventually left my successful partnership after about 5 years and started my own gig. Scariest and ultimately the best decision I ever made. Good luck in whatever you decide.
Posted on 11/24/14 at 9:24 am to CHiPs25
How "stuck in their ways" are your brother and dad? Since you are coming from an outside perspective, you will probably quickly realize there are some things that can be done better. Will they take your advice, or dismiss it because "you haven't been around"?
I think the only way I would do this would be if I had a significant amount of decision authority.
I think the only way I would do this would be if I had a significant amount of decision authority.
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