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Started By
Message
Anyone leave the corporate world for small business?
Posted on 2/6/18 at 11:08 pm
Posted on 2/6/18 at 11:08 pm
Warning: wall of text
I work for a large family owned (but very corporatized) business. I've worked my way up a few spots in the past five years and have come to learn the pay is not what I expected it to be at this level. To make it worse we have recently had a company restructure and our main bonus program was cancelled, resulting in around a 10% pay cut with no replacement.
When I started we were about half the size and felt like a good sized family owned company with a future for my career. Over the years employee count and overhead ballooned to Unsustainable levels. Now the executive leadership has their hands in every aspect of the business and it doesn't have the same small business comfort as before.
The benefits are decent but the pay is below par for the amount of money I bring into the company in a sales/bookings role (no commission). It's also a highly specialized industry with very few similar positions around the country. Moving isn't an option as I have a very young family (2 girls under two) and all of our family is local. My wife is also wanting to become a stay at home in the next year to raise our girls, putting the financial burden solely on my shoulders.
My father has two small businesses in an unrelated field and has mentioned me coming on with him and increasing the amount of work he can handle. I find myself dreading getting up in the mornings to sit another 8 hours on front of a computer. I'm realizing my financial goals of retiring with passive income streams will never be realized at my current income level as savings for investing are harder to come by with a growing family. My fathers business will allow me to create income based on how much work we book, but the pay isn't guaranteed. Whereas currently I have a guaranteed paycheck but no way to increase my earnings.
I'm not the person who has a calling or dream job. I've just done my best until a better opportunity came along. I just want to take care of my family and having children has shifted my thinking of what I thought was good five years ago. I'm turning 30 soon and don't want to look back in another 5-10 years and feel like the corporate ladder climbing was a waste.
I'm looking for any advice or resources that might help. I'm nervous as hell thinking about turning my back on all I've accomplished the past five years and going into the unknown with a family depending on me. Has anyone made a similar transition? What helped? How did it work out? Any regrets? TIA
I work for a large family owned (but very corporatized) business. I've worked my way up a few spots in the past five years and have come to learn the pay is not what I expected it to be at this level. To make it worse we have recently had a company restructure and our main bonus program was cancelled, resulting in around a 10% pay cut with no replacement.
When I started we were about half the size and felt like a good sized family owned company with a future for my career. Over the years employee count and overhead ballooned to Unsustainable levels. Now the executive leadership has their hands in every aspect of the business and it doesn't have the same small business comfort as before.
The benefits are decent but the pay is below par for the amount of money I bring into the company in a sales/bookings role (no commission). It's also a highly specialized industry with very few similar positions around the country. Moving isn't an option as I have a very young family (2 girls under two) and all of our family is local. My wife is also wanting to become a stay at home in the next year to raise our girls, putting the financial burden solely on my shoulders.
My father has two small businesses in an unrelated field and has mentioned me coming on with him and increasing the amount of work he can handle. I find myself dreading getting up in the mornings to sit another 8 hours on front of a computer. I'm realizing my financial goals of retiring with passive income streams will never be realized at my current income level as savings for investing are harder to come by with a growing family. My fathers business will allow me to create income based on how much work we book, but the pay isn't guaranteed. Whereas currently I have a guaranteed paycheck but no way to increase my earnings.
I'm not the person who has a calling or dream job. I've just done my best until a better opportunity came along. I just want to take care of my family and having children has shifted my thinking of what I thought was good five years ago. I'm turning 30 soon and don't want to look back in another 5-10 years and feel like the corporate ladder climbing was a waste.
I'm looking for any advice or resources that might help. I'm nervous as hell thinking about turning my back on all I've accomplished the past five years and going into the unknown with a family depending on me. Has anyone made a similar transition? What helped? How did it work out? Any regrets? TIA
This post was edited on 2/6/18 at 11:15 pm
6
Posted on 2/7/18 at 12:03 am to 44tiger
Would your current employer allow you to reduce your hours that way you can start investing the hours in your dads business but also still have somewhat steady income? There is a risk with any kind of self-employment. Honestly, with small kids and responsibilities, i would't risk it. Your children come before your desires or wants and that is why you need a safe income. However, if they can reduce your hours and you make the difference at your dads company, then you could figure out if working at your dads company is something you could do on a more permanent basis. Hard decision but know the risks involved. When you get into the entrepreneur world, its rewarding but also it's war and competition wants nothing more than to destroy you.
Posted on 2/7/18 at 12:15 am to Maximusheals
No, I'm salary but we're expected to put in at least 40 hours a week. But I have been pulling weekends for my dad as an hourly to get a taste and learn what I can. I've worked off and on for him through the years and previously it wasn't what I wanted to do full time but he has shifted the customer base towards higher margin work which is a lot more enticing to join and less of a day to day hassle.
Posted on 2/7/18 at 3:48 am to 44tiger
Since it is your dads company and it is already established, I don't see a huge risk like you would normally for a start-up. I think that it would be ok to move into your dads company full-time with one thing in mind. Make sure you have about 6 months of salary saved in an emergency fund to make the transition less painful and anxiety at lower levels. It seems like your dad wants to hand the company off to you at some point in the future but wants to make sure you are capable of running it. I think you will be fine. Again, just make sure you have some savings. Besides, you dad and co. care more about your future and family than whatever family business you are currently working at.
Posted on 2/7/18 at 6:16 am to 44tiger
I'll give you my CSB. I worked for a large F300 company after I finished law school. Loved the work but hated the hand holding, the toxic environment, and the shitty management. Every single day sucked.
I then chose to open up my own law firm. First few months were rough learning the ropes, but now I am at a point where I am grossing quite a bit monthly. Every single day is a blast.
Working for yourself is the most stressful thing that you'll ever do. I work 7 days a week. Even when I'm not working, I think about work. If you think you can work with your dad and make less pay wise starting out, do it. It's the most alive you'll feel in years.
I then chose to open up my own law firm. First few months were rough learning the ropes, but now I am at a point where I am grossing quite a bit monthly. Every single day is a blast.
Working for yourself is the most stressful thing that you'll ever do. I work 7 days a week. Even when I'm not working, I think about work. If you think you can work with your dad and make less pay wise starting out, do it. It's the most alive you'll feel in years.
Posted on 2/7/18 at 12:51 pm to 44tiger
quote:
I'm not the person who has a calling or dream job. I've just done my best until a better opportunity came along. I just want to take care of my family and having children has shifted my thinking of what I thought was good five years ago.
This sounds like me.
TBH, my dream job would be working with my dad. However, he has made it clear he doesn't want to start his own business at this point in his life (Even though he easily could). I believe we would be a great team, but he is the poster child for not being able to teach an old dog new tricks.
I have been in this job changing mindset for the past 6 weeks. It has been completely nerve-racking, but I decided to take the new offer. That will move me out of a dedicated position with good pay, but no real advancement opportunities or extra bonuses outside of COL increases every 2-3 years. My new job will offer not only a pay increase, but dedicated raises and bonuses each year. Additionally, I'll have flex time off, which will allow me to spend more time with my young children. While I am apprehensive about the new opportunity, I believe you have to take chances if the opportunity presents itself.
To me, it sounds to me like your mind is made up. A negative work environment can start to affect more than just the 8 hours you are at the job. Take a leap (if you want to call it that) and go work with your dad.
This post was edited on 2/7/18 at 12:54 pm
Posted on 2/7/18 at 1:45 pm to 44tiger
I'm in the same boat. Reading your post felt like I wrote it.
Can you make an exit without burning any bridges, and do you think you'd be able to go back if things don't work out?
Can you make an exit without burning any bridges, and do you think you'd be able to go back if things don't work out?
Posted on 2/7/18 at 1:53 pm to TigerRob20
quote:
It has been completely nerve-racking
Absolutely. Fear of failure is huge. The biggest turn offs for my current job has been the joke of compensation increases with my last promotion and being a high performer.
Posted on 2/7/18 at 2:05 pm to AaronDeTiger
quote:
Can you make an exit without burning any bridges, and do you think you'd be able to go back if things don't work out?
I don't plan on burning bridges on my way out. I believe I could come back easily in some role as it is a specialized industry and you can't just pull someone off the street, but there are only about ten chairs for the positions I could hold. I'd be counting on someone else leaving to get back in. I've been very successful in my current role. Just worry I wouldn't come back in with the same level of benefits as I have accrued.
I think I'm going to speak with my dad more about future endeavors. I'm going to keep working with him in my spare time, learning what I can. The work itself isn't rocket science. Some of the hours suck but it's worth it for the profit margins. I just need more of the operating/owner experience. When he has a large opportunity arise that will be guaranteed work for me for a set time I can jump ship then and lessen the the financial blow and be set for awhile. Just have time it right as I will be leaving insurance and other benefits behind. As will my wife when she takes leave from her job.
Posted on 2/7/18 at 2:05 pm to 44tiger
I've come to realize that fear of failure will always be there with a new opportunity. But the potential upside is better than what your stagnant "career" offers you.
Also, what reiterated my viewpoint was the fact that once I put in my notice, multiple people within the organization mentioned their interest in taking over for me. While that shows me it was a good job, it shows a more pressing issue that there really isn't room for upward advancement without someone leaving. It definitely made me feel even better about my decision.
I wish you had posted this thread 4 weeks ago.
Also, what reiterated my viewpoint was the fact that once I put in my notice, multiple people within the organization mentioned their interest in taking over for me. While that shows me it was a good job, it shows a more pressing issue that there really isn't room for upward advancement without someone leaving. It definitely made me feel even better about my decision.
I wish you had posted this thread 4 weeks ago.
This post was edited on 2/7/18 at 2:09 pm
Posted on 2/7/18 at 2:33 pm to 44tiger
Yes, and the pros definitely outweigh the cons. I found myself trapped in a corporate culture - changed almost overnight by acquisition - that no longer gelled with my own. It got to the point that the agony of going to work every day was greater than my fear of going after the unknown, so I made the move. As someone else said, you will find yourself thinking about your business constantly, and the stress can be overwhelming at times (ironically, whether business is uncomfortably busy or slow). But the freedom to set your own course makes it all worth it.
Do your due diligence, understand what you are getting into, and go for it.
Do your due diligence, understand what you are getting into, and go for it.
Posted on 2/7/18 at 3:24 pm to 44tiger
What does your wife think? Is she aware that you are thinking of this change? She needs to know what might be coming....perhaps she can find a part time job w benefits or some other form of work compatible with child rearing while you figure out what’s best.
Posted on 2/7/18 at 3:31 pm to hungryone
She's aware and supports me. She has severe postpartum depression from being separated from our children so she is taking medical leave as long as she can starting this summer. Still trying to find out how long she can take leave and bring in some level of income and possibly keep insurance. Once that runs out she plans to tutor part time. She wants me to be happy and knows I will do what it takes to bring home the bacon.
Posted on 2/7/18 at 3:34 pm to 44tiger
quote:
She has severe postpartum depression from being separated from our children so she is taking medical leave as long as she can starting this summer.
Best of luck my man.
Posted on 2/7/18 at 4:14 pm to 44tiger
quote:
I will be leaving insurance and other benefits behind
See my thread about this from a few days ago. Prep thy anus if you are going to have to get your own insurance.
Posted on 2/7/18 at 4:28 pm to TheOcean
quote:
Loved the work but hated the hand holding, the toxic environment, and the shitty management. Every single day sucked.
Working in the corporate can be such a soul sucking experience. My last corporate job was just miserable, mostly for the reasons you listed. But even more because of so much passing the buck on every thing. I sat in a meeting once where we talked for 2 hours about buying a second fridge for one of the breakrooms. 2 hours of hem hawing and nobody wanting to make the call to buy one. Nobody wanted to be the one to have their name attached to that decision, and I didn't have the authority to make the call.
Posted on 2/7/18 at 4:41 pm to MWP
quote:
Prep thy anus if you are going to have to get your own insurance.
That's one of my biggest hang ups. My wife is a teacher also. You should jump on her insurance. for me to join hers would be about 300$ a month in addition to her current payment.
Posted on 2/7/18 at 4:48 pm to The Spleen
quote:
Working in the corporate can be such a soul sucking experience.
I wouldn't have said I loved coming to work but it was bearable. Then I got promoted and realized the salary bump was laughable. Got an increase in the bonus percentage for one quarterly payment and then they wiped the bonus program with no replacement resulting in a 10% pay hit for the year. I quickly realized it's going to be living paycheck to paycheck with no chance to increase my savings for future investments and the soul sucking went to an all time high pretty quick.
Posted on 2/7/18 at 5:56 pm to 44tiger
quote:
You should jump on her insurance
I am but her contract runs out in August so after that I am SOL unless she can find a job where I would be working as a teacher.
Posted on 2/7/18 at 11:45 pm to 44tiger
Maybe not a fear of failure, but a fear of regret. Figure out which decision you will regret the least, sounds like you already know, and stick with it. You'll never know the alternative no matter what you do, so waste zero time speculating on it. Just do and own it.
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