- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
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?
5
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 4:24 pm to Meauxjeaux
quote:
Is it your family that owns the sign business?
Yes. My dad and brother currently run the company and have about 14 employees. My dad is hesitant to leave to my brother because lack of college education.
Posted on 11/23/14 at 5:20 pm to CHiPs25
quote:
Yes. My dad and brother currently run the company and have about 14 employees. My dad is hesitant to leave to my brother because lack of college education.
There's no exact right answer, every family situation is different from the next one.
Some questions:
How well would you get along with your dad and brother in this scenario.
Are you going to be co-equal with your brother and your dad the CEO, or......
Large-scale decisions are tough?
Do you expand or stand pat?
Re-Investment of profits or disburse profits?
Your brother was on-board for the building of company (and putting up with your dad) while you were not. How's he going to feel about you coming in now?
Again, there are more questions than answers, good luck. If you all are the right folks it can work but that's a big "if".
This post was edited on 11/23/14 at 5:21 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 7:25 pm to stuntman
Are you concerned with the longevity of the business or are you pretty comfortably that you'll have this company until you're ready to retire? My main concern is making this switch with a daughter on the way. I've been successful with my current role but running a company is different than being a National Account Manager!
Posted on 11/23/14 at 7:41 pm to CHiPs25
Obviously, there's no way to know for sure (which is true of nearly every company), but I do believe that it's on very solid footing.
You're right though, I had the advantage of being a single guy w/ no kids, so the decision was much easier. I'm pretty sure I still would have done it though, because I knew my people skills earned the companies I worked for a lot of money.
I do believe it will be around for a while, because it's a pest control company and that is pretty important in SW Fla.
No doubt that the responsibilities and roles will change for you, but if I can run a successful business, anyone can.
You're right though, I had the advantage of being a single guy w/ no kids, so the decision was much easier. I'm pretty sure I still would have done it though, because I knew my people skills earned the companies I worked for a lot of money.
I do believe it will be around for a while, because it's a pest control company and that is pretty important in SW Fla.
No doubt that the responsibilities and roles will change for you, but if I can run a successful business, anyone can.
This post was edited on 11/23/14 at 7:47 pm
Posted on 11/23/14 at 8:01 pm to stuntman
How do you take salary? Do you just take a certain percentage off profits?
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 11/23/14 at 8:36 pm to CHiPs25
Its an llc and I have a fixed salary.
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.
Posted on 11/24/14 at 10:02 am to LSUFanHouston
Does the family business provide decent benefits to owners/employees? Be sure you're comparing apples to apples: being your own boss offers as many drawbacks as opportunities. Healthcare costs, 401(K)/retirement, tuition reimbursement, stock options....Fortune 500 may feel like a noose, but it's a cushy noose.
Does your present job offer no opportunities for advancement? You sound bored in your present position. You may need a challenge, but that doesn't mean stepping into a (smallish) family run business is the right choice.
Does your present job offer no opportunities for advancement? You sound bored in your present position. You may need a challenge, but that doesn't mean stepping into a (smallish) family run business is the right choice.
Posted on 11/24/14 at 10:23 am to hungryone
quote:
Does your present job offer no opportunities for advancement?
Very little opportunity for advancement. We have numerous brands under the main umbrella and all of the upward moving jobs are going to other business units then the one that I am in. I am pretty much pigeon holed into my current role.
quote:
You sound bored in your present position.
Pretty safe assumption.
Posted on 11/24/14 at 11:28 am to CHiPs25
quote:
Pretty safe assumption.
So figure that part out; don't just grasp at the family business because you're bored. Dad tells you he doesn't trust brother to run the company--in essence, your brains & effort will be subsidizing brother's lack of skills. How do you feel about THAT? (Or maybe Dad's overly focused on the college degree & brother can run the business by himself. In which case why would he want YOU splitting the profits?)
Anyway, think about why you're bored and see if you can't identify other possible positions before you follow the path of least resistance back into the family fold. A sign business doesn't strike me as the world's most stimulating enterprise....
Posted on 11/24/14 at 4:18 pm to hungryone
I would say it's a pretty interesting opportunity. If you go there and you only last a few years before some Dynasty BS happens to you and family biz or just family-related drama crops up, you should have a fairly great understanding of the business and an educational and work-foundation in place to where you could perhaps strike out on your own to compete and or just go your own way.
You could also pivot back and say that you wanted to press pause during your kid's formative years before diving back into the corporate world.
Either way I think its a great dilemma to have.
You could also pivot back and say that you wanted to press pause during your kid's formative years before diving back into the corporate world.
Either way I think its a great dilemma to have.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News