Advice from the older crowd for a younger monkey?
I have a very interesting decision I need to make within the next 30 days and I was hoping I can get some pros/cons and just life advice in general from y'all.
I currently have the opportunity to go to work for a ~50M sports company that I formerly interned at while I was in school. Basically the CFO is going to retire in 5 years and he wants to groom me as his successor. We have a very close relationship and the executive team all loves me too. He gave me a pretty decent monetary offer with nice benefits and perks, told me some job duties, and told me to make up my own job title and move back in the next 4-6 months. He said call yourself the Junior CFO, I don't care, just come back and let's make some money. (I was thinking of Director of Finance and Strategy, FYI :) )
But there's a lot of permanance in this and as a 26 year old that once had aspirations of business school and possibly working a front office job afterwards as an Associate, I'm not sure what to do. I don't know how B-Schools would look at a small company like that - and he even said, in 2 years if you change your mind, that's fine - we have an open enough relationship where I can tell him that.
My current job, I think, puts me in another unique and good position to get into a decent b-school (not the top 7, but def 7-15).
Anyway, what do you all suggest? Advice? It's kind of a dream job and I love/d the work.
Three questions:
1.) Is this a growing company?
2.) Would you be happy working with these people for the next ten years? 3.) If the federal government announced a plan to tax 90% of your global earnings past $300K, and there was nothing you could do about it, would that make one of these two options a clear choice for you?
Hey man, I always read your posts here and I really appreciate them - FYI. So thanks for responding.
It is a growing company, but I can anticipate it as pretty volatile honestly. It's somewhat of a niche market, but truthfully the lack of that kind of stability doesn't scare me. If anything, I think it's pretty exciting. And I love the co-workers - the CEO/President/VP/CFO/etc...all love and take care of me. We all have a great relationship. The younger staff is all nice and fun. There are no issues there. I'm just worried superficially about taking a position as "Director of Finance/Strategy/Junior CFO/Whatever" at a smaller niche company for my long term career.
And honestly, money isn't my sole motivator in life. I know I'm posting on WSO, but it's not. I value my happiness more than money - but money is nice and I do enjoy it.
I think from a future career perspective this could be a great thing that would differentiate you from other candidates applying to b-school down the line...having talked to a good friend that works in admissions at a top 5 b-school having an interesting story like this (as opposed to the boring and old 2 years banking thing) would set you apart. They like to see increasing levels of responsibility - which this job would afford you.
If I were in your shoes I would go for it. :)
If this opportunity came by you after Business School, you'd jump at it. So why not do it now?
Do it for a few years, call me up and we'll do an MBO.
Hmmm. Seems like a tough call on the surface of it. On the one hand, it is not fun being CFO if the company has to worry about whether its payroll checks will clear. On the other hand, if you like the people you work with and the company is growing, and you think you would be pretty darned happy there, cashing out here isn't a terrible move.
I'm reminded of Showcase Showdown on the Price Is Right. Bob Barker just showed you a showcase with a new Ford Focus and a trip to Hawaii- and you're pretty sure you can guess the price. There might be a Mustang convertible behind the next door, but there might just be furniture- and there's a lot of uncertainty. Do you pass the showcase, or do you cross your fingers for something better?
I figure that 80% of the people in this country are unhappy about their jobs jobs. For 15%- we find our jobs enjoyable about half the time and grinding the other half. I consider myself in that camp- and incredibly lucky to be there. For 5%, those folks get to enjoy their jobs most of the time. If becoming co-CFO or CFO would put you in that camp, I say go for it and don't worry about the woulda-coulda-shoulda. Cash out, take the Ford Focus, and stop worrying about whether you'd have landed the Ferrari instead. And you still might land the Ferrari if the company does an IPO- that just depends solely on your performance and your teams'. And you like these guys.
Just be sure to pick Piper Jaffray or RW Baird to handle the IPO- it will drive the Northeastern elites crazy. ;-) ;-) ;-).
Great Price is Right reference. If only the venerable Mr. Barker were still helping old women spin the big wheel the world would be a better place. Now we have to watch Drew Carey make awkward conversation with "Barker's Beauties." what a shame
LOL. Thanks guys.
It will make for an interesting story for sure. And you nailed it on the head man, if this were a post-MBA position I'd take it in a heartbeat without so much of an after-thought. To be quite honest, I'm not exactly sure what's holding me back aside from working for a smaller niche company. But I'm not a blue chipper like I always wanted to be.
As far as cashing out goes, the compensation is about 70k and I have no idea what the bonus structure is like. I would get equity in the company in the near term when it becomes more available.
Oh and Illini - I'd go with like Morgan Joseph or something just to piss them off. :) lol
Morgan Joseph is a fuckin great company... if you do let me know :-p
Let me tell you a story about one of my friends. He got married a while ago. Two years ago, he met his wife. She was pretty darned gorgeous. She was smart, witty, and nice. It would be hard to do better than her. She had the same religious beliefs, and they could enjoy a glass of Yuengling together while debating about Erasmus's point in "In Praise of Folly". It seemed like a match made in heaven, but he was afraid of locking in.
Finally, he proposed. But the day of his wedding, he was still incredibly nervous- he knew it was a good move, but he was making one of the few lifetime commitments people can make. I told him this was exactly the right move for him, they were great together, but we were friends either way. Then he saw her through a window and all the doubt faded away. Today, his only regret was doubting his judgment.
A bunch of strangers on an online forum think your making the right move. I suspect your friends and family agree with us, but you really want to talk to them. And just remember that the best things in life require long-term commitments.
Hahaha, that works too.I think you'd be crazy to pass this opportunity up. Fast tracked to CFO? Or B-School followed by years of associate work at a bank or consulting firm, gringing out powerpoints and paying off $200K in debt. Not even close.
You can always do an exec MBA / master's courses at night / have an actual life. Who else your age gets to say, "I'm the funcking CFO"
Also, if you are in Boston, NYC, Philly, Chicago, or San Fran, there are perfectly good part-time MBA programs available.
I would do say do business school anyway whatever you do, just for the experience and it helps making up your mind. afterwards you can go both ways.
Forgot to mention.. make sure he isn't just bull shitting you and get as much of what he's offering (i.e. Equity) lined up before you join. I've seen this go bad before.
70K + equity=the good life. Go for it dude.
I trust his word as the truth. I've known him for 3 years and we have a relationship where we are like family. That said, he is going to ride my ass like crazy and make me work hard - which I am looking forward to. I am, however, going to see about getting all that lined up before jumping on board. Even if the CFO thing doesn't pan out (I'd be around 32), being the Director of Finance/Strategy at 26 is pretty sweet; even if it is with a "small"-ish company of ~50M.
Thanks a lot guys. I'm pretty sure I'm going to accept it. I just need to figure out the timing of it all now.
^^^ Talk it over with your family and friends first. I think you're making the right move, but a bunch of random strangers in an online forum isn't quite as good as flesh and blood people you've been able to count on for a decade or two.
I would say DON'T start with a flowery title. Go for something like "strat/finance advisor", and THEN after you get a base raise and equity in about a year become "promoted" to director. If I were adcom and reading a package of some "director" with a 70k starting, I'd tend to think the company is very liberal with titles and the titles don't mean much. On the other hand if I saw a progression in title, supported by a progression in compensation, I'd think wow, this kid must be exceptional at what he does to get this kind of career advancements. Also u can work there for 2 years, then go for ur MBA, then come back and still have a year to finish grooming for a CEO. And before you sign up, make sure the company's financials are solid though; last thing you need is to be a CFO of a company that can't meet payroll, or goes down for some kind of fraud.
I would say take it... Life is about how you navigate the waters. If you fandango-ed your way into this gig to begin with why not let the good times roll? Apparently he seen something in you to even phantom making you the offer, unless that something is the FBI and IRS are looming around the corner lol j/k (maybe)
Well said Argonaut.
Sup guys. I'll be accepting the position - we're working on the details now and hope to have it all done in the coming days. I wanted to thank you all for the advice. I appreciate it!
You're making the right decision man. Give it your all and keep us posted on how things turn out. Good luck.
just to add... when I visited a top b school i sat in on a class and on the row behind me was a PE guy, a teacher, a start up guy and a girl from the peace corp... good schools take people from all walks of life... the bankers were very few
Been following the thread since the beginning. Good luck lkc! And nice sig, Monty.
Et expedita blanditiis alias. Quia aut et quam est.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Facere consequatur ipsum sequi sequi qui sit. Nihil aut cupiditate occaecati ut. Eum quas earum qui commodi ipsa aperiam dolorem at.
Voluptatibus unde saepe temporibus velit enim sit quasi. Ab accusantium quia nesciunt et earum qui inventore. Quaerat ab commodi et repellat. Et quo veniam unde provident. Accusantium optio ut ut eos sit dolor blanditiis atque.
Et ratione voluptatum corporis fuga eum libero. Sunt eos qui sapiente illum. Quo nam suscipit ratione et debitis assumenda rerum. Et quia magni ut cumque rerum dolores fugit. Consequatur necessitatibus natus omnis incidunt eius natus animi. Aliquid perferendis et corrupti quo pariatur voluptas.
Corporis vel nisi velit et saepe nihil. Vel accusantium rerum qui. Impedit sit rerum quo assumenda provident aperiam. Ut dolor minima ullam atque.