Should I Change Jobs?

I'm 28 and work in the LIHTC space.

Current Role: Project Manager for a small LIHTC development company (<5 people). 

Comp: $125k, 20k annual bonus, 15k bonus every time we close a deal (Usually 1/yr, sometimes 2).

Company Structure/Culture: Two partners in the company (late 50s/early 60s), <7 people total. Ownership wants to stay lean so I don't see us hiring more people or exceeding 1-2 deals per year. Our average developer fee is $3-4M per deal, paid out over 3-4 years. Our office is small, people rarely go in. In a typical week I'm in the office 3 days, on a job site 1 day and remote 1 day. Office culture is very boring since no one goes in.

Potential: I could see myself getting part ownership in the company in the next 3 years, which would mean I could take part in the distributions from cash flow (LIHTC deal so there isn't much), and developer fee (majority of our revenue). However, with the owners being in their late 50s/early 60s, I'm not sure how much longer they'll want to continue. They're making good money but if they decide to stop closing new deals in 5-7 years, I'd get the boot.

Offer: LIHTC Equity/Debt Underwriter, AVP

Comp: $150k, 10-25% bonus

Company Structure/Culture: Top 20 bank in the US. More opportunity for personal/career growth, much better office culture.

Potential: Some people stay in this role for a while, it has consistent pay increases, great benefits and great culture. Opportunity to move within bank to other roles within LIHTC space or in general real estate space.

I'm split. I like, but don't love, the nitty gritty of the development side, working on a deal for 2-3 years before it even breaks ground can get very boring. The culture is below average, there's usually no one else in the office to talk to/bounce ideas off of. However, pay is good and steadily increasing, and if I get in on ownership, even just 5%, the fee distributions alone could reach $75-100k annually.

The new role at a large bank would provide much more opportunity for career development, further education, and a more collaborative work environment. My exit options at a large bank would be much better as well.

What would you do? If I choose to stay I'll certainly be going back to the negotiating table with them.

2 Comments
 

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