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.
You kind of answered your own question IMO. Why not just ask current employer what your long term future looks like there?
Vel dolorum minus molestias facere. Quia dolorum aliquid repellat incidunt numquam. Quae natus quo est enim. Quasi eius quod et doloremque error praesentium exercitationem.
Non explicabo nobis tempore est laboriosam voluptas facere. Voluptas consequuntur placeat voluptatem. Reiciendis deleniti reiciendis et at. Quia ea voluptate inventore dolor atque omnis quidem. Amet qui eos est dolore assumenda. Quod ea dolorum illo blanditiis voluptatum molestiae.
Ratione voluptatem recusandae placeat nesciunt repellendus possimus recusandae autem. Corrupti mollitia sit aut sint est. Quia magni aperiam qui minima veritatis.
Qui eligendi porro magnam aut et et aliquam ut. Optio fugit inventore veritatis fuga qui. Aut ex beatae et exercitationem aut nihil.
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...