Family Business (Restaurant on the country side) vs. Junior Bond Trading Position (Biggest Bank in the country)
Hi guys,
hope you all doing well. Short to my background. I grew up on the countryside of mid Europe. I did my high school diploma there and helped out my parents every free time I got because we got an own business there since over 25 years and its doing pretty well (restaurant). After high school I went to a Distance learning university because I had to help out my parents. Getting employees in our city its almost impossible as you all know who wanna works in a restaurant? Its dying out since years but our business is getting better and better due to the lack of choices the people got and I dont wanna be pretentious, also because of me. I know 75% of the people who eats in our restaurant and lot of them I know their children and so on. Its so much work and getting worse and worse (thought its gonna be better, but its not). But yeah the amount of money we earn is very very good lets 200k-250k thats the profit, but cant use all of it because lets say we are like a submarine.
Overall I got in touch with S&T when I was searching for a job in my last semester of my bachelors and with a good amount of luck got a internship in the insti sales deaprtment of a bigger bank and there I was doing pretty well. With that experience I applied for an internship in London for a broker and to my surprise they took me and also paid my rent, got a salary and visa for the period of the internship. (got an offer to stay there) There also everyone loved me due to my grinding hard mentality from the restaurant business and in the meantime i finished my bachelors and started a masters degree in business administration which I will hopefully graduate in February. I did not stayed in London because of my studies and the business of my parents at home even though I was living in London I travelled back every two weeks to help them out. When I came back in January I started another intership role in the IR Derivatives Trading department of the biggest bank in my country and now they got a junior position in the credit trading team and I have a big chance to get that position pay is ok (50k + 75-80% Bonus if you do wel).
Now guys can you help me out please. What should I do? 200k is a lot of money even if you doing IB or S&T getting 200k is not that easy, but for that money I have to sacrifice everything that I "built up" last 2 years. Is money everything? For sure my parents bought a house and a flat for me based on loans and they will pay it off in next couple of years with the money we earned in the business but is money everything? I would do it if they let me do my own way but there is no way that they will let me do it because in their mind it worked over 20 years why we should change something and we are earning even more. If I talk to them about the stress and everything they will blend it and say you dont work so much and we do it for you... There is no gratitude and if they are in a bad mood which is quite often I get the smoke because you cant criticize the employees. I am 27 now and its getting to a point I should know what I do in the future and last weeks I felt like I am getting a burn out. Before I used to do a lot of sports and saw the world very different then now. I feel like everyone is enjoying life and I am there just for work and work. So guys any advices?
Best LZ
Do you like the markets business? You can make a lot more than 200k a year long-term if you are good obviously. If your parents can manage, I don't see why you would stay working in the resturant.
I really like the market business, and I know that you can make way more than 200k if you are good, but the problem is that my parents are still "young" 50-55 and they are so old schooled and became very conservative last years because it worked over 25 years and we earn way more than 5 years ago because of less competition and they will put a lot of pressure on me that I should take over as I mentioned we bought some apartments and houses for me and my brother and they will always say we do it for you and everything. Earlier I thought they do it for the family and everything now I am getting start to think that they do it for their ego just to say to their "friends" we make more than you... They hate the work its all about greed in my opinion and they dont care about employee happiness make as much as you can and get it in your pocket...
I feel you! I was in a similar situation so can relate to what you are saying. My parents own a small business, I was helping them to run it since being 14, and overall they wanted me to take it over once I finish my university studies. During my middle and high school years I started questioning myself if that was what I wanted to do and I came to the conclusion that it wasn't.
Their business generates decent money so I would be okay financially, but 1) I would lose chances to develop a skill set like the one you develop working in a bank/F500 etc; 2) my job would be very limiting in terms of meeting new people, networking as you normally do in a corporate/banking setting; 3) I felt I would 'get old' too quickly as I would be dealing alone/just with my parents with business things 6-7 days a week so I wouldn't be able to do my job, and then go out and just enjoy an idea of having a stable salary with all the perks like the one you get working on a contract.
I told them my thoughts while in high school. They weren't happy but accepted my decision to some extent. I finished my degrees and currently working at F500 - I earn way less than I would be earning at their company, but I gained various experiences, including living in London, that I wouldn't have got just by following in their footsteps.
I think you need think this through and try to answer a few questions on your own: Do you enjoy an idea of fully devoting yoursefl to work in the restaurant owned by your parents? What are your thoughts about staying long-term in the place where the restaurant in located in terms of meeting new people/dating opportunities? Is running a restaurant your passion or you really feel passionate about something else (e.g. trading)? Those aren't selfish questions, but some to help you better understand what you want from your life. I'm your age, and I'd argue that money isn't everything (as long as you have some financial stability) and it's also about experiences like living in different countries, especially when you are young.
My parents still run the business and are aiming to sell it at some point. I think this could be an idea to consider in your case too, or alternatively trying to find some manager who would run it on behalf of your parents. If you offer some accommodation in addition to salary to restaurant's employees, I'm guessing you will be able to find someone from a different town.
At the end of the day, it's your life and your decisions, but I feel like there are two types of people; those who will happily take over a parents' business because it just saves them from looking for a job on their own, and those who will be suffocating/feeling unhappy as their have own dreams and aspirations which are not in line with taking over parents' business.
Thanks for your answer! I grew up in a small town where nobody wants to live there every year its getting worse and worse regarding activites everyone is moving to the capital city its about 2h away. We dont enjoy the work we hate it now, before when we were not that wealthy it was ok, I knew everyone and I kind of enjoy building the personal realtionship in my town but since couple of years the only thing my parents think about is money money money. When we get up we will talk about money and when we go to sleep we talk about money. I am tired of it, dont get my wrong money is very important for me as we are in the finance business. But its not healthy anymore in my opinion they start to worry about everything and having a bad mood when we have a "bad" day. Its just greed and if I am talking to them they are always like we do it for you and evertyhing and the amount of money we earn in 5 years its the money the people in our city earn in 40 years. I know its insane but cant invest or buy something but we are like a U-boat. They never listen to my thoughts due to the cirumcstances our business worked over 20 years and now since 2-3 years its getting more and more difficult... But yeah 200-250k per year its a lot of money also what my senior colleagues also from trading and sales told me...
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