Am I crazy to not take this opportunity?
I was watching a Gary Vee snippet the other night that particularly hit home for me. Gary had stated that working alongside his father to build a company was one of the most incredible experiences in his life. He also recognized that he likely could have made more money working on his own, but still holds no regrets considering that the memories he made will live on forever while his father will not.
**So, WSO, I have to ask: If you were presented with the opportunity to work alongside your father and ultimately take over/buy out the company, would you do it? **
For context, I have a fairly 'cookie cutter' background: semi-target undergrad with a high GPA, analyst years spent in IB, and now in PE. I truly appreciated my time in banking and currently enjoy my experience in PE. I genuinely find joy in business and finance, as lame as that sounds, and could certainly see myself staying in PE or a similar function for the long-term.
My dad has been running his own company for the last few decades. It's not massively successful, but throws off a good chunk of cash to afford an upper middle class lifestyle. He's always hinted at bringing me on to take it to the next level - to expand into new geographies, create an omnichannel experience, streamline processes, etc.
I previously never gave it much thought for a handful of reasons:
1. I'd have to start at the bottom (on the sales floor) to learn about the products, clients, and processes, which is a huge time commitment when I could have been learning more finance technical skills by staying in PE;
2. I'd be taking a pay cut (say $100k all-in working with him to start. Could eventually make $250+ a few years down the line, but pay in PE would be much greater in any case);
3. I'd have to move back to a Tier 3 city; and
4. I'm worried that others will think I took the 'easy way' out and that anything I would achieve was 'handed to me.'
Would I be crazy to turn down this opportunity? I'm really curious to hear from the WSO community, especially anyone more experienced, to understand how they'd make this decision or if anyone has been in a similar situation before.
Wow. What a great question to think about. I guess the main thing is the LT aspect of both decisions. If you stick with your PE route, you can always leave for your dad's company, albeit, if you go later, you wouldn't be able to work alongside your father. However, if you leave now to help run the company, you'll be taking on a long-term commitment and realistically, won't be able to go back to finance unless you're willing to sell the company after you gain control. I don't necessarily think it would be too hard to transition into running the company, but I would wait until you're at a later stage in your life.
I will take that opportunity for you.
Grow it, then either cash flow it or exit.
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