Banking vs Family BusinessSubscribe
Hello, I will be joining a BB bank (GS/MS/JP) in London as an IBD analyst. My father runs and owns a pretty decent businesses in South America. He recently lost passion for one of his businesses ($1.5mln EBITDA and about $14mln revenue which makes up approximately a third of his wealth I would say) as he want to concentrate on another ventuere which he sees as more promising. I have 4 siblings and three half siblings from a first marriage of his and so I will be inheriting little by the time he passes away (hopefully as late as possible). However, given the recent developments and the fact that I am the most accomplished (hate to say this) son in the family, he offered to give me 51% of the shares in the business I previously mentioned provided I go back to South America and dedicate my whole self in it. He said I can either take the offer now, or wait 5-6 years and take over the business after having had some experience in London. I have three choices in front of me:
1) Join the business immediately giving up my banking role
2) Joining the business after 5-6 years in finance after which I will hopefully have had 2 years of banking experience and 3-4 years of PE/HF experience
3) Never join the business and continue to build a career in finance with the objective of making the big bucks there (harder and harder these days?)
What do you guys suggest I do? Will the banking and PE/HF experience make me a better entrepreneur and CEO or will it be useless in that regard? I am willing to work hard in any field and I would probably enjoy all of the options. My main motivation is maximizing long-term wealth. I want to become truly rich (70mln or more by the time I am 60) and I am scared that even in high paying finance jobs I will be unable to save more than 500K a year at the very top and will thus never break the 20mln ceiling. This is especially due to crazy high cost of living in London and NYC. I know this objective for net worth sounds stupid and naïve but people have done it before and thus if they could (often from more humble beginnings) then why can't I?
Looking forward to your opinions, please feel free to ask me any clarifying question!
Thanks in advance!