Hiring at a family development shop
Question concerning a lean, private family developer.
Say they're hiring for a development/acquisitions associate and are a very lean shop (have two principals the run the development/acquisitions side). One of the principals (the founder) has son's in their teens, early 20's in college.
Should you be concerned that since they're so lean and one of their sons may want to join in 1-2 years that they'll hire him at that point and get rid of you? After all it is a private company and they can do what they want at the end of the day.
Has anyone dealt with this and what are your thoughts on taking the job with that in mind?
A lot of kids don't want to work in the family business and others plain suck when they do. I really wouldn't let this issue deter you. You should judge the job based on role, projects, compensation.
It your skills, network, and project reputation that lets you move up and on within development. If this place let's you grow in those dimensions, then it's worthwhile. Maybe you will need to move on for advancement, but that could be true regardless. Family shops also end up selling to non-family employees in many instances, generally at favorable terms (like free or close to free financing). So, I mean, you really can't tell.
Thanks, was curious because I've spoken to one of the principals before when I was coming out of undergrad and am in touch at least every month with deals. How would you go about continuing to cultivate relationships like this for a possible out?
He doesn't know me well personally but knows who I am, I'm very green and a year out of undergrad. I've met him in person a few times and he's open to helping/giving advice, but I don't want to waste his time meeting in person again since I don't have much value to add besides if it's deal related (which email works fine for besides a tour, etc). I usually send him useful information on topics he said he was looking to learn more about and deals that's it.
How do I continue to go about this as a way in a year or so if I'm looking to switch they may add me on or if they have an opening they will let me know? He knows I want to do development because I've told him and his thought is I need to get a few years of experience under my belt before switching so that's why I want to wait and learn for another year before I even reach out to him again.
To clarify I'm broker, investment sales middle market.
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