What would you do? Entrepreneur-> Banking or Not?
I started a business after graduating with a liberal arts degree from a target. I'm now in my early 30s. My business nets me about $300K a year.
I considered going into finance after college (had offers from major BB), but really wanted to start the next big thing.
I'd put the odds at my company growing into a net 7 figures a year biz over the next few years at 1 in 6. Otherwise it's likely to stay in the $300 - 500K range. I know a lot of guys I went to college with who went into finance that are making high 6 and 7 figures. As the owner of my biz I call the shots and have more flexiblity than they do, but they're pulling in a ton more cash than me.
What would you do if you were in my position and making as much money as possible over the next 10 - 15 years was your #1 goal?
Should I sell my biz and try to move to finance, or focus on growing my biz?
funny because I am moving the in the complete opposite direction. Was making good money in PE and decided I wanted to run WSO full time to give myself the flexibility and freedom to travel when and whereever I wanted.
Could I make more money in finance? maybe...
Could I make more money running this business? maybe...
Financially it is probably a tough call. There is no guarantee that with your experience (or lack of it) that you will be netting $300k each year right away or that you will get promoted and start bringing in $750-1.2m like some of your friends.
Plus, I'm not sure what your lifestyle is like and how much freedom you have to manage remotely, but can't you live ok off of $300k/yr and make yourself irrelevant to the business (ie, still bring in $200-400k as the owner, but chase whatever finance dreams you think you have)?
just some thoughts...
-Patrick
just curious...what kind of business are your running right now?
I'd be attempting to expand aggressively if I had my own business. What, other than economy, has been a major hindrance to your businesses growth?
Regulatory environment looks like shit. No idea how many employees the OP needs but adding employees nowadays seems like it would be a bitch, especially with all the new healthcare laws.
How can you people possibly vote for democrats in November? I'm from Canada but I've been reading/hearing about all of these legislation hurdles businesses are faced with and I'm frankly disgusted.
Been a Republican my whole life. Never voted for a Democrat nor will I ever.
In your early/mid 30s, I can't see how you'd easily break into banking without having an MBA from a top school (which is probably not feasible to go back for now). Are you having some sort of early mid-life crisis? Worried too much about keeping up with the Joneses?
In many parts of the country, netting $300-500K is nothing to sneeze at (I'm assuming you mean net EBITDA, not net revenues). Have you been saving most of that for several years or plowing it back into the business?
If you have some cash saved up, you could consider becoming an angel investor for budding entrepreneurs. Similarly, you could see if there are any botique VC/PE firms that work in your sector that would welcome an "entrepreneur/operator in residence". You could learn the finance/investment ropes from them while you help with portfolio companies.
All of the above is predicated on your current business truly being "maxed out" in its current market and mostly on autopilot. If it's not, you'd either need to sell it, bring on a manager who can run/grow it, or rededicate yourself to growing it full time.
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