Family member leaves their c-suite position to open up their own Wealth Management shop, you are asked to join the effort. Currently, your comp is $120k and you have a young family...(next post)

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Posting as :
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You are currently posting as works at

Can you start with helping part time?...

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Yes, but consultant schedule would prevent me from doing so

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See first reply for my questions and I want all perspectives - please throw questions and thoughts at me

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What's your wife's thoughts on this?

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Unless it's your pops that owns the shop and even then if there is clear autonomy and value of your thoughts....

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What should you ask for in terms of comp? What would detract you from participating? How do you think this would reflect to future employers should things go south?

Because I'd hand in my resignation at the word "go" - I only see upside at this opportunity...

If you have a backup plan, go for it. My backup plan has always been being cocky and knowing I'll get another job quickly if things go south.

1) Do you trust them? 2) Do you believe they have / are capable of acquiring all the appropriate resources / contacts to be successful? 3) Will you enjoy or not mind the work? 4) what's your next move if things go south and where does that put you in your career as opposed to "staying the course"? 5) Work/life balance?

These were the questions I asked myself when offered a riskier opportunity "in industry" with a significant pay bump.

1&2) I trust him with my life, and I know he can get the resources.
3) I think I will like helping build the business from the ground up
4) I'd come back to consulting in some capacity. I have terrific reviews for both EY and Deloitte.
5) Work/life balance would suffer just because how much work is involved, but it's worth it

Assuming you'll be a wealth management advisor? If so, minimum $100k base, plus points on your client txn. If it's just you and your relative, I'd also look for either a profit-sharing partnership... maybe some incentives based on total $ managed by firm as it relates to % growth - both in new business and gains on investment.

Sounds like you've already got your answer 😉. Do you have enough of a financial cushion to support the family if things do go south?

Lots of people boomerang back to consulting. Take the opportunity and if it works out than great! If not then you can always come back and with industry experience. Bigger question, how do you feel about working with family?

You can get paid less gross but net just as much if not more if you are made an LP in the business. Many tax advantages being a business owner. I'd recommend trying to get profit sharing, and take the risk. Not that this decision is purely financial but you make 120k now, pretty sure if this doesn't work out you could pop right back to any other consulting firm and they'd basically give you your old life back. Might be a different story if you were a partner.

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Experience: 11 years (Marketing & Brand Manager)

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#mba #marketing #branding #layoff

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