What would you do?

Hi guys. I have a quandry and I'm unsure of what to do, and what better than taking the advice of strangers!

As many of you know, I'm currently studying to be a financial advisor for a profitable company and will have all my certs plus begin working in mid December. My first test is Monday. I'm very excited, nay, ecstatic, to have this job as has the potential to reap more benefits for my potential family in the next 10-20 years than any prospect previously.

However, I talked with a auto racing shop on Monday and the owner offered me part ownership of the team, overseeing of the marketing, and a commission of the what the shop takes in work wise, plus I'd probably get to race some cars, something I've always loved doing ever since getting my driver's license at 16 y/o. I just wanted to work for a few months until the certs were over, but having this opportunity fall into my lap is almost too good to be true. (A little background, I have owned my own auto performance shop before)

The current sole owner is drawing up a package for me and will be calling me later today to discuss the details. What would you do? I love both opportunities equally. Should I try and do both?

 

whatever you decide, i hope you plan on keeping your options open for the future....get those certs

and fwiw, you strike me as a guy who'd get more satisfaction doing the racing team thing....

 

I'd be incredibly happy doing both. I love to help people plan for the long term, I love the markets, and this career path, even if being being a financial analyst doesn't work out, will get me in the door to the financial industry as I'd have the certifications necessary to work for anyone.

On the other hand, I am, I'll admit, an adrenalin junkie. I love going fast on just about anything then tinkering with what I have to make it go faster. Be it ski's, cycling, or cars, I love it all.

I can certainly handle the responsibility. I am much happier working for myself than working for someone else. Having the autonomy and being able to guide others is what I know I will be doing in life, be it on a spreadsheet or in a shop. And the headaches from ownership are far and away better than the headaches from inept supervisors I've had previously.

I think I am going to try and do both, starting with the racing team and moving onto the financial advisor, making that the priority.

 

What was the racing shop owner's motivation for making his offer? What does he need? Will you be putting up money to buy in? Is the business currently successful? Are they growing? Are they profitable? What is their current net worth? Do they own their physical location, property and building?

You say that you have owned your own performance shop before. Was it successful? How is your local market? Will it support a racing shop well enough to support multiple owners? How will an economic downturn effect that type of business? How much of a drain on the store is the racing team? Is the racing an asset or a liability? How much casualty risk is there? If a car is destroyed in a race will that be a major hit for the business? Is the business currently carrying much debt?

Will or does the store have catalog or internet or mail order sales? A shipping department? Do they currently advertise in related publications? If so, does it sell only it's stock inventory, or also broker sales for shipment direct from distributors or manufacturers to customers? How much capital is tied up in inventory? Is the product line and inventory up to date and extensive? Do they sell services as well as products?

Will you be involved in decision making? Does the current owner employ family members? Are any of the business assets serving as collateral for personal debts of the owner? Are there liens? Do you know who all the current owners are?

 

Financial advisor.

 

Johnny
suit or overalls??

 

Neither. Suggest sex slave to very rich aged lady as preference.

 

This is where it becomes difficult. If you love the finance advisor opportunity primarily for the expected higher earnings, i'd say choose the race-shop. Basically, I'd say choose whichever one you'd prefer if they paid the same.

If both opportunities had an equal expected earnings potential, which one would you prefer?

 

His motivation was that he needs another person who is skilled in small business ownership. His partner left and he needs a person to handle the sales/marketing side of the business. Information such as a buy-in, stake, income and profits, ownership of property, etc., has not been discussed yet. The meeting was an initial meeting and will be followed up by another one shortly when he finishes writing up the package.

He did state I would be involved in the decision making process and no, no family members or friends are employed.

Old lady's are not my preference...

It is not the higher paycheck that I'd love. It is the education and helping of others that I love doing. Being able to take technical terms and relate them to the unknowing, creating the "lightbulb" moment really gives me joy.

 

So if they paid the same, you'd prefer to be a financial advisor?

hmmm .....

Which would you rather do for free? Or if you had to pay to do it?

I'm not really sure if those are valid questions, but there's certain things I'd LOVE to get paid to do and if I could find anyone to pay me even minimum wage, I'd take them. Mainly because it's already stuff I was paying to do because I enjoyed it so much.