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What would you do?

Discussion in 'Random Discussion' started by johnnyburst79, Sep 25, 2008.

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Financial Advisor or Racing Team co-owner?

  1. Financial Advisor

    6 vote(s)
    75.0%
  2. Racing Team Co-Owner

    2 vote(s)
    25.0%
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  1. johnnyburst79

    johnnyburst79 Thread Starter

    Joined:
    Aug 16, 2005
    Messages:
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    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?
     
  2. Drabdr

    Drabdr Moderator

    Joined:
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    Messages:
    12,423
    First Name:
    Brad
    What do you want to do? Which one would make you happier?

    Saying... if you could do either and provide for the family, which one would you choose?

    You know the auto racing would make you happy. You think the financial advising would make you happy.

    Now.... as someone who has owned their own business (and you state you have too) are you ready for that? Do you want those headaches and can you handle that freedom? Since you've done this before, you know what I'm talking about.;)

    Maybe I'm overly obsessive about things, but you could set up a matrix. Put the five to seven things that are most important and rank them. Then put how each stack up. Now... if you have a wife, significant other, whatever, have them do the same (don't show them yours). See what they have to say.

    In the end, both have their pros/cons. If you do one and you're good at it, which one would you look back and say "man, I wished I had done that" more than the other?

    Pick one, do it, and don't look back or second guess your decision.
     
  3. iltos

    iltos

    Joined:
    Jun 13, 2004
    Messages:
    18,287

    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....
     
  4. johnnyburst79

    johnnyburst79 Thread Starter

    Joined:
    Aug 16, 2005
    Messages:
    4,560
    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. :eek:
     
  5. LuckyStrike

    LuckyStrike

    Joined:
    Nov 2, 2004
    Messages:
    2,141
    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?
     
  6. trekguy

    trekguy

    Joined:
    Nov 17, 2002
    Messages:
    1,944
    Financial advisor. ;)
     
  7. Blackmirror

    Blackmirror

    Joined:
    Dec 5, 2006
    Messages:
    32,642
    Johnny
    suit or overalls??
     
  8. Wino

    Wino

    Joined:
    Nov 30, 2001
    Messages:
    19,309
    Neither. Suggest sex slave to very rich aged lady as preference.(y)
     
  9. BanditFlyer

    BanditFlyer

    Joined:
    Oct 25, 2005
    Messages:
    12,552
    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?
     
  10. johnnyburst79

    johnnyburst79 Thread Starter

    Joined:
    Aug 16, 2005
    Messages:
    4,560
    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.
     
  11. BanditFlyer

    BanditFlyer

    Joined:
    Oct 25, 2005
    Messages:
    12,552
    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.
     
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