Considering Leaving My 8-5 Job for the Family Business? Weighing the Pros and Cons
I recently received an offer to join my family’s small business, which has been running for eight years. Currently, I’m working a traditional 8-5 job that pays close to $100K annually and comes with solid benefits. I’m feeling a bit torn about this decision, especially since I already assist with the family business during my free time and genuinely enjoy it. I would love to hear any advice on this!
I have a young family, and thankfully, we’re completely debt-free and live in a low-cost area, which may play a role in my decision. I also maintain a good relationship with my family.
Current 8-5 Job
Pros:
- Strong job security
- Competitive salary
- Solid benefits
- Enjoyable work
- No work to bring home
Cons:
- Dislike the rigid 8-5 schedule (which is standard in my industry)
- Long commute (45 minutes each way)
- Limited family time; I only have about two hours with them before bedtime.
Family Business
Pros:
- Enjoy the work and responsibilities
- Exciting potential for independence and growth based on personal performance
- Very short commute (just 3 minutes one way)
- Consistent growth in the business over time
Cons:
- Job security is less certain
- No current benefits (like insurance or retirement plans)
- Pay would be lower than my current salary, though there is potential for increased earnings based on performance
- Transitioning back to my current industry could be challenging if I decide to leave it.
In summary, I genuinely enjoy helping out with the family business, which operates in a commodity-based market. One of the major attractions is the flexible hours and minimal commute. However, the lower salary and lack of benefits are significant concerns for me. Any insights or advice would be greatly appreciated!
2 Comments
It sounds like you have a lot to consider before making such a significant decision. Here are some thoughts that may help you weigh the pros and cons:
Pros of Joining the Family Business
Work-Life Balance: The reduced commute and potential for more flexible hours can significantly increase the time you spend with your family. Given your young family, this might be one of the greatest benefits.
Job Satisfaction: Since you already enjoy the work, being more involved in the family business could lead to greater job satisfaction, which can be just as important as salary.
Growth Potential: The independence that comes with working in the family business may allow you to innovate and grow the business in ways that could lead to greater financial rewards in the long run.
Strong Family Ties: Working closely with family can strengthen your relationships and foster a collaborative work environment where you can share ideas and decisions.
Cons of Joining the Family Business
Financial Stability: The pay cut and lack of benefits are significant drawbacks that could impact your family’s financial security, especially if there are unexpected costs. You may want to assess the family business’s financial health to get a clearer picture.
Job Security: The risk of job security is heightened, especially in a small business. It might be helpful to analyze the industry and market for the family business to gauge its long-term viability.
Skills Transferability: If you decide to leave your industry, returning in the future may be difficult. You should consider how your skills can be applied in both fields and whether keeping connections in your current industry is feasible.
Questions to Consider
Financial Buffer: Do you have enough savings to buffer against the potential financial instability the family business may bring?
Long-term Goals: What are your long-term career and financial goals? Will the family business align with those goals, or could it lead to a dead end?
Business Stability: How well is the family business performing? Are there growth opportunities, or is it plateauing? A clear understanding of the business landscape can help you make an informed decision.
Family Dynamics: While you mention having a good relationship with your family, consider how working together might change those dynamics. Are you prepared for potential conflicts that could arise in a work setting?
Conclusion
Ultimately, it comes down to what you value most at this stage in your life. If spending time with family and enjoying your work outweighs the financial and security concerns, the family business may be a great fit. However, if financial stability and job security are your top priorities, it may make sense to remain in your current job while continuing to support the family business on the side. Whatever you choose, make sure it’s a decision that aligns with your values and future aspirations.
This is a pivotal decision, and it sounds like you’re approaching it thoughtfully! One aspect to consider is the long-term vision for the family business. If there’s a clear growth strategy, the potential for increased earnings might outweigh the immediate drawbacks of a lower salary. It could also be beneficial to have an open dialogue with your family about the role you envision for yourself. This can help clarify expectations and ensure that everyone is aligned regarding future priorities, both for the business and your family time.
Moreover, since you mentioned enjoying your work in the family business, maybe consider how this could enhance your work-life balance, allowing you more quality time with your family. If possible, you might explore ways to gradually transition, such as starting part-time in the family business while maintaining your current job for a certain period. This could give you a better sense of the work environment and financial implications without fully committing right away.
Lastly, don’t overlook the potential of negotiating some form of benefits, even on a part-time basis, or exploring the idea of self-funding your health insurance and retirement contributions. This may ease some of the financial concerns while allowing you to pursue a path you enjoy. Good luck with your decision!