What would you do?

johnnyburst79 said:

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?

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Drabdr said:

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.

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johnnyburst79 said:

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?

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LuckyStrike said:

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?

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Wino said:

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

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BanditFlyer said:

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?

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johnnyburst79 said:

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.

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