[cgrutt]

So I've been officially out of work since 4/1. Never applied for unemployment - F' NYS welfare system, I'd rather starve. Been doing some consulting for my former boss and making about 1/4 of what I had been. I met with him yesterday and he had an interesting offer...

So just to set the background, he lost his job which caused me to lose mine, lol. Details aren't really relevant but suffice to say most of what I did was for him. He got a nice package and is putting the money to work in various personal investments ("private equity"). My package ran dry a few weeks ago, lol...

He just bought a facility in the medical field that I helped him evaluate. Nice address on Park Avenue, NYC (notwithstanding the gun implications, it's a prestigious address). So he tells me he'd like me to hang out my own shingle as a CPA and he would either provide or introduce me to some of his partners to provide about 80% of my previous income. The remaining 20% is up to me. Can use the Park Ave. address but work from home whenever I want. My thinking is he doesn't want to commit to full time income or benefits but so be it.

Now I've got other people looking out for me that have provided solid leads for permanent work with major corporations. E.g., my BIL has his CFO interested in me for a fit with a few different positions with GE.

So what to do?

Looking for solid opinions... this is kinda important and I actually trust most of you guys more than my "real" friends, lol...

 

[GUNSICK1]

Do it!

 

[cgrutt]

Do it!

Do what, Lol?

 

[mrod]

Do it TAKE THE OFFER ITS HARD OUT THERE

 

[usmcveteran]

Thats a tough situation your in. If he is not willing to commit to you in regards to full time employment then let him know your interested until you find something else at which time you will give him notice. Its one thing if he took you on as a employee and let you know it was a start up and could fail but to have you as a consultant with no guarentees to me at least means you don't have a real loyalty to him in a employer employee sense.

Once something better and more stable comes along then take it or if he wants to actually hire you full time then take that.

You and your family come first so do what you gotta do IMO.

 

[soylentBlue]

Once - because I had no other prospects - I took a crap job that was not in my field. I hated every day of it because it did not challenge me intellectually. However, even though I hated it, I gave it 110% and my hard work got noticed, and I got offered a nice, easy office job with a fat salary. So - just from my personal experience - sometimes it all works out for the best.

 

[Doc8404]

Answer this first.
Why is he a former boss?

 

[cgrutt]

Thats a tough situation your in. If he is not willing to commit to you in regards to full time employment then let him know your interested until you find something else at which time you will give him notice. Its one thing if he took you on as a employee and let you know it was a start up and could fail but to have you as a consultant with no guarentees to me at least means you don't have a real loyalty to him in a employer employee sense.

Once something better and more stable comes along then take it or if he wants to actually hire you full time then take that.

You and your family come first so do what you gotta do IMO.

I told him that. He's a smart business man. He likes me. I actually think he thinks he's doing me a favor, lol. I think he truly thinks I can do better on my own than working for someone else. The offset is I'm worried about providing for my family. This is a guy who started with $2M turned it into $2B and then it all fell apart lol. Big thinker here...

 

[masterswimmer]

Will the work for your previous bosses friends take up more than 50% of your time for 80% of your previous income (less benefits)? You'll obviously need to cultivate new clients and therefore have the time in your life to service those new clients. Starting a new business like this takes time and money. I'm assuming if you need a junior accountant and/or an assistant it will be out of your pocket. Don't forget the expenses beyond salary for these potential new employees. It would be great if you could handle the administrative end of things until you've grown the business clientele.

CG, it sounds like a good opportunity but there are definitely some other considerations that need to be pondered before accepting the offer.

FYI, don't discount the availability of taking on an accounting intern from a decent business school to help you with some of the grunt accounting work. Don't need a CPA license to total columns of #'s.

Got a resume` for me?

 

[cgrutt]

Answer this first.
Why is he a former boss?

I thought I already did. He ran the company I was working for. Stock tanked and a new company put a bid in to take it over. He was forced out as CEO. When he left my work dried up. He hired me personally to work for him on some personal investments. Smart guy. Not taking anything away from that...

 

[Dawgkilla]

80% > 0%
Take it.

 

[NirvanaFan]

I think USMC nailed it.

Take the job as a contractor. Make sure you both are aware that if a better opportunity comes up, you have to take it. It's nothing personal. You have to watch out for yourself and provide for your family.


And, you got let go on April Fool's day? I'd probably think they were joking and they would have to ask me to leave like 3 times.

 

[jrtraderny]

Follow your gut man, personally I've never seen a CPA corporate or private that didn't have more than they could handle.
Hell I'd hang out a shingle right at home or nearby.

 

[Jerry_S]

What have you got to lose? If you trust he can really account for that 80% why not, risk factor seems acceptable and if his business venture grows your income may as well or the work you pickup on your own may wind up being more than you thought, might even be able to squeeze in some part time consulting for BIL's CFO. It's better to take a chance then look back wondering what could have been.

 

[cgrutt]

Once - because I had no other prospects - I took a crap job that was not in my field. I hated every day of it because it did not challenge me intellectually. However, even though I hated it, I gave it 110% and my hard work got noticed, and I got offered a nice, easy office job with a fat salary. So - just from my personal experience - sometimes it all works out for the best.

Thanks, the work I'd be doing on my own is pretty much what I'd be doing for somebody else...

 

[usmcveteran]

Unless your other leads are right now type things take him up on his offer while you look for something else. At least this way he is trying to get you started on working for yourself and sometimes that's all it takes to get into business for yourself. Worse case scenario you get some work now until you find something more permanent.

Good Luck Bro

 

[bcbcmc53]

I get the impression that he is trying to give you a leg up on the world. Setting the stage for a sufficient income for survival, while opening the door to a future where you can grow on your own strengths and merits. Take it.

 

[cgrutt]

Will the work for your previous bosses friends take up more than 50% of your time for 80% of your previous income (less benefits)? You'll obviously need to cultivate new clients and therefore have the time in your life to service those new clients. Starting a new business like this takes time and money. I'm assuming if you need a junior accountant and/or an assistant it will be out of your pocket. Don't forget the expenses beyond salary for these potential new employees. It would be great if you could handle the administrative end of things until you've grown the business clientele.

CG, it sounds like a good opportunity but there are definitely some other considerations that need to be pondered before accepting the offer.

FYI, don't discount the availability of taking on an accounting intern from a decent business school to help you with some of the grunt accounting work. Don't need a CPA license to total columns of #'s.

Got a resume` for me?

I do believe I said "other people" which would of course include other prestigious NYF's, looking out for me...

 

[cgrutt]

I think USMC nailed it.

Take the job as a contractor. Make sure you both are aware that if a better opportunity comes up, you have to take it. It's nothing personal. You have to watch out for yourself and provide for your family.

And, you got let go on April Fool's day? I'd probably think they were joking and they would have to ask me to leave like 3 times.

Lol, didn't think about the April Fools day until now. Thanks for that, ha, ha...

 

[cgrutt]

Unless your other leads are right now type things take him up on his offer while you look for something else. At least this way he is trying to get you started on working for yourself and sometimes that's all it takes to get into business for yourself. Worse case scenario you get some work now until you find something more permanent.

Good Luck Bro

I wish it worked that way... If I commit to him that's as good as gold. I've got to let him know...