Wesley Nugent
New Contributor
Hello Fellow Fastlaners,
I have recently come in to fork in the road in my career/Fastlane journey. I have been presented the opportunity to manage a startup business my mentor has built over the last 3 years. It comes at a time when I have been working diligently to get my small business up and running that would provide me the financial freedom to be my own boss and pursue my other Fastlane business ideas. Looking for some feedback/input from others as I am torn between the two.
The Background
I'm 25 and have been working for my entrepreneur mentor for the last 4.5 years. I have known him since I was in middle school. His main business is a product development firm that has been running for the last 20 years. Throughout those 20 years they have built and sold several business. I currently am employed by one of those businesses that is currently in the M&A phase. It is a 5-6M/yr company and is going to be sold to a VC firm that would vertically integrate it into some of the other businesses in their portfolio. I currently handle the Procurement/Supply Chain for the company. The buyers already have people like me in the other companies in their portfolio so the likely hood of them keeping me is very low. At the most, the new owners will likely only keep me in the company for 1 more year max during the transition. On the other end they could can me by Q2 2023.
The Opportunity
Because of this, my mentor has presented me the opportunity to manage another one of his startups that began last year. It is a business at a lake and is a seasonal business but my position would be GM and would be a full time job for me. During the season I would be running the operation at the lake, managing ~20 people, a fleet of boats, daily operations, budgeting, etc. Currently they are projecting it to do ~3M in revenue next year. It would be a hectic summer with 14+hr days, in a remote-ish town away from my hometown, and very little time off. However, it would be a huge step up from my current job that would be not only be a big resume booster but give me the skills and experience that I might need in the future to run and manage my own businesses. I am not sure if I would be making good money and not sure if I can get any equity. But one of those would have to happen for me to jump in. If I don't take the opportunity my mentor will go head hunting for someone to fill the position.
The Biscuit
Over the last few months I have been working on my own Fastlane business. It is an E-comm business that I have been using my experience from the product development company to come up with products to get into the private label business. Current timeline has me launching the first product in February. Based on my projections, I could survive off the one products profits. However there is a chance I would have to pickup another job locally incase I can not support myself over the next year or so. Come the second product I would be making more than I currently am at my job. My grand plan for this business is for it to be hands free so that I can run it with minimal effort and from anywhere in the world. However, that hands free part likely wont come to fruition at least for 1 year. Eventually I would sell this first business to go after other bigger Fastlane business ideas I have.
If I am to risk it for the biscuit there is a chance I could crash and burn, have to find a new job and give up the great opportunity that has been presented to me. If I am to go with the opportunity that has been presented to me I would likely have to put my business on the back burner and by the time I revamp it might be too late.
Obviously I want to make a bunch of money and I believe that my business would be able to get me there the fastest. But if I don't take the opportunity I have been presented, it might be something in the future I look back at as a business owner and regret not taking up. That's where I am looking for some of you more experienced Fastlaners to give some input/perspectives as I am still quite young.
Any feedback is appreciated.
Cheers - Wes
I have recently come in to fork in the road in my career/Fastlane journey. I have been presented the opportunity to manage a startup business my mentor has built over the last 3 years. It comes at a time when I have been working diligently to get my small business up and running that would provide me the financial freedom to be my own boss and pursue my other Fastlane business ideas. Looking for some feedback/input from others as I am torn between the two.
The Background
I'm 25 and have been working for my entrepreneur mentor for the last 4.5 years. I have known him since I was in middle school. His main business is a product development firm that has been running for the last 20 years. Throughout those 20 years they have built and sold several business. I currently am employed by one of those businesses that is currently in the M&A phase. It is a 5-6M/yr company and is going to be sold to a VC firm that would vertically integrate it into some of the other businesses in their portfolio. I currently handle the Procurement/Supply Chain for the company. The buyers already have people like me in the other companies in their portfolio so the likely hood of them keeping me is very low. At the most, the new owners will likely only keep me in the company for 1 more year max during the transition. On the other end they could can me by Q2 2023.
The Opportunity
Because of this, my mentor has presented me the opportunity to manage another one of his startups that began last year. It is a business at a lake and is a seasonal business but my position would be GM and would be a full time job for me. During the season I would be running the operation at the lake, managing ~20 people, a fleet of boats, daily operations, budgeting, etc. Currently they are projecting it to do ~3M in revenue next year. It would be a hectic summer with 14+hr days, in a remote-ish town away from my hometown, and very little time off. However, it would be a huge step up from my current job that would be not only be a big resume booster but give me the skills and experience that I might need in the future to run and manage my own businesses. I am not sure if I would be making good money and not sure if I can get any equity. But one of those would have to happen for me to jump in. If I don't take the opportunity my mentor will go head hunting for someone to fill the position.
The Biscuit
Over the last few months I have been working on my own Fastlane business. It is an E-comm business that I have been using my experience from the product development company to come up with products to get into the private label business. Current timeline has me launching the first product in February. Based on my projections, I could survive off the one products profits. However there is a chance I would have to pickup another job locally incase I can not support myself over the next year or so. Come the second product I would be making more than I currently am at my job. My grand plan for this business is for it to be hands free so that I can run it with minimal effort and from anywhere in the world. However, that hands free part likely wont come to fruition at least for 1 year. Eventually I would sell this first business to go after other bigger Fastlane business ideas I have.
If I am to risk it for the biscuit there is a chance I could crash and burn, have to find a new job and give up the great opportunity that has been presented to me. If I am to go with the opportunity that has been presented to me I would likely have to put my business on the back burner and by the time I revamp it might be too late.
Obviously I want to make a bunch of money and I believe that my business would be able to get me there the fastest. But if I don't take the opportunity I have been presented, it might be something in the future I look back at as a business owner and regret not taking up. That's where I am looking for some of you more experienced Fastlaners to give some input/perspectives as I am still quite young.
Any feedback is appreciated.
Cheers - Wes
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