Quit my job? What would you do?

[sammich]

I'm currently working for a small but unique real estate startup. I can't go too much into the specifics but the company has really expanded a lot and i foresee a lot of potential in the very near future. As for me, I have put myself in a position where I am viewed as being kinda nondispensible. Not trying to brag by any means. I have been wearing multiple hats since I started working there which is why I'm currently in the position that I in. While that's great for experience and look good on a resume, compensation has been well below average for the amount of work and complexity I deal with.

Here's the kicker:
I had a conversation with one of the guys in upper management and he wanted me to join him in expanding, further build the company in light of recent events with some high end clienteles, "promising" a big payout/compensation once it reaches a promising level. It can be done but it's going to require even a lot more time and work.
Remember, NOTHING is on paper...yet.

Now, I realize I don't own the company and doesn't really fit in the "fastlane" category but still view this as a form of opportunity. So, what would you do? Continue working at same salary and hope for the best? Ask for raise?
Quit, find higher paying job (for short term purposes)? Attempt to arrange a contract?

 

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[1PercentStreet]

You will never be paid an appropriate amount for the work you do. You're at a job. It's a fixed income with minimal growth.

The huge promise is bullshit.
Get it on paper first. This is all hypothetical.

 

[The-J]

1Percent is right. If you have no numbers, written down with your signature next to them, then they don't exist.

I'm not saying that they are lying to you, I'm saying that as it stands right now, you are set to receive nothing.

As far as leaving your job, we can't tell you whether or not to do that. You have to decide what you are doing at that company and what your goals are for working there. Being broke and learning along the way isn't a bad thing if you're doing it for a purpose.

 

[CommonCents]

Big lesson in business. You must use leverage while you have it. Once you have done the job and built their business, you are very vulnerable and depend on them being honest, loyal etc...That is rare these days.

Remind the owner/mgr that you don't have equity or anything to work for like they do. You need equity to feel a part or get paid well for doing an honest days work building THEIR business. Obviously in a tactful way.

Often times in small biz you have to get alternative offers and be sincere about being able to walk away to get leverage. Make sure they think you are indispensible rather than you just thinking you are. You might be right but they need to know that too before they make some rash decision

Good luck!

 

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[Runum]

I'm currently working for a small but unique real estate startup. I can't go too much into the specifics but the company has really expanded a lot and i foresee a lot of potential in the very near future. As for me, I have put myself in a position where I am viewed as being kinda nondispensible. Not trying to brag by any means. I have been wearing multiple hats since I started working there which is why I'm currently in the position that I in. While that's great for experience and look good on a resume, compensation has been well below average for the amount of work and complexity I deal with.

Here's the kicker:
I had a conversation with one of the guys in upper management and he wanted me to join him in expanding, further build the company in light of recent events with some high end clienteles, "promising" a big payout/compensation once it reaches a promising level. It can be done but it's going to require even a lot more time and work.
Remember, NOTHING is on paper...yet.

Now, I realize I don't own the company and doesn't really fit in the "fastlane" category but still view this as a form of opportunity. So, what would you do? Continue working at same salary and hope for the best? Ask for raise?
Quit, find higher paying job (for short term purposes)? Attempt to arrange a contract?

Not enough info and too many variables to give you my opinion. Plus, it's your life an you have to make the decision.

You don't give us your age, gender, education, experience, location, etc so I can't weigh all that out. The reason that is important is to tell me whether you are BS'ing about your work. I also cannot tell if you have transferable skills. Do you have anything else going on if you quit?

You should be learning an amazing amount. You make no mention of your goals so I can't tell if you are learning anything that will help you in the future. If you are as valuable as you claim to be then maybe you have some leverage for written negotiation for future compensation. Maybe you could negotiate some profit sharing or partnership?

No, none of this is necessarily fastlane but you are in the middle of growing a business. There has to be a lot of opportunity there. Maybe you could learn a lot about the whole process of business expansion.

Maybe you starve if you threaten your employer and quit/get fired.

As I said, not enough info.

 

[sammich]

thank you all for the great replies. i have been thinking a lot about this for a while now. I'm contemplating if and when I should setup a meeting with the CEO to discuss this topic. CommonCents did point out the leverage thing and I absolutely agree. I do have something in the works and up my sleeve so I'll use it when the time is right.

Runum, I know I was being very vague but I get really paranoid about these kinda things. I know I have to make the decision ultimately but second opinions can be an influence so I hope you understand.

To answer some of your questions: I'm in my twenties, Male, College grad, 3+ years of professional experience, somewhere warm in the US . As for transferable skills, i've gained a lot of business/technical skills and have also been developing a few websites on the side so not too worried about that.

My goal is to transfer everything that I have learned/experienced into building my own company, preferably something online based.

The learning potential is huge as you had mentioned me being in the middle of a growing business. However, bringing up the topic of future compensation could jeopardize my relationship with colleagues and possibly my job.

 

[jon.a]

When your ROI on learning or earning drop to the point where it's not worth your time, quit.

 

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[DennisD]

ask for equity. Equity is the promise of something good once things get to a higher level. If they can't give you a part of what you're working hard for now, why would they compensate you later? With equity you don't have to wait to start building your own company, the hard work you're doing TODAY will be towards your endgoal.

If you truly are "indispensable" you'd make sense to be a partial owner of the company anyway.

 

[andyredsox]

Again man , ask for equity.

You need to make sure, you're working there for a "reason."

As far as quitting the job, well if you have other options go ahead.

If for now, this is your bread and butter- restrain yourself from quitting just yet. Get everything that you could learn.

You can continue working there for the next couple of months but make sure to get equity. If you're indispensable, they will not mind giving you one.

 

[mrsilva]

I was on the same situation 2 months ago.

Been working with this company for about 2 years since the beginning. Company started growing and expanding and even got a HUGE investment from an international investment group. A lot of promises but I wasn't getting paid enough for 70+ hours of work every week. My motivation went down and I started looking for more ways to make an extra money.

They didn't like that attitude and after one little argument I got fired. Everybody is replaceable, period.

If you're not getting any equity. Just do your job and look for more ways to invest in something for yourself, in your brand but just leave when you are sure about it.

 

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[sammich]

I was on the same situation 2 months ago.

Been working with this company for about 2 years since the beginning. Company started growing and expanding and even got a HUGE investment from an international investment group. A lot of promises but I wasn't getting paid enough for 70+ hours of work every week. My motivation went down and I started looking for more ways to make an extra money.

They didn't like that attitude and after one little argument I got fired. Everybody is replaceable, period.

If you're not getting any equity. Just do your job and look for more ways to invest in something for yourself, in your brand but just leave when you are sure about it.

yeh that sounds about right with our setup. It has its pros and cons but they do try and extract as much results from everyone while paying as little as possible. I understand this isn't some big time corporation with millions to play around with but there has to be more reassurance/incentives for the amount of high level work involved.

i've actually arranged a meeting with the CEO so i'll find out soon enough how it goes. I wouldn't be surprised if the request gets declined.

As for investing in myself, I have been doing that ever since i had started working there and THEN SOME. Currently trying to develop my own brand in a specific niche.

 

[mrsilva]

yeh that sounds about right with our setup. It has its pros and cons but they do try and extract as much results from everyone while paying as little as possible. I understand this isn't some big time corporation with millions to play around with but there has to be more reassurance/incentives for the amount of high level work involved.

i've actually arranged a meeting with the CEO so i'll find out soon enough how it goes. I wouldn't be surprised if the request gets declined.

As for investing in myself, I have been doing that ever since i had started working there and THEN SOME. Currently trying to develop my own brand in a specific niche.

Even if they get millions in investment like my old company did they still hold you with a low salary. I didn't reach the point of receiving the raise but it was like 15% more and even more work. And again for a brand that was not even mine. Somebody else was getting rich making the real money and I would be making the okay money.

Good luck in your meeting.

And again do not ever show them you will leave. Only do when you have something ready on the side.

 

[Ali]

I wouldn't say quit your job at this stage because you still need to learn a few tricks-you have gotten yourself into a situation in which you are not certain about what you should do simply you didn't learn those tricks yet. Once you know what you want exactly then it's certainly the time to embark on your journey to riches.

 

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[Steele Concept]

Good luck with your meeting. It can really go either way man, depends on the companies finances, personalities in there etc. Lot of variables when you are working for someone else.

 

[sammich]

I wouldn't say quit your job at this stage because you still need to learn a few tricks-you have gotten yourself into a situation in which you are not certain about what you should do simply you didn't learn those tricks yet. Once you know what you want exactly then it's certainly the time to embark on your journey to riches.

No, i agree. The "quit my job" statement was really more of an overstatement to catch attention but i have day dreamed about it. Quitting my job without a solid contingency plan would be irrational. A good friend of mine recently quit his job without a solid backup plan because he couldn't stand it. Now he's just living with his parents until he can figure out what to do next.

UPDATE:

The meeting with the CEO went smoother than I had imagined. Maybe too smooth. He was open to the idea but it could just be a psychological tactic to keep me reassured. When I specifically brought up the topic of equity distribution, his response was (I'm being a little vague here): due to the nature of the business (LLC by the way) and the way it is structured in accordance with receiving capital/funding, how it primarily makes money, and whatnot, it will be difficult to set something like that up and questionable due to high tax burdens against recipients. If that was too unclear, please let me know and i'll try to rephrase. At this point, this is more on the legal end of things and I quite frankly do not know how valid this is. He did mention other alternative compensation options but, without me knowing the possibilities within the legal boundaries in relation to the company's structure, I'm not sure what the most beneficial option would be for me. Anyone have any insight or advice on this type of matter? I am starting to do some research in this area.

Overall, the meeting ended on a neutral note. We both understood each other in terms of what to expect from the other. But to protect both parties, would a vesting schedule apply here? Nothing is on paper yet but I do have a certain plan and I'm hoping something can be arranged before the end of this year.