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Nervous and excited at the same time....

March 6th, 2018 at 09:11 am

I am planning to join my son's business in 5 months and this makes me really excited and beyond nervous all at the same time.

With the exception of a 2 year break (2005-2007), I have been at my current job since 1994. Leaving the security I know here, is a little unnerving.

I will be working part time for my son. His business is growing fast, and he needs someone to help formalize policies, guidelines, and procedures- and to help drive company culture. These are things I enjoy doing- so the day to day work I am looking forward to. I also will enjoy working independently from my home. No more commute each day! No more driving to work on icy roads in the winter!

The downside are things like insurance, my 401k match, and my current salary... these are BIG DEALs.

I will be able to be on the hubs insurance, and can also join my son's company insurance plan- which is just a catastrophic type plan. My 401k will continue to grow organically...and my son will add me as a business partner and 'buy me out' as part of my retirement plan with him (which will amount to more than I would achieve with the current 401k match). My current salary is really nice, but if I am not enjoying the job, is it worth it? I am at a point I say no, it is not.

I am going to ask my son for an insurance stipend each month, to cover the cost of being on the hubs insurance.

What else am I missing?

So the next few months will be spent cleaning out files at work for the next person..and creating an office space at home. And wrapping my mind around letting go of the current comfort zone...while preparing for the future.

4 Responses to “Nervous and excited at the same time....”

  1. CB in the City Says:

    That's pretty exciting!

  2. PatientSaver Says:

    I would want to get the parameters of your job description in writing, in as much specificity as possible. Just because "it's family," doesn't mean misunderstandings don't occur. In fact, I would try to treat it like I would any job, as if it weren't your son hiring you, to ensure you don't take shortcuts in clarifying your role there or what will be expected of you, as well as your compensation.

    It is a big step away from your current job security. And since opportunities for tax-deferred investing is pretty much limited to IRAs (just $6500 for 55+) and 401ks, I would maybe ask him about that. Then again, if you're only working p/t, perhaps, like me, you won't have much left over to contribute.

  3. rob62521 Says:

    This sounds like a good move. The no commute sounds terrific. For the last 3 years, I worked at a school less than 5 minutes from my home and that was a blessing. Saved on time and gas.

  4. FrugalTexan75 Says:

    How exciting and scary at the same time! I'm happy for you Ray.

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