Buisness owners and thoughts on closing the doors....

[Tap]

Dh lost his job last spring due to a personality difference with a new boss. He was a district manager for a large company in the sales field, for 5 years and had 5 years of sales experience with the same company before his promotion. He was promoted from within. His peers had at least BS degrees and some had masters. He does not have the education to back his experience, so when he was applying for new jobs, he didn't have any luck. In fact he couldn't even apply for hardly any because he was either:

over qualified for jobs that he has the education for....or

qualified for the jobs he can not apply to, due to lack of degree.

 

 

He searched for a job for 4 months and then decided to open an insurance agency. (This opportunity presented itself to him, it wasn't a life long goal). It has been a rocky start, and others in the industry are hurting as well. We figured that it was better to be doing something, than nothing so he went for it. It has been about 4 months since his agency opened (10 since he lost his job), and our savings is just about gone.

 

 

He was just told about a job opportunity in his old industry ( a rival company to his old one), that he would qualify for. They have strict qualifications, but don't require a degree :001_smile: . He meets all of the qualifications. He knows one of the three people he would be lateral to if he was hired, and this person is ecstatic to recommend dh and to have the chance to work with him. Since they were rivals for years, they know each other's strengths/weaknesses pretty good. LOL

 

 

Dh sent in a resume, but is struggling with the idea. He hates the idea of closing the business that he sunk our savings and his heart into for the past 6 months (2mths of training/4 months of being open). He also hates the idea of letting his clients go, as many of them are family/friends who switched to dh to help get him going.

 

His business will eventually make it, he is very good at it, but it could take a couple of years to get enough clients to support the business and make some profit. Unless something changes fast, will will have to start tapping retirement funds to keep the business afloat in 2mths. We have scrimped and saved to last this long, there isn't anything left in liquid assets to tap. He is also trying to decide if he should keep it open beyond what our savings can support. He is feeling like, if the business isn't supporting itself at the 6mth mark (not even breaking even yet), that he should consider walking away no matter what.

 

I told him to not stress about the new job and that if he does get a job offer, to make a decision then. I do feel that just by him applying, he is getting mentally ready to close the doors.

 

Help me think this through....any comments/ideas/suggestions?

Edited February 15, 2012 by Tap, tap, tap

[Mynyel]

I don't know the in's and out's of the business but is there a way to work it part time or so. Very, very slowly build it up so he can quit the other job? Assuming he was to get the position?

[Tap]

I don't know the in's and out's of the business but is there a way to work it part time or so. Very, very slowly build it up so he can quit the other job? Assuming he was to get the position?

 

Nope, the new positions is going to be 50 hours per week (probably more until he gets up and going with the new companies protocalls and paperwork).

[Princess Peach]

We closed our business when things took an economic downturn and things dried up. DH was offered a job that we never even thought was possible. We went for it and it is so wonderful to have the regular paycheck and health insurance. We did have some debt, but were able to negotiate zero interest until it is paid off. Closing the business was harder for DH than it was for me. But I do think it was the right decision.

 

Good luck to you guys with whatever you decide.