Having a (Non-Pipe Related) Conundrum; and Would Welcome Your Imput

[schmitzbitz]

As some of you know, I am self-employed as a business and immigration consultant. This pays me fairly well, plus gives me the benefit of being able to set my own hours, and of course, all the various goodies that go along with running a home-office come tax time. The downside to this is that those hours seemingly end up numbering around twelve-hours per day, seven days per week. In addition, our current government is doing it's damnedest to ensure that Business Immigration is a thing of the past in Canada; which is my bread and butter (giving me fleeting concerns for the future).

This morning, I got an email from one of Canada's largest employers; seems they have head-hunted me. The position they are offering carries a wage rate commensarate with what I am currently paying myself, however I would lose the tax-shelter of the home-based business; plus my commute would entail more then a dozen steps (although I wouldn't have to spend as much time out of town). I would, however, gain benefits and the real kicker, a guarenteed pension.
I'm really torn here, one part of me is saying don't be a fool, take the benefits and pension; but at the same time, another part of me really likes being the boss...any imput would be helpful!

 

[classicgeek]

Only you can make this decision. Do some research about the company. Try to find someone who works there in a similar position and call them up and ask them which way the wind blows. Some companies have a lot of "pluses" on paper, but then you talk to the employees and they are all circulating resumes trying to get out. Or you might hear that it's a great place to work.
How long has it taken you to build your home-based business? If the job doesn't work out, will you be able to resume it? Can you keep the business ticking over part-time?
Best of luck,

Simon

 

[brewshooter]

It seems like your main consideration is how secure your future looks in your current situation. It's going to be impossible for any of us to give you much more than some general thoughts on this, but, I've always liked a bit of advice I heard. A guy was working a job he loved, paying the bills, and supporting the family, but just felt like he should be doing something more, something more stable, with more security. He told this to his dad and the response was, "Sounds like you're doing okay and, from what I'm hearing, you love what you're doing. Just remember, you have the rest of your life to work a job you hate!" I think that's important to keep in mind.

 

[loneredtree]

The toughest boss you will ever have is your own business. That said it depends how much you like working for a company. On your own you have a multitude of bosses and you can afford to anger one. As a wage slave you have one boss and irritate that one and you are up a creek. You forgot about health insurance on the money side of the equation (or do you not need that in Canada?) Good luck.

 

[pipeinhand]

classicgeek +1
Having just sold my 3rd business, and now starting another, here is what to consider in your case.
Is there more potential in your current situation, money, tax break... or is there more in the job to take, upward position, benifits...
Make a list without the emotional input, then see which one wins and then compare the winner to the emotional input, and there is your answer as objective as you can make it. :wink:

 

[puffy]

If this Guarnteed Pension isn't a guarnteed amount it could be reduced after you retire.Leaving you to deal with rising prices with less income.I know this situation first hand.

 

[smokenscotch]

Hmmm, gut feeling and investigating i'd say. Simon said it right, look into their company, can you come back to your home based position, leave some options open. Just my thoughts. Best of luck with any decision you come to. Perhaps smoke a bowl and ponder over it, that always helps.

 

[tslex]

Here are some pros to going in-house:
They can't make you sign a forever contract.
You may find some new challenges, learn some things you don't know now, benefit from collaboration, expand your network -- and possibly ride out a dicey time in the economy. Letting someone else worry about keeping on the lights and buying the furniture may let you concentrate more on developing your particular expertise for a while, without those small business distractions.
1 or 2 or 5 years from now, when you decide you want out, get out -- just handle the exit professionally and burn no bridges.

 

[drsam]

A little story about me.
After working almost 25 years, in management, the company changed its pension plan. Everyone was paid off as if they retired. The company paid out about 3.5 million and pocketed about 4 million. I got a check for 8K and a

short time later the company was sold and closed.
I started my own business a few months later and after the first year and made more then twice as much as

I had been earning. Wish that they had closed it down 10 years earlier.
Moral of the story.....Nothing is as important to upper management as the bottom line.

 

[nsfisher]

so many pro's and cons to both sides here. On the one hand..... One the other hand...... As far as pensions go thats what pension investments r for. As far as medical goes thats what u can purchase medical insurance for. Now as far as job security or income security goes, nothing is guarenteed! So what is the question that actually remains? What would make u the happiest? That's the one u choose!!!!

 

[buster]

I owned my on company many years ago. I had a change in my life and walked away from it. I felt it was the best choice I ever made for the last 15 years. It is good to be king of your own company when things are going well. Yet when $%*T hits the fan it aint so good to be the king. I did not have a vacation for over 10 years being king.
Working for some one else has its draw backs. Yet savings, having your week ends back to spend with your family. Paid time off is SWEET! Leaving your work at work can be a good thing. If you are able to protect your income from the changing times with this job that would be great. Being a worker bee and having pain in the ass coworkers is not so grand but heck you don't have to live with them.
The transition in your finances tax wise might take some getting use to but I'm sure you can figure that out. What is your better half thinking of this offer? Have you put down on paper the good/bad list weighing both options? I would say do that then sit down with your wife and open a bottle of wine and talk it over. The choice will after all affect both of you. She may be looking at it in a way you are not?
Good luck

 

[drsam]

+1 Buster.

 

[baronsamedi]

You must be doing something right. Around here, if you tell a potential employer you've been self-employed for the last few years you might as well have told them you were in jail! Certainly research the company and find people who work for them and see what their pros/cons are. The statement drsam made about the bottom line is always true and sometimes there is a huge disparity between what upper management thinks is a solution versus what people actually doing the work need to function at 100% in their jobs. Turnover rate and longevity in both management and lower level employees is also a strong indicator of your chances with the new company.

 

[schmitzbitz]

Thanks for your thoughts guys; unfortunately my wife is just as confused by this as I, as both the pro's and contra's balance each other out seemingly. You have all given me some excellent food for thought, however, and I think I'll check out the "info-session" and interview they've asked me to next week; after all, if I don't like what I see, I can always walk away.

You forgot about health insurance on the money side of the equation (or do you not need that in Canada?)

We are covered for basic care (doctor visits, emergency, surgeries, etc.) under our Medicare programs, but for things like perscriptions, eye-glasses, private rooms in hospitals, etc.) we either have to pay out of pocket, or look to secondary health insurance. Dental is not covered by any stretch of the imagination.

The wife's coverage runs 80%/80% extended; but the company in question offers 100%/100% extended benefits.

Now as far as job security or income security goes, nothing is guarenteed!

This position is as close as it gets right now - upper management with CN.

 

[portascat]

Sole owner of a successful Personal Training facility from 2000-2008. Sold (legal) firearms on the side, as well as a few other handyman type enterprises for cash money.
Never got rich, but never missed any payments or meals. Enough cash in the business to pay for fun stuff, and enough real income to please Uncle Sam.
Worked 6 days a week, dawn to dusk. Had plenty of free time in the day for lunch or running errands.
Downside?
For 8 years, I had only a handful of true "days off" other than Sundays and a half day Saturday. My insurance and my retirement were solely individual efforts on my part. My health insurance was insanely expensive. As well, if I ever got sick, hurt, or just had to take time off, my income immediately stopped. I was fortunate enough to never need any "sick time" in that 8 years, but that was just dumb luck.
After 8 years of enjoying my job immensely, I sold out and went back to work in Corrections. All the "upsides of my previous job are basically gone, but the "future" is as secure as one can make it these days in regards to retirement and health care.
Can't say, for sure, that I would go back to the old job (if i could), but I miss it sometimes. But, working for the man has its own special benefits, too.

 

[admin]

Short answer: Keep working for yourself, Adam. Follow your path fearlessly, and make your own future.

 

[jship079]

I would look towards the future and what is best for your family first is your business able to be grown into a firm will it be smashed out by the government or a bigger business things like that. Second can you work for someone? You know you best and will make the right decision with much consideration.

 

[aussielass]

If Canada is anything like Australia, it will go down the road of less to almost nil business immigrants and instead will allow unlimited "refugees" (we do NOT consider those who have established criminal contacts, paid the equivalent of half a million to criminal people smugglers, and then boarded rickety boats that illegally enter our country by the dozens week in week out) to be refugees, but our Govt. sure as hell does, and because our centres are full to the brim, put them up in 4-5 star hotels indefinitely.
Getting legitimate skilled folks in these days via sponsorship is proving nigh on impossible, even via defacto/marriage visas one has to jump through flaming bloody hoops and business migrants have to put up a ridiculously high amount to even be considered, let alone allowed entry.
I also believe the entire world is going to fold again financially this year, or early next, far worse than it did in recent times. This belief is fuelled, in part, by the words of a close friend who's a Govt. Financial Analyst with a string of degrees and vast financial resources for his age, as well as the words of another friend who's the Dean of a University - Economics and my own research/readings.
If I was you, I would be doing whatever provided you with the most financial security in the short term (if you have mortgages/debts) and looking long term after that. It would be fabulous if you could continue running your own consultancy on a scaled down basis by taking only the most lucrative clients, as well as taking the other employer's job.