Hey guys,
It's been about 7 months since I started my current business in F&B industry, and I went from working alone to having 9 part-time employees. $20-30k monthly revenue with about $8-12k monthly profit.
I came to visit a bigger city to meet with owners who are doing similar things but on a bigger scale, and one of them offered me to join his team to start helping him open up multiple franchises.
He already has the infrastructure set up to mass produce products and a large distribution network as his other business supplies more than ~2000 stores and restaurants across the country. He has access to large amounts of capital, so initial investment capital won't be a problem.He told me to come back to him with how much I'd want to get paid and compensation when we sell the business ($50-100 mil exit plan is the goal).
I have a finance degree from a prestigious university, experience working in finance, know the business and operations pretty well since I started my own in a different city. He wants an "all-rounder" player on his team (I'd be the third member).
Pros are:- I'd have a mentor to avoid business mistakes that I would have made if working by myself- Access to capital that would take me years to build up- I can reduce the amount of physical labor that my current business requires me to do
Cons are:- I'd have to either close down my current business (9 employees will lose their part-time job) or hand over the business to one of my current employees.- I would be working for someone else, so I may not be able to take the business to the direction I see fit- If the business expansion doesn't work out or I get laid off, I would have forfeited my decently profitable and growing business.
What do you guys think? Any advice would be very appreciated.
If I were to go back to him with my compensation offer, what kind of offer do you guys think is reasonable?
TLDR: guy asked me to move to his city and work on his business on a larger scale than mine. What do you guys think about this? If so, what compensation package would be fair?
P.s. we both live in HQL cities with median income of $80k
It's been about 7 months since I started my current business in F&B industry, and I went from working alone to having 9 part-time employees. $20-30k monthly revenue with about $8-12k monthly profit.
I came to visit a bigger city to meet with owners who are doing similar things but on a bigger scale, and one of them offered me to join his team to start helping him open up multiple franchises.
He already has the infrastructure set up to mass produce products and a large distribution network as his other business supplies more than ~2000 stores and restaurants across the country. He has access to large amounts of capital, so initial investment capital won't be a problem.He told me to come back to him with how much I'd want to get paid and compensation when we sell the business ($50-100 mil exit plan is the goal).
I have a finance degree from a prestigious university, experience working in finance, know the business and operations pretty well since I started my own in a different city. He wants an "all-rounder" player on his team (I'd be the third member).
Pros are:- I'd have a mentor to avoid business mistakes that I would have made if working by myself- Access to capital that would take me years to build up- I can reduce the amount of physical labor that my current business requires me to do
Cons are:- I'd have to either close down my current business (9 employees will lose their part-time job) or hand over the business to one of my current employees.- I would be working for someone else, so I may not be able to take the business to the direction I see fit- If the business expansion doesn't work out or I get laid off, I would have forfeited my decently profitable and growing business.
What do you guys think? Any advice would be very appreciated.
If I were to go back to him with my compensation offer, what kind of offer do you guys think is reasonable?
TLDR: guy asked me to move to his city and work on his business on a larger scale than mine. What do you guys think about this? If so, what compensation package would be fair?
P.s. we both live in HQL cities with median income of $80k