This is convoluted, complex and confusing, but I'll try to condense this down and make it as concise as possible.
As I've stated before, I'm a partner in a very small consulting firm. I own 20% at this point in time and am "given" an additional 4% every year. We've done ok, but things have really trailed off the last couple of years. On top of that, our relationship has soured some recently. Enough so, that I've been passively looking for new employment for about a year now. Its not bad enough that its unbearable, but enough that it wouldn't hurt my feelings to get away from him. I've been contacted by an acquaintance that is established in a nearby town (that I have always wanted to work in) about starting up a new firm. The firm would not exactly be new. He has an established firm that would fund it to get going and has other established engineers to bring in, but it would be a new firm name and right now none of the potential employees are employed by the same company. My partner and I have been in discussions with the new guy about merging, but my partner has decided he is not interested. I see alot of potential in the new city due to several recent vacancies and am VERY interested in being an equal partner of a full service firm (we are mechanical only at this firm).
So in short, what would you do? Do I abandon my old firm for the new or just stick this out and hope the money/relationship doesn't get any worse? I am a little scared to make the jump because of all the unknowns. I have kids, mortgage, loans, etc. all the standard excuses that make me cling to my steady paycheck, but this could be BIG for me. It could also be disastrous if the new company fails, my new partner bails on me and my old partner wouldn't take me back. I realize there would be other options at that point, but still, its an unknown. I am not independently wealthy and need a steady paycheck to pay the bills. I have no family business or great big pile of money sitting around for me. My wife is a stay at home mother which is nonnegotiable. This is it. My income has to keep coming in or we will be living in a van down by the river in 6 months. I would not have to relocate. In fact the new company may be closer to home than I am now. There are a few more details, but I think they would just muddy the water.
Any input?
As I've stated before, I'm a partner in a very small consulting firm. I own 20% at this point in time and am "given" an additional 4% every year. We've done ok, but things have really trailed off the last couple of years. On top of that, our relationship has soured some recently. Enough so, that I've been passively looking for new employment for about a year now. Its not bad enough that its unbearable, but enough that it wouldn't hurt my feelings to get away from him. I've been contacted by an acquaintance that is established in a nearby town (that I have always wanted to work in) about starting up a new firm. The firm would not exactly be new. He has an established firm that would fund it to get going and has other established engineers to bring in, but it would be a new firm name and right now none of the potential employees are employed by the same company. My partner and I have been in discussions with the new guy about merging, but my partner has decided he is not interested. I see alot of potential in the new city due to several recent vacancies and am VERY interested in being an equal partner of a full service firm (we are mechanical only at this firm).
So in short, what would you do? Do I abandon my old firm for the new or just stick this out and hope the money/relationship doesn't get any worse? I am a little scared to make the jump because of all the unknowns. I have kids, mortgage, loans, etc. all the standard excuses that make me cling to my steady paycheck, but this could be BIG for me. It could also be disastrous if the new company fails, my new partner bails on me and my old partner wouldn't take me back. I realize there would be other options at that point, but still, its an unknown. I am not independently wealthy and need a steady paycheck to pay the bills. I have no family business or great big pile of money sitting around for me. My wife is a stay at home mother which is nonnegotiable. This is it. My income has to keep coming in or we will be living in a van down by the river in 6 months. I would not have to relocate. In fact the new company may be closer to home than I am now. There are a few more details, but I think they would just muddy the water.
Any input?