Seriously Considering Leaving My Career

[Catholic_Guy1]

Looking for advice on this.

I climbed the corporate ladder and in management for a fortune 100 company. My total compensation is around 150k. My wife homeschools our 5 children and our 1 disabled child goes to a day program.

My company has paid me to be home and train for the past 6 weeks as we cannot fully perform our functions of our department right now. I went from working 60-80 hour weeks to around 20 hours per week. And it’s been a blessing.

I do not want to go back to those 70 hour weeks.

I had such stress and anxiety that I could barely drive to work. My blood pressure is elevated now as I would sit all day in front of a computer. I exercise and eat right, but it’s still not enough when you are sitting in front of computer screen 8-13 hours per day. My anxiety became so bad I had panic attacks at work, at church etc. I actually had to go see a Doctor because I wasn’t sure what was wrong with me.

I am seriously considering buying a business that would force me to be in the field and be on my feet more. I know extensively about the business as I have two entrepreneur uncles that were both successful with there companies.

I feel so much better now that I am up working around my house instead in my office all day.

It would be a big gamble and I would have spend about half of my life savings to acquire the business. I am 39, so I guess I could always go back to the corporate world if it doesn’t work out.

The business I am looking at is out of state, so it would require a move. My wife is good with the move as we would like to send our kids to a college nearby anyway.

I have been praying about this for awhile.

Anyone with some sound advice would be appreciated.

The business is expected to return about 90K in profit in its first year and then grow from there.

I am really pondering the effects of sitting all day on my physical and mental well being.

Thanks for any advice.

 

[Tis_Bearself]

When your job is giving you so much stress that you “could barely drive to work”, it’s time for a change if at all possible.

The advice I would generally give is to

1. Be realistic about the odds of your new venture succeeding. It sounds like you may have done this as you have two entrepreneur uncles in the field. I presume you have discussed this plan with your uncles as well as with others who have knowledge of the business. Also, it’s a business you already know something about, which is good.
2. Discuss with your spouse and make sure they are on board. It sounds like you’ve done this. Also be sure to discuss the possible consequences in case the business fails, for instance that you would lose a lot of money, that you might have to live on a tighter budget etc.
3. Have a realistic backup plan. Would you be able to just “return to the corporate world”? Sometimes middle-aged people can’t get hired back if they walk out. And sometimes they can. It depends on your skill set, your contacts etc. It does sound like you’ve already considered this.

I changed careers in my mid/ late 30s. We didn’t have to move or spend a lot of life savings, but I did incur six figures of debt in order to make the change, and my husband had to support us both for a few years while I went back to school. I was able to pay the entire debt back myself out of my own paychecks within 10 years of making the switch. I did have a backup plan of 2 other career paths I could pursue if Plan A didn’t work out.

You might want to consider reading Gail Sheehy’s book “Pathfinders”. (NOT “Passages”, that one is depressing. PATHFINDERS is the one to read.) It’s kind of old, but it helped me.
Good luck.

 

[Pattylt]

I don’t really have any specific advice but first I want to say that I don’t think you’re alone in this realization. I’m pretty sure many people are now looking at other options as they unwind from the extreme stress they previously endured.

Do look at all possibilities. Would there be a position you could step into at your current job that would require much less of your time and reduce the stress levels? Would any accompanying pay loss be acceptable? Only you can assess the risks and rewards of starting your own business. Would you be able to recover if it fails? Do you mind being in the position to start all over again if you have to?

Obviously, you will be thinking through all these things as you make plans. Don’t be afraid to abandon them if you need to, either! Discuss this thoroughly and often with your wife and your priest! Talk to a business lawyer and bankers. Keep every option open for now.

Good luck!

 

[Buks]

I have no experience as an entrepreneur.
When do yo need to go back to your long hours? Sounds like currently you still have the “short” day. I’d consider continuing that to keep your current income (the good salary that you mention) until you are obligated to go back to your old schedule. At that point you could look into FMLA given the medical visits that you’ve had. Perhaps a leave of absence is possible, with partial pay.

Consider what you could fall back on career-wise in the new location, if the business venture fails.

I’m currently also under much stress. Adapting has meant in part, looking at my job as a paycheck with less emotional involvement. Sad, but so be it. I think of what the role of work is, in light of my faith. Employers should provide training and a set of responsibilities that is livable - good for the person, the individual. When they fail to do so, the person should assume control of their efforts so as to also control their stress. And let the Lord take care of it.

 

[Irishmom2]

OP, it sounds to me like you are doing everything right. You are researching, you have spoken to your wife about it, and you are willing to work hard at something new. I don’t see any downside to what you are thinking about doing. I wish you every success.

 

[1Lord1Faith]

Some things don’t seem to add up. Moving your family is going to be incredibly stressful on top of trying to make a new business work. Why can’t you start this business where you are now?

Also, your kids may not want to go to that college. Leave the college off of your list of pro’s and cons.

You can’t go wrong with getting out of the office chair, especially if it is that stressful. But moving and starting a new business with 5 kids at age 39 sounds like it’ll be a little more than a big gamble. What if you don’t like it. It could break you physically or mentally or both, if you aren’t in excellent health already. Just my 2 cents.

 

[Catholic_Guy1]

I can’t start the business where I live now because I would be in direct competition with my Uncle and that would not go well with my family. He employs my brother and my cousin among others. Also the business has less seasonality to it in a warmer climate than where I currently live.