Ask HN: Take over family business or pursue my own professional goals?

https://news.ycombinator.com/item?id=14705274

2 6 9 years ago

news.ycombinator.com

Throwaway account here. For multiple generations, my family has owned a manufacturing business in the Midwest. It is profitable, and the family and most employees would like me to be the next CEO. I have plenty of ideas for improving and modernizing the company, and would be paid terribly well (in the ballpark of $250k/yr in the Midwest), assuming I keep the same salary as the current CEO. However, this opportunity isn't really in line with my own personal professional goals.

By that, I mean that I would ideally like to continue my graduate studies and get my PhD in computer science (applied machine learning focus). After that, I've dreamed of working for a large tech company like Google where I'd have the opportunity to work on research and explore my own entrepreneurial ideas.

Obviously these two career paths are not mutually exclusive. I do not really want to stay in the small Midwestern town I grew up in, working in an industry I am not particularly excited about. However, the company is important for our community and I don't know what its fate would be if I did not step up. Lots of hard-working factory employees' jobs could be in jeopardy.

I would be interested in hearing insight from others who may have been in similar situations, or may have had external influences on their career paths. Thanks so much for your time everyone.

ytNumbers• 9 years ago

Those born wealthy usually fail at being an entrepreneur. While you could be the next Bill Gates, you'd face unbelievably long odds. Becoming a CEO looks like a sure thing for you. I'd go with the safe bet for ten years, and then after that you can move on and then do whatever thrills you.

tbirrell• 9 years ago

You have an open door that will set you up for life. And for a lot less effort than basically anything else you can do. Use this opportunity as a springboard to get to your dreams. In 5-10 years once you have a family, you'll probably appreciate the stability FamBiz offers.

Now, I'm not saying throw away your dream for money. You'll resent the golden handcuffs if you do. I'm saying that you should figure out how to make them work in tandem. Granted you may never work at Google if you become CEO of FamBiz, but there is no reason you can't get your PhD then run FamBiz while pursuing your interests on the side. Think of it like being Elon Musk at a smaller scale. He has (and still does) run enormously profitable businesses and still spends time and money on things he is interested in.

tl;dr - you are being offered a stable and lucrative foundation from which to live your life. I'd say go for it and use it to fund your dreams.

theoneone• 9 years ago

I would go and play safe, make a family, enjoy the wealth and secure your children's future and in the mean time experiment with your ideas since the (spare) money will be there for your entrepreneur adventures. If you are single it makes sense to go and work at Google, but if you are planning for family and a calm and stable life ,the ceo job( an the money that come with that) will secure those, at least for a couple of years. I always go safe, live minimal and put family values first. Good luck!

JSeymourATL• 9 years ago

I have plenty of ideas for improving and modernizing the company...

You CAN do both. Put together a 12-to-36 month plan where you upgrade the company, groom, or find a worthy CEO successor. You can still retain family control and involvement by then moving into a chairman or board role. That will free you to pursue your other interests.

How Bill Ford recruited Alan Mulally is instructive> http://www.denniscarey.com/publications/How%20the%20Ford%20b...

blizkreeg• 9 years ago

OP: you should do what ^ says.

twobyfour• 9 years ago

Neither choice has to be forever.

I would encourage you to take the CEO job. You will learn an enormous amount in that position that will benefit you later if and when you become an entrepreneur.

Live frugally. Earning $250k but living as if you made $25k (which is way more feasible in the Midwest than in the big coastal tech oriented cities) is an enormous opportunity. Doing that for 5-10 years will give you the sort of nest egg the vast majority of people can only dream of 10 years into the workforce.

In the meantime, set the company up for success. Modernize it, and work on a succession plan for when you leave.

Most people spend their entire lives working for money just to survive. You have the opportunity to do that for a handful of two of years to put yourself in a position where you can stop working for money for quite an extended period. Once you've done what you need to do to get the company into a place you're satisfied with, and you've put away some money to fund your dreams, you can pursue them with impunity.

That said, it's unlikely that without you the company would be able to find a new CEO. People's livelihoods won't be jeopardized just because you decide the job isn't right for you or you're not right for it.

Ask HN: Take over family business or pursue my own professional goals?

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