Tough Employment Decision

Jul 21, 2015

  1. ncagent83
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    ncagent83 Expert

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    I have been working at an agency for almost two months now working as an account manager. I've got a degree in RMI and an commercial underwriting opportunity came up that would pay nearly $20K more a year. I'd like to think of myself as a loyal person but when an opportunity comes up like this, it's hard not to consider. I applied for the job to see what the outcome would be.

    I have a chance to own the business that I work for in the next five to ten years. They picked me up as soon as I got out of school and have been good to me. I don't know what would be the best option: stay for the long haul, or a quick raise in salary and responsibility while potentially burn bridges.

    What would you do?
     
  2. Gooner
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    In your current position, do you have a contract in place to buy the business? If not, then I'd get one...if they won't commit to that then you have your answer.

    Even having a contract isn't a guarantee that you'll end up with business, I speak from experience.
     
    Gooner, Jul 21, 2015
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  3. ncagent83
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    I do not. The thought is that once I get into a management position, after the third month of employment, we'll sit down and go over perpetuity plan.
     
  4. xrac
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    Take the underwriter position. Odds are not in your favor that all will work out as promised. You have time and should have opportunity as an underwriter to own an agency at some future point if desired. A bird in the hand is worth two in the bush.
     
    xrac, Jul 21, 2015
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  5. Gooner
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    I agree :idea:
     
    Gooner, Jul 22, 2015
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  6. sman
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    If there is nothing in writing, then there isn't currently a plan for you to own the agency in 5-10 years. I certainly wouldn't hire an inexperienced agent with a promise of agency ownership. That conversation would come MUCH later after he/she has proven themselves to be the type of person AND worker that I would feel comfortable in turning the agency over to.

    I'd probably approach the owner of the agency and tell them about the other job offer. Explain that you want to stay with this agency (assuming you really do), but an extra $20,000 is hard to walk away from. If he/she values you, then he/she will offer you a raise. However, seeing that you've only been there two months I can't imagine you've already increased your worth to the agency an extra $20,000 over what they are currently paying you. Just be ready to walk if you present this option to the agency owner.
     
    sman, Jul 22, 2015
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  7. ncagent83
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    I've had previous experience in the agency setting along with a degree in risk management and insurance. So that's why they had contingency in mind when hiring me. But like you said, they are waiting to see if I can prove myself before they get it in writing.

    I'm probably thinking about this way too hard. I would love to own the agency one day and it will take some time to get to where I want to be. I would just hate to leave for an underwriting position, hate it, and then wish I was back at the agency. Decisions, decisions :skeptical:
     
  8. Gooner
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    You sound younger, not an insult at all. I've always been a risk taker, so take my advice for what it is. I'd go ahead and get a job offer in place with the other company, then I'd walk to your current employer and tell them you wanted to see what they thought of your progress so far. Then I'd push the issue about succession. If they can't/won't commit...put in your 2 weeks. If they do commit, call the underwriting job back and tell them your current employer matched pay or made a counter offer, whatever.

    I don't see the second option happening, but maybe it will. Just be prepared to be shown the door at your current job if you mention the other opportunity to them.
     
    Gooner, Jul 22, 2015
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  9. ncagent83
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    Thanks! And you're right, I'm 22. This is a huge decision because it puts me at a crossroads. Do I take the corporate path, or the agency path. Haven't heard back from the company yet, granted it's only been two or three days since I applied. The owners have known me for a while so hopefully they'll understand... Business is business.
     
  10. plewi003
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    The agency path you control your own destiny. You make what you are worth, and your own effort can return to you exponentially. Going the corporate route your growth financially, and professionally could be decreased and subject to someone else's control. If you are interested in sales, and working with clients, why consider underwriting? You need to figure out what drives you, and not just the immediate monetary impact. Make your decision based on what you like to do.
     
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