Business Challenge

[Robmeister]

After several years in the financial services industry as an accountant and mortgage consultant, for the past year or so, I have had a position as a sub-agent financial consulting mentorship with one of Denver’s top financial planners.  I’ve been learning A LOT, although the earning part has not hit a consistent level yet and to steadily outpace the expenses involved.  It has been a long-term goal to EVENTUALLY be weaned from the mentorship…..save up enough money…and open my own office.
 
Due to circumstances beyond my control, my mentorship is being cut short ahead of saving much money.   Some skeletons in my mentor’s closet have come to light—business wise—that have him under close scrutiny from the regulatory powers that be.  Consequently, my lawyer has advised me to disassociate myself A.S.A.P. so as to protect and preserve a good reputation at this early stage of my entrepreneurship. 
 
So we are faced with opening our own office MUCH sooner than expected…and before being as “ready” as we thought we needed to be.  So our income and start-up capital is a HUGE question mark. 

Anyway, you’ve all become pretty good online mates and I thought I’d solicite your support, prayers/positive thoughts-imaging.

My poor boss/mentor stands to have his biz go down the tubes.  Hence the “Phoenix rising out of the ashes” of his demise that I’m faced with putting together.  But I gotta do what I gotta do…..one of the reasons I started the “Motivational Quotes” thread.

I know in many cases these things lead to a step up in career development….but it’s not going to be a slam dunk.  Any testimonies of this type of transition happening to you or family/people you know FOR THE BETTER would help keep my motivation high.

Thanks, mates
robmeister

[Robmeister]

Here's a bit of my bio -- for what it's worth to ya.

==============

In addition to being a licensed financial consultant and Certified Equity Alliance Specialist, Rob’s diverse and interesting background prepared him well for his career in the Financial Services Industry. He made a significant mark in the music business as a performer, drummer and songwriter in the eighties, before preparing for a commission in the nineties as a Chaplain with the U.S. Navy. Since then Rob has served in various capacities in financial services, including mortgage consulting and corporate accounting in the retail, commercial real estate and investment industries.  He applies his abilities and skills that he learned in those roles, including his heartfelt dedication, accounting expertise and an innate aptitude for numbers, to helping his clients navigate the financial consulting experience with ease.  Rob is a frequent guest host on Southern Financial Corporation’s radio program, “The Essence of Financial Planning,” which airs on Wednesdays and Thursdays at 2:00pm on KRKS 94.7FM.

Rob was born and raised in Long Beach, California. He earned his B.A. in Theology with honors from Columbia International University. Rob has also engaged in significant Masters-level postgraduate studies in Theology, Accounting and Finance.  He relocated to Colorado with his wife, Nancy, in 2003 and loves the outdoor activities the area provides. He still enjoys playing the drums and likes traveling, skiing, camping and his favorite past time, impromptu backyard campouts with his two young children, Bekah and Preston.

[Tyler]

Rob, I've been in your shoes before, though I was much younger and the stakes weren't as high.

How confident are you about working with some of your mentor's current clients?  Have you had much exposure to his current clientelle?

I ask these questions because if he's about to fall as hard as you imply, then his clients are going to be left without representation in your area of expertise.  You, being a mentor of his, can then bear the torch that he lit.  You would need to spin your sales pitch so that you don't appear to have learned the negatives of his practices, but rather all the good stuff that his clients were sold on before.

Lawyers are typically trusted advisors that look out for your best interest, but they are also deal killers as they tend to be very conservative.  Ask your lawyer how he can help you take advantage of this situation while minimizing your risk.

I'll pray for you buddy!  In the meantime, if you're looking for some comfort in facing trials, try reading this speach by Steve Jobs:  http://www.silist.com/JobsSpeech.htm

[VFRWolf]

I hope it works out for you.  I looked at buying a shop, getting out of IT completely, it would have been fun, something I would have enjoed, and I believe we could have made it work.  Would have been tight for a year or so on just the wife's paycheck, but I was willing to try.  We just couldn't come up with the funding needed.  Not without including her father and I wasn't willing to do that.

Good luck to you, nothing ventured, nothing gained.

[Hawk]

Best wishes on your venture!  I was a corporate banker for many years (about 10) and about 5 years ago I made a career change (I was bored with banking) and got into consulting for banks and placing VP to CEO level bankers and two years into it the firm I was with got bought and I wasn't under a non-solicit or non-compete so I formed my own Executive Search Firm and have been on my own since 2003 and I couldn't imagine any other way of life now.  Running your own shop is the way to go.  Scary at first, but put your blood, sweat, and tears into it and it will pay off.  Best wishes!

[Robmeister]

Thanks, mates!

Your input is helpful.  Just need to stay motivated and inspired.

Again...not devastating or life threatening....but something I'd rather not have to deal with right now.  But it is getting me out of my comfort zone  @#$%^&*!

I'll pray for you buddy!  In the meantime, if you're looking for some comfort in facing trials, try reading this speach by Steve Jobs:  http://www.silist.com/JobsSpeech.htm

Thanks Tyler, that is an inspiring piece!....especially about "connecting the dots"

Mr. Hawk -- I like the familiarity of your "path"

"...two years into it the firm I was with got bought...so I formed my own...Firm and have been on my own since 2003...Scary at first, but put your blood, sweat, and tears into it and it will pay off."

Especially this part, Hawk:

"...I couldn't imagine any other way of life now.  Running your own shop is the way to go."

I knew yooz guyz would keep me inspired and motivated.

Now if I could just peel myself away from the frikken computer and talking to you knuckleheads....I could get on with it 

Nahhhh...I actually was able to locate office space today at a good price....so that's a pretty big hurdle.

[Robmeister]

nothing ventured, nothing gained.

VFR....this is an age-old maxim still perfectly relevent....should never be under estimated....thanks for your input!

My recent favorite...is VERY powerful.....I have WPruitt to thank for this one:

"Far better it is to dare mighty things, to win glorious triumphs, even though checkered by failure, than to take rank with those who neither enjoy much nor suffer much, because they live in the gray twilight that knows not victory nor defeat." - Theodore Roosevelt

[Hawk]

Here is the way I look at it.  If you are doing good at your current firm and there are no non-compete issues you will more than likely do it on your own, if not better.  I think you will be pleasantly suprised!

[Robmeister]

Here is the way I look at it.  If you are doing good at your current firm and there are no non-compete issues you will more than likely do it on your own, if not better.  I think you will be pleasantly suprised!

Thanks, Hawk...I appreciate that.

The main issue is that I hadn't yet proven myself at my current firm.  I'd planned on proving myself and then going independent.   Now I'm just--like I said--outa the nest sooner than expected. 

So it's more of an "underdog" position which I actually like in a way.... now that I'm getting fired up about it.

Sometimes we need that unexpected nudge--like when your situation was "sold out from under you" so to speak.  It's like...ok, time to cut the apron strings....and see it as a beginning, not an end.

[VFRWolf]

nothing ventured, nothing gained.

VFR....this is an age-old maxim still perfectly relevent....should never be under estimated....thanks for your input!

My recent favorite...is VERY powerful.....I have WPruitt to thank for this one:

"Far better it is to dare mighty things, to win glorious triumphs, even though checkered by failure, than to take rank with those who neither enjoy much nor suffer much, because they live in the gray twilight that knows not victory nor defeat." - Theodore Roosevelt

Thanks, I've always wanted to have my own business, mainly because if it suceed's, it's my doing, if it fails, no one to blame but me.  I've just been looking for something fun.  I've been told to start my own computer repair shop, but I don't find that fun anymore.  This store would have been great, but no capital, and putting a daughter through college probably means no capital for a while.

Again, I wish you the best of luck, and keep us informed, pitfalls and good news. 

[BaldRob]

I'm in the same boat... I absolutely love what I do, which is a contract technical trainer, aka Training Hired Gun.  I go into companies, learn about their equipment, and then turn around and teach it for them.

The second part of my job is as the account manager for the Mid West region.  The company does technical support staffing... from PMs to engineers to IT to training.  We're a search firm, but we specialize in contract or contract-to-hire staffing.  It's a great company and I love working for them... very small and the boss is great!

Depending on how things are looking though, I am considering branching off on my own in about 5 years.  It would be a big step, but one that would be worth it in the long run.

[Robmeister]

I'm in the same boat...Depending on how things are looking...I am considering branching off on my own in about 5 years. 

mmm...a different boat for me.  That is the boat I _WAS_ in...wanting to branch off after a decent period of time to get things in place....mainly $$$$. 

That boat capsized over the holidays.    Hence my challenge...gotta branch off NOW or sink like a stone.

But I'm gettin' fired up now 

[wpruitt]

Rob - Good luck.  I have you in my thoughts and prayers.  Glad the quote has meant to much to you.
Bill

[Robmeister]

Rob - Good luck.  I have you in my thoughts and prayers.  Glad the quote has meant to much to you.
Bill

Thanks Bill

That quote is awesome...and is a great comfort and inspiration for someone like myself always chasing lofty goals....and dealing with nay sayers (not on this site, of course). 

BTW, that's great that at your advanced age    you're bettering yourself by attending grad school.   That is no easy feat, man....especially while working, husbanding and fathering.   I know...I've been there.

[wpruitt]

Rob - Good luck.  I have you in my thoughts and prayers.  Glad the quote has meant to much to you.
Bill

Thanks Bill

That quote is awesome...and is a great comfort and inspiration for someone like myself always chasing lofty goals....and dealing with nay sayers (not on this site, of course). 

BTW, that's great that at your advanced age    you're bettering yourself by attending grad school.   That is no easy feat, man....especially while working, husbanding and fathering.   I know...I've been there.

To anyone that has a career passion they have not followed, I have one bit of advice .... GET OFF YOU ASS AND DO IT ... Life is to short for regrets