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Anyone here regret working in the family business?

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  #1 (permalink)  
Old 05-01-2023, 11:02 AM
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Default Anyone here regret working in the family business?

I have been working for them for many years. This year would be the 12th year. The first year my pay was $1.6k gross. Every year there is a increase of $100-200. After working for so long my pay right now is $3.8k gross. Previously, it was lower at $3.2k before I convinced them to increase a bit because I really felt it was too low. Bonus is always standard 1 month.

My dad is mid 60s, mom is few years younger. Both are working in this same business and I work for them. Some background, We live in a 4 room neighborhood condo maybe worth estimated $2.3mil now fully paid. They are lucky in the sense that they don't earn much but have some kind of property luck. The first condo they bought was like $600k++ many years ago and through flipping they managed to get to here. But while assets we are not bad I can sense that they are cash tight and we are probably "poor" if you were to measure wealth by liquid cash.

Because of this situation, they are probably going to working as long as possible. They have repeatedly used the guise that this is "My business" eventually to convince me to stay and keep repeating that I am very blessed while many people don't have a job.

Personally, I feel that I am being made used of. Pay after working 12 years is other people's starting pay or lower. I feel like I'm always in their grip and there isn't much earning potential in this job. Granted, I am only a diploma holder and there are some pros to this job. For e.g, always go home on time 9-6pm. Weekends free and also there are times where there is nothing much to do. So if you are looking for a comfy job it is ideal but then my focus is trying to make as much money when I am relatively young.

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Old 05-01-2023, 07:15 PM
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if they will everything to you after they pass on, then might be worth it

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Old 06-01-2023, 11:16 AM
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Originally Posted by familybiz View Post
I have been working for them for many years. This year would be the 12th year. The first year my pay was $1.6k gross. Every year there is a increase of $100-200. After working for so long my pay right now is $3.8k gross. Previously, it was lower at $3.2k before I convinced them to increase a bit because I really felt it was too low. Bonus is always standard 1 month.

My dad is mid 60s, mom is few years younger. Both are working in this same business and I work for them. Some background, We live in a 4 room neighborhood condo maybe worth estimated $2.3mil now fully paid. They are lucky in the sense that they don't earn much but have some kind of property luck. The first condo they bought was like $600k++ many years ago and through flipping they managed to get to here. But while assets we are not bad I can sense that they are cash tight and we are probably "poor" if you were to measure wealth by liquid cash.

Because of this situation, they are probably going to working as long as possible. They have repeatedly used the guise that this is "My business" eventually to convince me to stay and keep repeating that I am very blessed while many people don't have a job.

Personally, I feel that I am being made used of. Pay after working 12 years is other people's starting pay or lower. I feel like I'm always in their grip and there isn't much earning potential in this job. Granted, I am only a diploma holder and there are some pros to this job. For e.g, always go home on time 9-6pm. Weekends free and also there are times where there is nothing much to do. So if you are looking for a comfy job it is ideal but then my focus is trying to make as much money when I am relatively young.

why not see the situation in a better outlook? Look for ways to improve their customer network, more leads, more sales. Use your youth to modernise their business potential. With more sales, more profit sharing will follow. I dont see how your parents property has a link to you working for them. Your parents will likely pass it to you anyway. They are probably waiting for you to level up and grow their business. Give your all, regret none.

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Old 06-01-2023, 04:48 PM
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You are lucky to have a family biz to work in in the first place. Most of us do not have such luxury. Clearly it will be your company in the future.
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Old 06-01-2023, 08:35 PM
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Well, you can consider venturing out and see how you fare. If things don't work out, you can always go back to your family biz. Have an honest discussion with your family first.

The other way is to help innovate your family biz like what the other poster suggested.
Grow your family biz.
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Old 16-01-2023, 08:19 AM
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You are lucky to have a family biz to work in in the first place. Most of us do not have such luxury. Clearly it will be your company in the future.
I don't consider 3.8k after more than 10 years lucky. And I started really peanuts pay and work my way up. Also, they don't seem to be wanting to pass to me anytime soon. The general feel I get is there will be working till they physically or mentally cannot work. Also, I've seen before my dad doesn't earn much. He only earned $100k a year all in and that's on a good year. So basically, I'm screwed probably taking home $3k+ for another 10 years.
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Old 16-01-2023, 08:23 AM
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why not see the situation in a better outlook? Look for ways to improve their customer network, more leads, more sales. Use your youth to modernise their business potential. With more sales, more profit sharing will follow. I dont see how your parents property has a link to you working for them. Your parents will likely pass it to you anyway. They are probably waiting for you to level up and grow their business. Give your all, regret none.
It's a niche business. Actually, we already have most of the customers in singapore but still earning very little. Possibly only way is to expand overseas but easier said than done.

Also they will probably cash out their condo and downgrade to HDB most likely as if they retire in another 10 years or so they have no other source of income.
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Old 16-01-2023, 03:20 PM
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It's a niche business. Actually, we already have most of the customers in singapore but still earning very little. Possibly only way is to expand overseas but easier said than done.

Also they will probably cash out their condo and downgrade to HDB most likely as if they retire in another 10 years or so they have no other source of income.
what replies were u looking for anyway? you seem to have only 1 answer for all your own doubts.
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