Boss doesn’t want me to leave

Discussion in 'General Business Forum' started by Welding Man, Sep 8, 2019.

  1. Welding Man

    Welding Man UKBF Newcomer Free Member

    1 0
    I currently manage a manufacturing company which has been rapidly growing since I joined 2.5 years ago. Over the past few weeks our MD has been outlining his plans to expand the company into new premises and for me to head up this new site. Meanwhile in the background I have been planning on leaving to start up on my own in same sector. I didn’t think it was fair to carry on and not tell him my intentions so I have essentially given him 6 months notice to try and find my replacement.

    He doesn’t want me to leave and has said he wants to try and make something work to have a long term working relationship. My gut is saying continue with your plan, ultimately I want to have my own business, am I right? What can he offer that would be considered good terms to stop long term?
     
    Posted: Sep 8, 2019 By: Welding Man Member since: Sep 8, 2019
    #1
  2. STDFR33

    STDFR33 UKBF Big Shot Free Member

    3,924 998
    Shares in the business?
     
    Posted: Sep 8, 2019 By: STDFR33 Member since: Aug 7, 2016
    #2
  3. Mr D

    Mr D UKBF Legend Free Member

    16,847 1,886
    More money, more perks appear to be usual inducements to keep someone in a job.

    Ultimately its got to be up to you. Don't be the person looking back 20 years from now saying 'I could have done it. I could have set up my own business. I could have been a contender!'.
    Either stay or go - but don't regret your decision either way.
     
    Posted: Sep 8, 2019 By: Mr D Member since: Feb 12, 2017
    #3
  4. StevePoster

    StevePoster UKBF Enthusiast Free Member

    995 141
    I think one of your boss reasons is he wants you to be part of the expansion of the company and with you it will be a big contribution for that. However, if you are already decided, 6 months time allotment is enough for your boss to find repplacement.
     
    Posted: Sep 9, 2019 By: StevePoster Member since: Nov 29, 2013
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  5. JEREMY HAWKE

    JEREMY HAWKE UKBF Legend Full Member

    4,038 1,277
    Are you absolutely sure your new venture will be profitable and not make serious losses !

    Have you started a business before. A rapid expansion with somebody else's money and backing is a hell of a lot different to being on your own with your own money !

    The fact that he wants you to stay on board and maybe write your own pay cheque may not be so bad but with out seeing a detailed strategy of your start up nobody on here could comment with complete honesty
     
    Posted: Sep 9, 2019 By: JEREMY HAWKE Member since: Mar 4, 2008
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  6. Mark T Jones

    Mark T Jones UKBF Big Shot Full Member

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    My first suggestion woulds be to keep the conversation moving with your boss - whatever the outcome it will be to both of your advantage to be on good terms.

    Partnership can be great (despite the doom and gloom you will see on here) - A big factor in making them works is good, clear communication before you start.

    On the other hand; if you are definitely the type to run a business alone then there will probably be resources you can share.
     
    Posted: Sep 9, 2019 By: Mark T Jones Member since: Nov 4, 2015
    #6
  7. obscure

    obscure UKBF Ace Free Member

    2,980 714
    At the end of the day there is no right or wrong answer.

    Being a partner in an already existing business and helping to make it better is a lot less stressful than trying to build your own business.

    On the flip side that may not make you as happy as being your own boss.
     
    Posted: Sep 9, 2019 By: obscure Member since: Jan 18, 2008
    #7
  8. Chris Ashdown

    Chris Ashdown UKBF Legend Free Member

    10,657 2,156
    He has a plan to expand and wants you to head up the new site, so I would expect some shares in the company, As he is already established and expanding the company is doing well and has a good team

    You have a plan to do your own thing, which is fine but do you have the skills and money to achieve anything, can you put it on hold for say three or four years and then do it whilst seeing how the present company grows and your powers within it grow

    Sometimes being a shareholder and maybe a director of a larger company can bring far more challenges and rewards than just running your own small company, only you can make the choice

    What do you loose if you delay start for a few years, and what experience may you gain
     
    Posted: Sep 9, 2019 By: Chris Ashdown Member since: Dec 7, 2003
    #8
  9. antropy

    antropy OpenCart Experts Full Member - Verified Business

    3,420 585
    How far down the line are you with regards to starting up your own business? If you are just thinking about it then best to keep the conversation flowing with your boss so you can research and draw up a business plan. Have you started a business up before or is it your first time? Are you ok financially for 3-6 months as you get the business off the ground? These are all questions you need to ask yourself before committing to leaving your current role. Alex
     
    Posted: Sep 9, 2019 By: antropy Member since: Aug 2, 2010
    #9
  10. Mr D

    Mr D UKBF Legend Free Member

    16,847 1,886
    If possible take a bigger reserve of money to cover your bills over time. 6 months I would suggest is a minimum, 18 months far better.
    Businesses may do well from first few months enough to pay a wage. But if the particular business struggles or needs to grow more to reach that point then a cash cushion to pay own bills prevents need to raid the business for money to live.
     
    Posted: Sep 9, 2019 By: Mr D Member since: Feb 12, 2017
    #10
  11. Socio South West

    Socio South West UKBF Enthusiast Free Member

    870 214
    I think you have made the cardinal error of trying to be too nice - in six month's time you will be a competitor.
    It is very likely that if you don't come to an agreement to remain with the company quickly you will be put on gardening leave by your current employer.

    There's not enough information on how you plan to set up, whether you have enough capital etc to give a fully reasoned suggestion.
    You seem to be secure in the job, and hopefully being adequately rewarded: Really the step up from that is shareholding and/or directorship, but many company owners would be very resistant to that suggestion.
     
    Posted: Sep 9, 2019 By: Socio South West Member since: Mar 24, 2013
    #11
  12. WeddingsInWales

    WeddingsInWales UKBF Contributor Full Member

    66 24
    One possibility is to consider some form of franchise agreement. Setting up your own business either means you have to become an expert in all areas of running a businness, numerous problems to contend with, or you expand enough to delegate the compliance and paperwork tax and other issues to staff, to let you get on with marketing and promoting your new business.

    If though you decided what you were able to do and what you were not, you might be able to come to an arrangement to share skills and resources, with you trading in one town or area and your boss in another area, so you do not overlap or compete but complement one another.

    I had a cleaning agency franchise (I was the franchisor) once with 96 branches and simply cloned my own cleaning agency across these 96 branches, each branch becoming a franchisee owning their own business and having a 100,000 householder area. While my branch at 2,000 clients was the largest, the franchisees between them amassed around 12,000 clients nationally, which I would never have done on my own. I merely took an income from the area licensing fees and publishing a business manual on how to run the businness, plus 5% of turnover if greater than the sum of the manuals and area fees (very few franchisees grew above 200 clients so did not have to pay the 5%).

    The franchise operation provided about £300k of gross turnover and £100k of profit, so was smaller for me than the main agency I ran, which gave me £220k of annual profit before tax, on 750k turnover. It was though a win win for me and the franchisees, and lasted 20 years until the marketing method (leaflet delivery) failed and internet created more competition. If you pooled resources with your employer and had some sort of franchise arrangement, assuming a geographical split is possible, you will the be a pilot franchise and can jointly franchise the business later. There are many opportunities in working together, but this depends whether you wish to delegate some tasks back to the staff at your employers' rather than start everything from scratch and get your own team set up. Also you would be competing against a more established company which could be problematic, while you may be under resourced in start-up phase.
     
    Posted: Sep 10, 2019 By: WeddingsInWales Member since: Dec 13, 2018
    #12