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Loyalty
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More than a year ago I was approached by a colleague who was considering buying the agency we had both worked at during the course of our insurance careers. I was excited about it, and told her to cou
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Loyalty

posted at 11/13/2003 3:37 PM EST
Posts: 1
First: 11/13/2003
Last: 11/13/2003
More than a year ago I was approached by a colleague who was considering buying the agency we had both worked at during the course of our insurance careers. I was excited about it, and told her to count me in when the purchase is made.
We are working together once again, she is struggling financially, thus laying off or firing four staff members.
I want to stay on board because I still think she can make it work, but I also have a wife and four kids to consider too. I have also struggled to find a neutral opinion on this issue.
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Loyalty

posted at 2/24/2004 4:46 PM EST
Posts: 30
First: 1/18/2004
Last: 4/21/2007
you should look farward for future growth preferably here

sanjeev
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Loyalty

posted at 2/27/2004 3:56 AM EST
Posts: 1783
First: 11/11/2003
Last: 5/13/2010
How has it gone since you made the initial post? Hopefully it's going better.

I think that you & your spouse should sit down with a financial planner and review your assets and liabilities. If your company tanks, how long can you go without an income? Consider what the job market is like. Are there changes you could make to your spending habits - and if so how much would those changes impact cash flow? If your spouse isn't working, and your children are school-age, maybe she could find part-time work so that you can stoke up your rainy-day fund.

It sounds like you have a lot of respect for this colleague. If, after you've met with the financial planner you know that staying in this situation you could seriously jeopardize your family's security, you should be upfront with her about it.
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Loyalty

posted at 3/29/2004 6:58 AM EDT
Posts: 8
First: 3/29/2004
Last: 5/16/2004
excellent advice from Cynbrandt!
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