About to be laid off - career advice sought

[Eijimiyake]

I expect, and somewhat hope, to be let-go as part of a corporate restructuring, around the year-end, upon which I will receive ~$70k in severance, bonus & retention payout (post-tax). I live in the NY area.

I'm trying to decide - what next? I'm well-networked within Financial Services but see that as a last resort (I'm not enamored by the industry). I love sports & food and see this as an opportunity to marry my skills with one of my passions.

Advice sought - should I,
(a) half my current comp. & pursue an entry-level Finance position at a sports league/franchise, or within a restaurant group
(b) use the money to start a business & spend next 4-6mths building a business plan
(c) fall back & suckle on the teat of Corporate America (i.e. a Bank)
(d) something else (please suggest)


Background:
I currently work in Capital Planning for a designated SIFI, but have experience in audit, accounting, financial planning & analysis.I have 10yrs of post-graduate experience, all at the same company. I have a Mathematics degree, permanent residency, a newborn son & ~$300k 30yr mortgage. My wife has a stable, well-paying job at Amex. I have some preliminary connections within sports via LinkedIn but none in the Restaurant/Hospitality industry. If there is other pertinent info missing here, I'm happy to share.

 

[papa kot]

It is hard to tell you what you should do, but if I were in your shoes, I'd choose this:

(b) use the money to start a business & spend next 4-6mths building a business plan

If you go back to the "corporate teat" what do you expect? I'd take time off and then jump straight to the business plan. If everything else fails, at least you can go back to the corporate teat with some stories to tell.

 

[Reggs]

If you are young and have no long term gf that could be "the one" and you have the discipline to work for yourself 8 hrs or more a day then start your own business. The older you get, the harder this will be to do.

No matter what happens, get that recommendation letter and present it to future employers even when it's not asked. When you get laid off, take it with grace.

Most of my job history was working in industries I had no passion for. Then that one job came where I was in the middle of one of my life long passions and met people I was fans of at trade shows ect. On paper, it was a sexy job. That one job made me extremely unhappy and miserable; easily the worst time in my adult life. Work for the comradery of your team/coworkers, and for the glory of a job well done. Don't work for the passion of an industry.

Reduce your spending in drastic ways immediately. You probably will not need it, but just think of it as buying you some more time in limbo. It's also good to go through that every once and a while so that the golden handcuffs don't creep up on you.

 

[gs77]

And? What happened?

 

[Jr Mouse]

Taking 4-6 months off and the severance package to try and start a business plan is risky for someone with a newborn son and a $300k 30yr mortgage. No reason he couldn't be successful at it, but I would be much more inclined to advise you to get something that brings in income and work on the business plan on the side. Take it slow and conserve your money. It could end up taking longer than you think to turn things around. Not trying to be pessimistic here, but it can be more challenging then you think when out of a job. Also the reality is not everyone is cut out to run start a successful business and may well have their strengths elsewhere.

 

[thekunk07]



I expect, and somewhat hope, to be let-go as part of a corporate restructuring, around the year-end, upon which I will receive ~$70k in severance, bonus & retention payout (post-tax). I live in the NY area.

I'm trying to decide - what next? I'm well-networked within Financial Services but see that as a last resort (I'm not enamored by the industry). I love sports & food and see this as an opportunity to marry my skills with one of my passions.

Advice sought - should I, 
(a) half my current comp. & pursue an entry-level Finance position at a sports league/franchise, or within a restaurant group
(b) use the money to start a business & spend next 4-6mths building a business plan
(c) fall back & suckle on the teat of Corporate America (i.e. a Bank)
(d) something else (please suggest)


Background:
I currently work in Capital Planning for a designated SIFI, but have experience in audit, accounting, financial planning & analysis.I have 10yrs of post-graduate experience, all at the same company. I have a Mathematics degree, permanent residency, a newborn son & ~$300k 30yr mortgage. My wife has a stable, well-paying job at Amex. I have some preliminary connections within sports via LinkedIn but none in the Restaurant/Hospitality industry. If there is other pertinent info missing here, I'm happy to share.

use your math skills to get into AI which is heavily math driven. its the way tech is going. automation companies are half the companies i work with now

 

[Reggs]

Kunk, I thought you were in marketing/advertising.

 

[isatcong]

If I could start all over, I'd try to learn how to become a bespoke tailor in NYC. I've heard there aren't enough of these guys to go around. I'm probably wrong though.

 

[thekunk07]



Kunk, I thought you were in marketing/advertising.

was, kinda am, do more management consulting now

 

[greeneye]

I'm at my 40s, have two kids in school, mortgage on my head. I work in IT services industry which sucks big time.
If my organization decides let me go, then I may never get a chance to re-enter in IT for sure. So I'm already working on a business plan.
Started distributorship of LED lights and trying to build network to reach out all electrical contractors working in private and government.
There is still huge scope for LED lights since most of the places are still using either old sodium vapor or CFL lamps.

Thought of sharing this with you thinking you are not alone here, there are many thinking on starting new business.

 

[Friedmett]

Well what is your passion and whats in your heart?

If you really got something of experience you can build a business around it. It really all comes down to a worthy ideal for you and what you really want. Once you know then you can get emotional involved, take action and stick with it.

Building a business is fun if you are into it though I would recommend you have someone successful who could teach you the business to save you a lot of time and money.

Educate yourself on what makes you a better person is also essential to do.