Back to the future
Discussion
After five years of the highs and lows of running my own business it seems that I'm about to drop everything and head off back to the corporate life. One of the world's largest agencies has asked me to join them, with my clients, and build something substantial. They are chucking a decent package at me and demonstrating some real commitment to me. The dream of running my own business had turned into a bit of a nightmare - I was spending very little time doing fee paying work and far too much of my life taking care of bureaucracy and worrying about cashflow. I really don't have any choice to make. It all sounds too good to be true...and don't get me wrong a large part of me is absolutely enthused by what lies ahead. But there's an undeniable, and completely irrational part of me, that also feels a real sense of loss.
No matter how much I try to deny it, I guess the truth is that nobody really likes change after all. Maybe the lessons I've learnt will make me a more successful entrepreneur at some point in the future. Or maybe I'm just destined to be a smaller cog in a bigger wheel...
No matter how much I try to deny it, I guess the truth is that nobody really likes change after all. Maybe the lessons I've learnt will make me a more successful entrepreneur at some point in the future. Or maybe I'm just destined to be a smaller cog in a bigger wheel...
I really admire anyone who starts their own business. It's something I've wanted to do for a long time, but never quite had the guts to go it alone.
I think it takes a stronger person to admit that things aren't working and move on. There's no shame in that. I'm sure the company you're going to will really appreciate the skills you've acquired during the last five years.
Good luck, I hope it all works out for you.
>> Edited by Mrs Trackside on Wednesday 8th February 23:38
I think it takes a stronger person to admit that things aren't working and move on. There's no shame in that. I'm sure the company you're going to will really appreciate the skills you've acquired during the last five years.
Good luck, I hope it all works out for you.
>> Edited by Mrs Trackside on Wednesday 8th February 23:38
All things must change - someone once said. And, of course, with change there always has to be some doubt as to whether the change is going to be for the better. Just ensure that if you are giving up your own business that the financial package you are receiving as an inducement is a good one.
What impact will this have on your clients? Will they be happy with the new arrangements?
This is often the real unknown in these mergers and/or takeovers.
What impact will this have on your clients? Will they be happy with the new arrangements?
This is often the real unknown in these mergers and/or takeovers.
's to the future! 
Eric Mc said:
All things must change - someone once said. And, of course, with change there always has to be some doubt as to whether the change is going to be for the better. Just ensure that if you are giving up your own business that the financial package you are receiving as an inducement is a good one.
What impact will this have on your clients? Will they be happy with the new arrangements?
This is often the real unknown in these mergers and/or takeovers.
I've been carefully selling this to the clients for a while and most of them are happy to come with me. I have negotiated a clause in my contract stating that if anything goes wrong in the first 12 months, I walk away with my clients. I have also negotiated a percentage of business that I introduce, on top of my basic salary.
Not quite sure what to do with my company at the moment - put it on ice or wind it up. The sensible thing to do seems to be to shelve it until I'm happy that everything has worked out with my new employer, but I guess this will incur costs.
As long as your ltd co. stays in existence, you will need to keep completing formal accounts for Companies House. This will hold true even if the company is dormant. There will obviously be some costs in keeping the company "alive" but they would not be too onerous. I would say less than £200 per annum.
If it does become dormant, you should notify the various tax authorities that this is the case. Hopefully, that will get you off the hook for Corporation Tax, VAT and PAYE - further reducing costs.
If it does become dormant, you should notify the various tax authorities that this is the case. Hopefully, that will get you off the hook for Corporation Tax, VAT and PAYE - further reducing costs.
PetrolTed said:
Good luck MAM. Almost made the leap back to corporate life myself in year 2 of PH. I'm still here and only this morning I'm having to chase people for money
I'm telling you I paid for the bloomin keyring...!!!
Have to say I agree with Mrs T here, being realistic when good opportunities are presented to you and knowing when to shut up shop is actually nothing more than good business sense.
Good luck for the future.
PetrolTed said:
Good luck MAM. Almost made the leap back to corporate life myself in year 2 of PH. I'm still here and only this morning I'm having to chase people for money
Thanks Ted.
Just been doing some sums. I'm being given a company barge to use and abuse, so methinks I deserve a little something for the weekend as reward for my years of entrepreneurial toil...
mutt k said:
How easy do you think it will be for you to re-adapt to the corporate way of life after working for yourself? I've been doing it for 10 years now, and can't imagine being able to survive as part of a team in a big office now.
Not knocking you by the way, but just curious.
I don't think it'll be difficult because I'm building a team from scratch. I'll still be the boss and I won't have anybody physically looking over my shoulder. They have the cash to invest, I don't.
There's no guarantee that it'll all go smoothly but I won't know if I don't try.
Good luck, I think its a brave thing to do. You can always start something off later if things need to change. You will also have benefited from your experience of self employment, and can now see the grass isnt always greener. I am at this turning point with my own self employment, so breaking myself in gently with 2 days a week at a local firm.
Fingers crossed for you!
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