Would like some employment advice, please.

Hondamaker

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#1
My employer is offering us a buy-out. If I took said buy-out, I would receive $29K plus a year's pay (to be paid in monthly increments). What would you if you were in my shoes? Take the buy-out? I would have a year to come up with gainful employment, and I can use the 29K towards an investment or a businesss. I would appreciate any and all feedback, since I am considering this offer.

Thanks in advance!

---Jack
 

kenneth

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#2
Well depends. Do you feel that your job is secure? Is the salary good enough to be comfortable? Are you happy with your job (I know no one is happy to work but you know it could be worse) what do you do?
 

Hondamaker

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#3
Well depends. Do you feel that your job is secure? Is the salary good enough to be comfortable? Are you happy with your job (I know no one is happy to work but you know it could be worse) what do you do?
I work at one of the Honda manufacturing plants in Ohio.
 

Buffy

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Any idea of what you'd like to do in a new businesss venture? Is your current income going to be difficult to replace? If for some reason the new businesss venture didn't pan out, how easy/difficult would it be for you to find employment elsewhere? What about retirement and health benefits? So many questions...I'll be interested to hear your thoughts as you make your next move.
 

Hondamaker

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#6
My wife has really good health insurance, so my kids and I are pretty much covered. I can roll over my 401k as well. As for a new businesss venture, I don't know, that's why I'm asking advice! LOL. I can stay with Honda no problem, but would love to be my own boss.
 

kenneth

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#7
man HONDAMAKER is a honda maker lol. I should have guessed that.

if you want to be your own boss then I suggest to just keep saving money up so no financing will be done. Right now is not a good time for a new businesss to open. Look how many OLD businesss's are closing down.
 

coasts

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#8
i worked for a man in Colorado that told me "if you always do what you've always done, you'll always get what you've always got". if you're not happy with what you've got, do something else.
 
#9
Jack, you are in an interesting position. If you have always wanted to run your own businesss this might be the time to give it a try. It depends so much on the type of businesss. A year from now things should be very different but we don't know what that means just yet. What type of businesss are you interested in doing?

You have a well paying job now and if starting a new venture doesn't pan out within the year you will have to do something else. What will be the prospects of getting a comparable paying job in your area a year from now?

Coasts comments are definitely something to be considered. Noting comes without risk but you have people other than yourself to consider. Only you can balance the actual risk against the potential return. If you do go for it, try to establish a security fund with a portion of your severance and monthly pay.

Most importantly, if you do take their offer will you have to change your nick here?
 

Marianne

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#11
My dad was in a similar position several years ago, though he didn't have the benefit of a buy-out and was only laid-off. He's been a machinist his entire life and took the opportunity to start his own businesss. Getting the equipment and space needed to start his businesss took far more than a year's worth of his salary and he still has equipment loans and a lease to pay, which has become difficult with the economy at this point.

Depending on the businesss venture you have in mind, I would say that $29K is not nearly enough to set up on your own. If you want to do a joint venture with someone, it still probably wouldn't be enough unless they already have the land and equipment needed.

Frankly, I wouldn't suggest starting your own businesss in this economy, particularly if you are in an area where many jobs have already been lost or will soon be lost.

I did see a news bit about this one guy who started his own businesss, hiring himself out for anything for $25 an hour (anything not illegal, that is). He did everything from work around people's houses to escorting a woman who needed a date to a dinner party. If you could find something that you enjoy for which there's a definite need or market in your area, this type of businesss could succeed.

Otherwise, I'd suggest staying in your job. Unless you need a really long vacation and are 100% positive you could find a job that pays as well in a year, a bird in the hand and all that...
 

Hondamaker

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#12
You all have good points. I'm probably gonna stay where I'm at. It's a good job, and it pays well. Hopefully people will keep buying Hondas, eh?
 

psylichon

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#13
I would stay where you're at. I think Honda's gonna pull through this just fine.
 

PepeRB29

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#14
You all have good points. I'm probably gonna stay where I'm at. It's a good job, and it pays well. Hopefully people will keep buying Hondas, eh?
not to be negative towards you, i hope you remain successful, but i hope people don't buy hondas.
 

psylichon

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#16
I fear for the direction of this thread. I hope my fears are unfounded.
 

evolution83

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#18
Considering the job market right now, I would stay put. Any job that is secure should be treated like a prized possession. I would definitely wait to run your own businesss until the recession clears, which may not be for another year or so.

I'd like to buy a new Honda Civic myself, but I may have to wait a bit. Besides, what's wrong with Honda anyhow?
 

Hondamaker

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#19
not to be negative towards you, i hope you remain successful, but i hope people don't buy hondas.
That's not gonna happen. The major Japanese car manufacturers have a great rep and a huge customer following. Toyota and Honda will remain long after the original Big 3 are mere memories.
 

iCafe

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#20
I say first look to see if the starting salary at other auto makers is the same as your currently making .. and apply and if you get the job take the money from honda and run.
if you don't stay at honda
But honda's are the best middle class cars ever made
you don't want to leave and work for nissan