Looking at a big change in roles in my field, what are some things I should look out for?
Some background for context, I’m currently a senior installer for one of the top hvac companies in the gulf coast area. I started at the company with zero knowledge or experience in this field and worked my way to where I am now. I love the company and the people I work for, I’ve been with them for almost 12 years now and they are my family. They pay me well and my time here comes with more benefits than shown on paper.
Now where things get difficult for me, a good friend of my in-laws owns an hvac company and has been trying to get me to come work for him for years. He doesn’t personally know me, but knows of my work ethic and knows the quality of work that I produce. He wants to retire and wants me to buy his company. I’ve never owned a business, and honestly I love working for a boss because at the end of the day my job is done and all the behind the scenes stuff I don’t have to worry about.
Originally I told him no, that if I ever left the company I work for it would never be to go to another company. That was when he just wanted me to come work for him. Now he wants me to buy the company from him, working for him and using whatever profits the company makes to pay him until the business is paid for.
My wife thinks this is an incredible opportunity, and I’m nearing my cap for income in my position currently. Regardless of my feelings about leaving my current job, I think an opportunity like this doesn’t come knocking twice and at this point after telling him no already, it’s knocking a second time and he’s asking my in-laws how much I make yearly and hourly, and they’re trying to see if they can afford to pay me more to get me to transition to working for them. This raises a lot of questions for me thought as I’m the sole provider for our family.
I need to sit down with him and have a serious conversation about this, but have no clue what to look out for or what questions to ask him. I’ve always just kept my head down and done my job to the best of my abilities, learning as I go and making the best of it. But I’m ready for more, this is just a scary jump to make and I’m not a gambling man. Any advice, questions, knowledge, anything really is helpful at this point. This would completely change the way I could provide for my family but I don’t want to fail them. Thanks in advance for any input