The new forums will be named Coin Return (based on the most recent vote)! You can check on the status and timeline of the transition to the new forums here.
The Guiding Principles and New Rules document is now in effect.
Important changes ahead. Advice needed.
Jean
Heartbroken papa bearGatineau, QuébecRegistered User regular
Heartbroken papa bearGatineau, QuébecRegistered User regular
I surely have mentioned this a few times already but right now, I work for my fathers bar. I have been working theyre since May 30,2004. This is the only real job I ever had.
I used to think I would become the owner one day but this will not become reality.
Bussiness has been trending downwards for years and this create many conflicts in the familly.
I used to want to fight to keep the bar but not anymore. I am tired of tall his conflict and, like my father, I want to get out of this while the bussiness is still worth something.
My father is a man of justice. He recognise the value of all the work Ive put in the bar since 2004 and he intends to compensate me fairly for this. I have no reason to doubt him.
I will recieve a sum in beetween 125,000 (worst case) ad 175,000 ( best case) as compensation for my work. The exact amount depends on how much money my father will get from the sale.
I need to determine how I will proceed from theyre on, so I have a few questions to ask you guys.
1) What to do with the money? I am trending towards buying my own small place. I do not own the appartment I currently reside in. It would help me a lot to buy a place the same size but which belongs to me.
2) I obviously need to get a job to pay my expenses. The bar is the only real job I ever had.. how can I spin that on a resume?
3) I need a full time job to replace the one I have right now. I do not mind if it is 1x40 hours or 2x 20 hours or even 4x10 hours. I want to make that clear to whoever will hire me tough, but how can I put this diplomatically? if you give me 40 hours I will work them all, but if you can only give me 20 I will not tolerate you stopping me from getting the other 20 elsewhere. How can I make this clear without frustrating whoever is hiring me?
Thank you in advance for all your answers.
I used to think I would become the owner one day but this will not become reality.
Bussiness has been trending downwards for years and this create many conflicts in the familly.
I used to want to fight to keep the bar but not anymore. I am tired of tall his conflict and, like my father, I want to get out of this while the bussiness is still worth something.
My father is a man of justice. He recognise the value of all the work Ive put in the bar since 2004 and he intends to compensate me fairly for this. I have no reason to doubt him.
I will recieve a sum in beetween 125,000 (worst case) ad 175,000 ( best case) as compensation for my work. The exact amount depends on how much money my father will get from the sale.
I need to determine how I will proceed from theyre on, so I have a few questions to ask you guys.
1) What to do with the money? I am trending towards buying my own small place. I do not own the appartment I currently reside in. It would help me a lot to buy a place the same size but which belongs to me.
2) I obviously need to get a job to pay my expenses. The bar is the only real job I ever had.. how can I spin that on a resume?
3) I need a full time job to replace the one I have right now. I do not mind if it is 1x40 hours or 2x 20 hours or even 4x10 hours. I want to make that clear to whoever will hire me tough, but how can I put this diplomatically? if you give me 40 hours I will work them all, but if you can only give me 20 I will not tolerate you stopping me from getting the other 20 elsewhere. How can I make this clear without frustrating whoever is hiring me?
Thank you in advance for all your answers.
"You won't destroy us, You won't destroy our democracy. We are a small but proud nation. No one can bomb us to silence. No one can scare us from being Norway. This evening and tonight, we'll take care of each other. That's what we do best when attacked'' - Jens Stoltenberg
Jean on
0
Posts
2) You need to explain exactly what you did at this bar before anyone can tell you how to put it on a resumé.
3) They way you phrased that "tolerate" bit? There is no way I would hire someone like you. Even if I didn't mind you finding a second job, the absolute insolence involved there is a huge red mark because it sounds like you're way too headstrong and set in your ways to work for someone else.
You don't have to explain or say anything to anyone about it. Unless it's a job where they require you to be on call or have open availability for a frequently changing schedule, it shouldn't matter. You'll suss that out when they interview you. If it's a part time position they're offering, just ask if working another job would create conflicts of any sort. Whatever you do, DO NOT phrase it like you did though.
Having one job on your resume is not a bad thing. I mean, I assume you were more than a waiter/bartender, so you hopefully have some management experience.
Why do you want to own your own place? I would stay ithe apt you're currently in and save that money. You don't impetus long you're going o be out of a job
3) I don't know how things are in Canada, but you're free to get other jobs anywhere you want (moonlighting) despite being employed. The only exception is if you sign a 'non-compete' argreement, which would prevent you from working in that industry for a competitor. Obviously you shouldn't get a job with a direct rival of employer, but other than that, they won't care that you're working a second job, unless the schedules start to interfere with each other.
3rd party.
I am 27 yrs old. I was the manager of the place. I worked more hours theyre than my father did. He recognise this.
I want to have my own place because it save money in the long run.
I speak in the past tense because I have accepted defeat. Now I look at the bar with melancoly (sp?)
This is not necessarily true.
Also, "manager" still doesn't tell us anything. Have you considered going to school?
Do not buy a place if you don't have income. Hell, I doubt you'd even get approved without income.
Given the potentially large sum of money in play, and potential tax implications you may incur, it would likely be smart to talk to a financial planner or accountant about the money. As for what to do - well, that's up to you. Go (back?) to school? Get a job managing another bar (you have plenty of experience)? What would make you happy? Personally, if I had money like that I could bank, I would get a part time job to cover expenses and go back to school full time, only dipping into the cash in the bank when I needed it.
Maybe, with that kind of money, you might look into getting a loan and running your own bar? Especially if you already know the ins and outs of the operation. You could open it anywhere you wanted, and run things the way they should be run.
but they're listening to every word I say
No way. Not gonna happen. Even if the new owner wanted to keep me, I would GTFO. This is not my bussiness anymore. I do not want to stick arround in those conditions , I would rather work at a McJob than stick arround.
Canadian dollars so it is actually a bit more in American
To be honest with you I do not feel like it but my father told me he would pay the tuition should i change my mind. Perhaps it would be better in the long run for me, depending how well I cope working a McJob.
Should I go back, my heart say politics, my brain say management.
Manager and especially owner operator experience is pretty big. This is especially true if you are also a trained bartender. Then, if it's something you want to continue, it's easy to find a job in bartending off of just that. If you want a different job, stress on your resume the owner/operator side of how you ran the business. If you get a house are you looking to do it in the same town or move somewhere? If it was me, and I was looking for a huge change, I'd post my resume on a bunch of different jobs I've been wanting to try, take whichever one I like best/wants to hire me, and move to that city. If you do this, I'd rent a place until you get a feel for the job/whether you like it or not/figure out what you really want to do in life and put most of the money in a 9-12 month CD. YMMV...
If you want to do the same locally, same thing sans moving. get the CD, a year in a different field, and with new people can make you really think about what you want to do. At the end of that year withdraw your money with the fat interest and set said plans in motion.
as far as it having to be 40 hours most companies have full or part time check boxes on applications, and if they don't they will bring it up in interviews. If it's just a part time gig they usually understand you havign a second job, but I wouldn't bring it up in the interview and they'll be fine with it as long as it doesn't get in the way of business
That 175k will be great in your savings account, toward a house in the future. The cost of home ownership (taxes, maintenance, etc) is not going to be possible with just a lump sum of money you received.
There are all type of problems that can occur with a house--what would you do then? What if it cost 10,000?
What if your tax bill was 10,000 per year? How would you get by after the first few years?
Do you own furniture? How much will it cost you to furnish a brand new house, with no job?
Seriously, go to school, bank the money.
In many places, renting an apartment is cheaper--even long-term--than buying a house. Look into "own vs rent" calculators to help you make the decision.
2) Putting over $100K in a savings account is a bad idea. It's a waste of money, basically... the interest you won't be earning is like leaving money on the table. Depending on the rate of inflation in Canada, you could actually be losing real money every year because inflation causes your money to be worth less, but the interest doesn't cover the devaluation. There a couple of solid investment vehicles that will get you a higher rate of return if you're not going to spend the money. Again, talk to a financial planner.
3) Buying a house in this market, if it's anything like the housing market in the USA, is a fantastic idea. I wish I could speak more sensibly about the Canadian particulars, but here in the USA you can avoid many of the taxes you're looking at by investing in real estate, and the market is utter shit right now... there are deals aplenty. and in a 15-20yr time frame there's little doubt that, assuming you've chosen a good location, you'll make some profit. Again, talk to a financial planner. If you can, hiding from the tax should be high on your list of things to do with that cash. Don't let it sit in a bank!
Some posters are suggesting that buying property is a bad idea because of ongoing maintenance and property tax expenses. With no mortgage and 40hrs of work each week, this is probably incorrect. Your taxes, insurance, and maintenance on a 2000sq. ft. house are not going to be more than your rent would be if you didn't own your house. If you're talking something smaller - 900sq. ft. condo or townhome somewhere in a city, the picture is pretty similar. Either way, you need to carefully look into the total cost of ownership vs. renting, and the longterm benefits of both... including the possible tax avoidance from investing your gains in property.
4) Other posters are dead right that 7 years experience running a bar is awesome on an application. When you get out into the market, assuming you don't mind staying in the service industry, you're going to find you have little trouble landing bar-tending or shift managerial positions at restaurants or bars. Take $200 of that money and hire somebody to write you a professional resume.
5) Do not go into interviews prepared to tell your new boss he can kiss your ass if he has a problem with you working two jobs. People understand that you need to live - see what hours are offered, and if you need more then pick up an 2nd job somewhere else. Going from an owner-operator to an employee is going to be a shift, and in general my advice is just to keep that shit to yourself. Don't bring it up unless there's a scheduling conflict - otherwise work your hours and head to the other job.
You're going to be working for someone else no matter how you slice it, so why not try just staying where you're at. You seem to have a really negative attitude and you keep throwing the term McJob around. Honestly, wherever you go, you're going to find yourself back in a position of subordination probably, and you might want to clear up the negativity just a little. It'll be painfully apparent to your bosses and you might find yourself jobless again really quickly.
Also, while having bar manager on your resume is pretty nice, it doesn't guarantee an easy in anywhere. That's pretty much how my resumé looks, and it's still difficult to find work.
Step 2: Do not ask internet communities for life/financial/career advice
Step 3: Prepare your resume, but make sure to spell their, they're, and there correctly
Step 4: ??
Step 5: Profit
Me personally I would bank that mess and get in school
I know this because I live in Canada, but it might vary depending on which part of Quebec you live in. I would ask a financial advisor.
Steam: CavilatRest
Yeah, what's with the dismal negativity? Sounds like he's going to get enough money to start a business of his own if he wants the risk. Screw the McJob! - actual McDonalds franchises only cost $250k according to what I just googled. Not too far from his windfall.