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Should I take the money and run?

yottabit

yottabit

Golden Member
I'm in an interesting situation. This year I'm a senior mechanical engineering student, but I'm also the sole engineer at a very promising start-up company that's pretty much taking off. Over the past few months of summer I've developed our product and am currently putting in place the infrastructure to support full scale production... in a nutshell I'm the nuts and bolts of this company and in charge of everything that happens day to day. I'm getting paid pretty well for someone who doesn't have a college degree yet, too.

I'm supposed to go back to school in a couple of weeks, and the company owner, someone I have worked for (at another company) for 4 years and I trust and want to see succeed, really wants me to keep working full time- whether it means taking a semester+ off, or (an idea I'm more of a fan of) spreading the remainder of my degree out over a couple years

He's offered to compensate me very well (even by starting mech. engineer standards) and pay for whatever of my school isn't covered by financial aid etc (Right now I have a full scholarship, and I'm not sure but that will probably be affected if I go on a 5-6 year plan)

I think I could probably work ~30 hrs/week at this company, and still take enough classes to graduate in 2 years time. This however would be a huge let down to my parents, who have been looking forward to me graduating for so long, and have helped put me through school.

There is a nagging part of me that loves the position of power I'm currently in, and doesn't want to give it up. If I leave he's likely to hire another full time engineer who could potentially take my place. That's if he can find anyone who can do what I've been doing in such a short time period- if I left right now I'm pretty sure the whole company would collapse.

I've always struggled with the pure academic nature of school and I think doing a hybrid like this would keep me more entertained... I know for a fact that if I go back to school and leave work completely, I will be anxious and wanting to go back to work at this company after laying so much of the groundwork

Regardless of which decision I make I think this will look great on my resume, at this point I don't see any likely way the company could fail. I also do plan on working somewhat if I stay in school full time, I just don't think I'd be able to put in much more than 10-15 hrs a week with the 45 minute commute and the senior level course load

What does ATOT think? Should I finish my degree in one year- putting my education first in front of everything, or benefit from 2 years of engineering salary over the next 2 years and still finish my degree?
 
You won't be benefiting just from 2 years of salary, but two years of experience being, as you said, in charge of everything that happens day to day. Can't teach that stuff in school. School will be there in two years, a good job on the ground floor of a promising company might not. Take the money and run.
 
so it's 1 year of school vs 2 years? doesn't sound like much of a dilemma to me. I assume ultimately it's a good job that you want, and it sounds like you have exactly that. what's one more year of school when you are getting excellent experience and money?
 
I have a PhD and pretty much zero industry experience, although my post-doc counts technically. A piece of paper ain't worth a tenth of what good experience and a stellar rec letter are worth.
 
Perhaps there are a few more things I should mention- I've already been pretty much guaranteed a job at a different company (the one the owner of this start up works at full time) but I don't think I would be in as high up of a position. There is also still the risk that something could go wrong and the start up could collapse, we will not make our first sales until next month. But at this point everything is looking very promising.

I guess the big issue has been breaking out of the idea of a "4 year" degree, which is what I have been working on the assumption of for the past 3 years, and my family has come to expect as well

You're all right about a good job not always being there, and that's something I've been thinking of.
 
yottabit said:
Perhaps there are a few more things I should mention- I've already been pretty much guaranteed a job at a different company (the one the owner of this start up works at full time) but I don't think I would be in as high up of a position. There is also still the risk that something could go wrong and the start up could collapse, we will not make our first sales until next month. But at this point everything is looking very promising.

I guess the big issue has been breaking out of the idea of a "4 year" degree, which is what I have been working on the assumption of for the past 3 years, and my family has come to expect as well

You're all right about a good job not always being there, and that's something I've been thinking of.
Click to expand...

goal of degree = getting a job
 
Your first mistake is thinking you can't be replaced.

Get everything he's promised you in a written contracted form.

But man, don't let your degree slip too much. Yeah it's just a slip of paper. But yes, a Bachelors is the new diploma.
 
yottabit said:
Perhaps there are a few more things I should mention- I've already been pretty much guaranteed a job at a different company (the one the owner of this start up works at full time) but I don't think I would be in as high up of a position. There is also still the risk that something could go wrong and the start up could collapse, we will not make our first sales until next month. But at this point everything is looking very promising.

I guess the big issue has been breaking out of the idea of a "4 year" degree, which is what I have been working on the assumption of for the past 3 years, and my family has come to expect as well

You're all right about a good job not always being there, and that's something I've been thinking of.
Click to expand...

That's just semantics, man. It's not like you're wasting a year playing video games and getting drunk (though that's not a terrible way to spend a year). You're still going to be working. So either you spend 4 years in college, and work the rest of your life, or go 3-1(work)-3, then work the rest of your life. All ends up the same in the end.
 
yottabit said:
Perhaps there are a few more things I should mention- I've already been pretty much guaranteed a job at a different company (the one the owner of this start up works at full time) but I don't think I would be in as high up of a position. There is also still the risk that something could go wrong and the start up could collapse, we will not make our first sales until next month. But at this point everything is looking very promising.

I guess the big issue has been breaking out of the idea of a "4 year" degree, which is what I have been working on the assumption of for the past 3 years, and my family has come to expect as well

You're all right about a good job not always being there, and that's something I've been thinking of.
Click to expand...

You'll have to use your own judgement as to the viability of the start-up, though it does sound like it offers you better experience, which is invaluable. Another way of looking at this is that although you'll be spending one more your to get your degree, you'll have one more year of experience as well. I'd not get too hung up on the 4year/5year thing as it doesn't really matter in the bigger scheme of things. Experience trumps education in most non-academic positions.

This assumes that working won't jeopardize your education of course.
 
stay with the startup. the experience will be invaluable. if it fails, it sounds like the other job may still be there.

do get all the perks he is enticing you with IN WRITING though.
 
Thanks for the feedback everyone. I'll be looking at my financial aid situation in the next couple of days and figuring out just how much he'll be willing/able to compensate me
 
If you do decide to keep/take the job, don't stop taking classes. Once you do, even for a semester, it becomes extremely difficult to get back into the rhythm and many people end up not going back for that reason.
 
Is he giving you any company stock? I'd probably ask for a small amount as part of the package for putting off my degree for a year.

Note *
- stock shares are taxable as soon as they are granted, and he'd need to have the company worth evaluated by an accounting firm to figure out the value.
- if you go with options instead, make sure the exercise price is something trivial like 1 cent a share, and make sure they are "qualified" options not "non-qualified"

* not to be taken as real tax advice, I am not a CPA.
 
Perhaps it is because I've had my share or engineering ups/downs over the last 25 years ... but the voice in my head tells me not to believe a word of it ...
 
DaveSimmons said:
Is he giving you any company stock? I'd probably ask for a small amount as part of the package for putting off my degree for a year.

Note *
- stock shares are taxable as soon as they are granted, and he'd need to have the company worth evaluated by an accounting firm to figure out the value.
- if you go with options instead, make sure the exercise price is something trivial like 1 cent a share, and make sure they are "qualified" options not "non-qualified"

* not to be taken as real tax advice, I am not a CPA.
Click to expand...

Thanks for the advice... I imagine the stock question may come up at some point.

dud said:
Perhaps it is because I've had my share or engineering ups/downs over the last 25 years ... but the voice in my head tells me not to believe a word of it ...
Click to expand...

It's definitely for real, I've worked for this guy for 4+ years as a contractor, and understand his financial situation, and I've watched the investments rolling in for this now corporation, which is literally composed of the owner, myself, a graphics design artist, and the other board members who are strictly advisory in role. He's a very "get it done" type of personality, and I know right now he won't be able to easily replace me on the timeline he has (everyone can be replaced yes- but to get someone up to speed in 2 weeks before I go back to school while avoiding any downtime is ludicrous) so this is where we are at!

I truthfully hadn't thought about getting things in writing, but that's something I'll definitely do now if this goes forward. The nice thing is I have the first week of school to figure it out as well, since that's the add/drop period
 
I'd keep working and just see if you can take the course on a "self paced" bassis. Maybe explain your situation to the college and see if they can arrange something. Like someone could record the class and you could listen during the night, do the assignments etc... would be tough though.

But it sounds like the job is going well so it would be hard to leave that... Just remember, if that company does not work out, or in 10 years they lay you off, you don't want to be without a diploma, either. I was faced with a similar situation when I was working my first summer job as a server tech and had just finished my first year of college. I was offered the position full time. After some thinking I declined as I figured if I ever get laid off then I'd be screwed. I finished college, and I've been working at that company for about 4 years now, so things worked out.
 
^ good point on getting the degree one way or another.

Even if the company takes off, that doesn't mean you'll stay there the rest of your working life. Experience counts for a lot, but a degree may be a basic requirement of some of the jobs that you'd want.

Even if the company _really_ takes off and you own a small piece of it, that doesn't mean you'll have any way to sell your stock (it can be impossible for privately held companies) or that your shares will be more than a nice 1-year bonus, rather than making you an instant millionaire.
 
Get the degree no matter what. Some say it is just a piece of paper but it is essentially what makes someone an engineer (short of a PE)
 
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