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Jul 10, 2009 12:06 am

I'm getting married over Labor Day weekend and was surprised today when her parents admitted their desire to retire and pass the family legacy on to me and my bride-to-be. This means they are leaving us an established restaurant to own and run as well as a beautiful ranch on 7 acres with 4 horses and a 6 bedroom home with a pool. Her parents are moving away and flat out giving these things to us so we will pretty much own all these things out-right and have virtually no debt. This offer is too much for me to turn down so this will be the end of the line for me as a registered rep. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


It's been a good journey but I'm going to be putting in my notice with EDJ in a few days. I feel so blessed that I'm having all these things just flat out given to me and my fiancé and pretty much makes us set. Thanks to all on this site who have provided such great advice and perspective throughout my tenure as an FA, it helped tremendously. Thanks again.

Jul 10, 2009 8:33 am

What if your fiance calls off the wedding? 

Jul 10, 2009 9:03 am
bastermind80:

I'm getting married over Labor Day weekend and was surprised today when her parents admitted their desire to retire and pass the family legacy on to me and my bride-to-be. This means they are leaving us an established restaurant to own and run as well as a beautiful ranch on 7 acres with 4 horses and a 6 bedroom home with a pool. Her parents are moving away and flat out giving these things to us so we will pretty much own all these things out-right and have virtually no debt. This offer is too much for me to turn down so this will be the end of the line for me as a registered rep.


 


It's been a good journey but I'm going to be putting in my notice with EDJ in a few days. I feel so blessed that I'm having all these things just flat out given to me and my fiancé and pretty much makes us set. Thanks to all on this site who have provided such great advice and perspective throughout my tenure as an FA, it helped tremendously. Thanks again.



Good luck.  I hope your bride has worked in the restaurant enough to know how to run it.  It is not an easy business even if taking over an existing business.  Don't make any changes for at least the first couple years and even after that make changes slowly until you've owned it at least 5 years.  The worst thing you can do with a successful restaurant is make changes and piss off the regulars.

Jul 10, 2009 9:45 am

 

 
Jul 10, 2009 10:26 am

Don't do it. If it is in the same town, hire a GM for the restaurant and continue on your career with jones if this is what you really want to do. What happens if the marriage doesn't work? You are left with no income and no place to live and there is no guarantee the restaurant is even going to make it in the future. Besides what do you know about running a restuarant, payroll taxes, corp taxes, etc. There is a lot more to the business then opening and shutting the door everyday.

Jul 10, 2009 10:33 am

It's not that hard!  You hire people for the payroll taxes & bookkeeping!

 
You hire people from a syndicated TV show like I do and laugh your ass off as they fail to meet your standards while they $#!* in their pants when you tell them how stupid they are!
 
Piss off!  Go ahead and leave.  You don't care.  You don't have it in you.  You've already given up!
Jul 10, 2009 10:42 am
bastermind80:

I'm getting married over Labor Day weekend and was surprised today when her parents admitted their desire to retire and pass the family legacy on to me and my bride-to-be. This means they are leaving us an established restaurant to own and run as well as a beautiful ranch on 7 acres with 4 horses and a 6 bedroom home with a pool. Her parents are moving away and flat out giving these things to us so we will pretty much own all these things out-right and have virtually no debt. This offer is too much for me to turn down so this will be the end of the line for me as a registered rep. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


It's been a good journey but I'm going to be putting in my notice with EDJ in a few days. I feel so blessed that I'm having all these things just flat out given to me and my fiancé and pretty much makes us set. Thanks to all on this site who have provided such great advice and perspective throughout my tenure as an FA, it helped tremendously. Thanks again.

 
Dude, you've passed through a wormhole in the time/space continuum, and you've landed in a Kate Hudson-Matthew McConaughey movie!  Do not make direct eye contact with anyone, do not ask if Goldie and Kurt are ever going to get married, and definitely do not drink any of those little bottles of water in the hotel rooms there that you think are free and a nice touch of class, but in fact are filled with individual tear drops harvested from 3 virgins kept in a golden doeskin hut on a hillside outside of a small Scottish village where they are fed nothing but raw honeycomb and milk gently stripped from a snow white ewe,  because why else would the Hilton corporation think they should charge 8.95 for one bottle which your child opened and then poured down the toilet before you could hurl yourself across the room in slow motion in a failed attempt to prevent that economic recovery halting event from taking place. 
 
Just so you'll know...
Jul 10, 2009 12:26 pm
jamesbond:

Don't do it. If it is in the same town, hire a GM for the restaurant and continue on your career with jones if this is what you really want to do. What happens if the marriage doesn't work? You are left with no income and no place to live and there is no guarantee the restaurant is even going to make it in the future. Besides what do you know about running a restuarant, payroll taxes, corp taxes, etc. There is a lot more to the business then opening and shutting the door everyday.

 
I've got to agree.  Actually, if it were me, I would go indy.  More flexibility, don't need to worry about numbers, can be a "face" at the restaurant, and you could afford to build your business slowly and methodically, exactly the way you want to.
Jul 13, 2009 10:29 am

Seriously?

 
Take that sh*t and run.  Good for you bastermind.  Focus your effort and work hard. 
 
Does she have a sister?
Jul 13, 2009 11:12 am
2wheeledbeemer:
bastermind80:

I'm getting married over Labor Day weekend and was surprised today when her parents admitted their desire to retire and pass the family legacy on to me and my bride-to-be. This means they are leaving us an established restaurant to own and run as well as a beautiful ranch on 7 acres with 4 horses and a 6 bedroom home with a pool. Her parents are moving away and flat out giving these things to us so we will pretty much own all these things out-right and have virtually no debt. This offer is too much for me to turn down so this will be the end of the line for me as a registered rep. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


It's been a good journey but I'm going to be putting in my notice with EDJ in a few days. I feel so blessed that I'm having all these things just flat out given to me and my fiancé and pretty much makes us set. Thanks to all on this site who have provided such great advice and perspective throughout my tenure as an FA, it helped tremendously. Thanks again.

 
Beemer, I want to drink what you're drinking!!! 
Dude, you've passed through a wormhole in the time/space continuum, and you've landed in a Kate Hudson-Matthew McConaughey movie!  Do not make direct eye contact with anyone, do not ask if Goldie and Kurt are ever going to get married, and definitely do not drink any of those little bottles of water in the hotel rooms there that you think are free and a nice touch of class, but in fact are filled with individual tear drops harvested from 3 virgins kept in a golden doeskin hut on a hillside outside of a small Scottish village where they are fed nothing but raw honeycomb and milk gently stripped from a snow white ewe,  because why else would the Hilton corporation think they should charge 8.95 for one bottle which your child opened and then poured down the toilet before you could hurl yourself across the room in slow motion in a failed attempt to prevent that economic recovery halting event from taking place. 
 
Just so you'll know...
Jul 13, 2009 11:36 am
bastermind80:

I'm getting married over Labor Day weekend and was surprised today when her parents admitted their desire to retire and pass the family legacy on to me and my bride-to-be. This means they are leaving us an established restaurant to own and run as well as a beautiful ranch on 7 acres with 4 horses and a 6 bedroom home with a pool. Her parents are moving away and flat out giving these things to us so we will pretty much own all these things out-right and have virtually no debt. This offer is too much for me to turn down so this will be the end of the line for me as a registered rep. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


It's been a good journey but I'm going to be putting in my notice with EDJ in a few days. I feel so blessed that I'm having all these things just flat out given to me and my fiancé and pretty much makes us set. Thanks to all on this site who have provided such great advice and perspective throughout my tenure as an FA, it helped tremendously. Thanks again.

 
BM, I hope this all works out for you as planned.  As several others have pointed out, the road to your "slam dunk" success story is fraught with land mines and I would likewise advise you to proceed with caution, particularly if you've had success as a financial advisor.  The fact that you are willing to toss your career aside so quickly for this opportunity tells me that (1) you are probably young and (2) you've likely not had much success as an advisor.  There's very little question in my mind that if you are successful where you are, you would think long and hard about tossing the investment advisor career path aside.  Restaurants have a higher failure rate than investment advisors.  I think the statistic is something like 97% failing within the first five years.  The fact that your future in-laws have successfully ran this particular restaurant for some time is a leg up, but by no means an assurance that you and your bride can duplicate their success.  In light of that, why not hedge your bets and continue on your current career path while seeking assistance in managing the restaurant?  If you are failing as an advisor, I understand your desire to leap, but if you are not, this career path has more potential than 99.9% of all restaurants and less headaches.  If the restaurant continues to do well, your in-laws will be happy to continue taking the credit.  If this restaurant doesn't do well, I see things going very badly for you.
 
Good luck with whatever you do.