HELP ME! Need professional opinions ASAP by 10 AM!

[The Sheriff]

I currently work for the nation's largest residential appraisal company. Over the last three months, I have been courted by a local company in Phoenix that has been up and running for two years. This company offered me a partnership/co-ownership with a $36,000 buy in. This company grossed $318,000 between the two owners last year, and one of the owners is moving his family back to Utah... hence the ownership offer that was extended to me after his buy-out is completed. The buy-in is pro-rated over 12 months so I don't have to place any money down. This will place my total compensation in the $100K to $135K range when the buy-in is all said and done. This also leaves me as a 1099 employee with significant write-offs. My first day is April 1st.

I dropped my resignation yesterday morning to my boss and it was like a time bomb going off. FWIW, I have established myself as one of the elite appraisers not only in my state, but within our company. They recognized this fact last year by offering me my own branch office to grow in Ft. Myers in June of this year with projections of $200,000 a year for me by 2010 (not really that far away if you think about it). The problem here is the housing market took a dive, and I'm down $50k on my house since the date of purchase. I refuse to take a foreclosure, and the rental prospects are bleak at best due to my location and the fact that local market rents received in my area are less than half of the going mortgage rate.

After dropping my resignation, my company went into damage control mode. I will be the 4th person to have left our branch in the past six months (due to the financial situation and very long hours - 15+ a day/six days a week), but I'm far and away the volume and quality leader for anyone who has ever been at this branch since it opened.

My company shocked me by making a ridiculous gracious offer to keep me. Basically a 96% raise from last year with 70% guarenteed in salary (unheard of for our profession). This will place me right near $140K a year... but the kicker was that they offered to open a second Phoenix branch in my neck of the woods within the next three months that would be given to me and would be fully staffed with appraisers that currently work in our one branch. Potentially with our client base... I'd be looking at $200K a year within two years.

I have to 10 AM to give a response.

Either way... I will work hard. But at what point due you say screw the co-ownership?

I personally want to counter with a salary request of an additional $25K. Is this going overboard on the request? It would be 50% higher than what they offered with the initial salary. If I take the counteroffer, the other guy's company will undoubtably be in disarray because he needs the change to happen by April 1st to continue running a smooth ship. He has dropped his other potential interests due to the verbal I gave him after seeing everything on paper (I had no clue my company would ever make such an offer).

I realize what a dominant player my current company is in this market place. Knowing now there growth plan, will my new company get gobbled up? This is an incredibly stressful situation! My parents are split... my financial advisor has rescinded his initial opinion... Robbie is the only one saying go into ownership (but that is because he cleared $250K last year in his own business).

Help me! And ASAP! I have to make the call by 10 AM!!!And yes... I value the opinions of you guys and always have!

Terry Lucas aka 'The Sheriff'

[WoolyBully]

Hmmmm...tough call. The inability to move the house is a big factor.

Just me...but I'd rather work for some other guy.  If you're putting in

+15/day now, I would imagine that would increase if you're an owner.

The potential rewards are greater, but so is the responsibility and risk.

I'd be - based solely on what you've put here - tempted to stick with

the current firm. They've coughed up reasonable compensation to keep

you around.

Ultimately, your call...good luck with it.

[USFMike]

  An absolute no brainer.    Stay where you are.    Having you put up $36,000 to buy in because someone is "moving back to Utah" has red flags written all over it.    If you buy in, you are now responsible for part of the debt.   It's a risk that could lead to bankruptcy.    Better to start your own office because there are no hidden costs.

[WoolyBully]

"moving back to Utah"

Oh come on! What could possibly be afoot here? Extradition?

Multiple wives on the hook?  

That struck me as odd too. Why sell your interest in a [highlight]SUCCESSFUL[/highlight]

business, just because you have to fly home rather than drive?

[The Sheriff]

The buy-in is the buy-out for the other individual... the Utah move is the only thing that scares me... but it was supposedly a family decision (welcome to Mormon heaven)... and it took precedent over the financial decision to stay in the other owner's life.

[The Sheriff]

What about the counter offer? Is asking for a $75k salary over $50k being too outrageous? It would be a major score for me? My commission on my volume of work is what would immediately place me in the $150K range.

I did $210,000 in volume last year at a 34% commission. They offered a 42% commission. I will still be in that range in volume.

[Guest JulmisteForPrez]

I'd stay put.

[Feld44]

I agree! I would stay put where you're at!

[Apis Bull]

I'd stay.  Better the devil you know.  Especially if moving and/or renting the house is going to be that big of a problem.  You'd be spending any additonal salary on two mortgages or one mortgage and rent.

[Apis Bull]

Also, buying into a two year start-up, where one of the principles is leaving,  is extremely risky.