Considering leaving my job for the benefit of my husband's company
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Anonymous
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My husband's company is seeking a contract with my employer, but since he has a (small) ownership stake they are ineligible for a contract. Jobs they have wanted to pursue have gone their way before and they've had to pass. Neither of us have anything to do with the contract.
There are 3 options that I can see here: 1. He gives up his ownership stake and they can bid immediately. (I don't want him to give up his ownerships stake. It will provide a revenue stream well into our future.) 2. I quit and we wait a year until his company is eligible to bid. (I could leave now with a severance package which won't be available a year from now. I'm not particularly happy with my work anyway and I'm sure I could find something else, but probably with less money and nowhere near the great benefits I currently have. On the upside I'll be able to spend more time with my elementary aged kids. 3. I keep working and they don't contract here. (I'm eventually going to leave this place. I feel like I should take advantage of the severance) Is there a better option I am not considering? |
Anonymous
| #2 but see if they will give your husband a bonus or pay raise for the loss of income for their benefit. |
Anonymous
| It seems nuts that you would quit a job bc of a conflict with your husband's employer. |
Anonymous
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I don't totally understand why your husband's company is automatically ineligible. It's not like you are reviewing the proposals and making the decision, right? Do you have a legal department where you work?
Where I work, when there is a conflict of interest, companies are asked to write plans on how that conflict of interest would be mitigated. In your husband's proposal, they would need to state clearly he is married to you, but this contract wouldn't result in personal benefits or bonuses for either of you. |
Anonymous
| Why can't you hold the ownership stake so he's in the clear? When I worked for an accounting firm I was not allowed to hold stock in audit clients so I transferred our joint ownership to my DH. |
Anonymous
Um, think for a second. How would that mitigate the conflict in this situation? |
Anonymous
| Can he transfer his ownership stake to a trust? Make family members the trustees and have it pay out the income stream on a set schedule. |
Anonymous
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#3. There is no guarantee that the company will get the contract, and even then it is a year wait if you quit. Find another job if you are truly unhappy but only for that reason -- not for a contract that may or may not pan out (and remember that his stake in that contract will be nowhere near your salary).
Don't give up an ownership interest. It's possibly easy money. |
Anonymous
| it sounds like you want to leave your job and use this a as justificaton. if that's true, perhaps that gives you your answer... but it would be important to me to know WHY |
Anonymous
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OP here.
As previously mentioned, I am not happy at my job. I am good at it. Just not happy. But I have awesome benefits so I have what has been referred to as "golden handcuffs." Anyway, I'm talking to the company's CPA who suggested that my husband could give up his ownership stake and then take an annual bonus equal to what his share would have been, but if they ever sell the company he wouldn't get any of that. The CPA doesn't recommend giving up the ownership stake since their growth potential is great. He hasn't gotten back to me on the idea of putting his shares in a trust. Not sure if that could work. |
Anonymous
| This isn't a CPA issue, it's a legal one. |