Age : 41 Family : Wife + KidsCurrent Role : Senior Management with Large Mutlinational Co London Based (American)Job : very demending and pressurised Salary : Very Good (Secure)Mortgage : Large (only myself to blame!!)Surplus Cash : £80kGoal : become an Expense Reduction Analyst "ERA"(Cost Reduction / Improve Business Processes)Anyone working with ERA or had dealings with themNow all I need to do is resign !!!!!!!!!!!!!Anybody going to tell me I'm crazy Anybody in a similar situation? Would love to hear your story.Any comments welcome

Age:33Family: Wife+ 1 kid (1.5 years)Current role- SM with BIG4Salary: £100K ( not sure what secure salary means)Mortgage outstanding: £250KSurplus Cash: £125KGoal: becoming a millionaire before I turn 40.Answer to your query: No you shouldn't resign!!Your £80K surplus will take no time to turn -£80K should you resign before securing your next dream role/ client (if you are thinking for self employment)!!BTW you didn't tell whether your wife is working and whether your financial commitments can be met only with her salary and taking no more than £2K per month from your saving. That way atleast you will have a couple of years to survive!!

ERA is an expensive entry franchise. No way would I leave secure employment for that, or any of the other high priced consultancy franchises for that matter. I do not think the franchise model suits consultancy

Jack,I have recently met 3 of my friends who were recently made redundant:1) Ex- Lehman bro trader2) Strategy Manager in healthcare3) Carbon advisory AnalystThey are finding it hard to find a job. Please don't quit. ERA will not get you anywhere. I know another friend working in ERA who desperately wants to move on. At 41 you unfortunately don't have much leverage for risks!

Jack - I myself looked at one of these franchises before leaving consulting to set up Top-Consultant. I suspect they are good for those who want to be reassured about the steps they are taking in becoming self-employed and de-risk this career decision, but that the majority going down this route will make just an acceptable rather than a stunning financial return. I know most business owners in my circle would consider the prospect of a sale of their business to be the real wealth-creator / life changer rather than what the business is able to generate by way of income each year - and by going down the franchise route you are effectively surrendering this exit route. I would be surprised if most readers on this site didn't find turning freelancer at least as financially lucrative - and turning a small independent consultancy business into one that is a saleable asset is a proven route to wealth.My key questions to you would be:1) how long will that £80k of savings last you if you resign and throw yourself headlong into a business (the sizeable mortgage concerns me here)?2) would the family be willing to rent out your house and rent somewhere much cheaper as a way of making your savings last considerably longer?3) what businesses do you know inside out? If you read some books on successful start-ups you'll see that a lot of the most successful entrepreneurs have actually set up in business in an area that they already knew extremely well but where they had confidence in their own abilities to do lots of little things better than the incumbents and so create a business with higher margins and therefore far greater value.As specifically regards this franchise, if you are determined to pursue this route I would ask for a breakdown of how much the franchisees earn so you can see what the range of earnings is and also what the maximum return might be if you were to be one of their star performers.All the bestTony RestellTop-Consultant.com

Hi Tony, Thank you for your comments. Although I mentioned an ERA franchise - I have to be entirety honest and say I'm also considering another franchise outfit (albeit that both companies are in the cost reduction business). The other company which is my preferred company as it stands now is a very small operation (3 consultants incl the owner) two of which are at retirement age. The owner of this business is planning to retire within the next 2 years when he reaches 64. He has already stated that if I came on board - i would have first option to purchase business outright. Also, he is very open with his financial results (i have viewed bank statements) and can see there is a healthy income from his business. His franchise fees and commissions are significantly lower than ERA. In response to you questions (1) £80k would easily last 2 years if i make an income of NIL(2) Rent out - No unlikely(3) I'm a Financial Controller by trade and I'm convinced that being a cost reduction consultant would "make me happier in life" than the pressurised working environment that I'm already in.

Hi ANON Salary: £110k + benefits (secure as in unlikely to be made redundant in the short term - company i work for is making healthly profits)Mortgage outstanding: £350K Goal: becoming a millionaire before I turn 40. How do you plan on becoming a millionaire by 40? I know you are on an great salary but savings after paying down mortgage will not achieve this - will it? Don't get me wrong, it is a great goal to have (and I hope you achieve this!) Would like to know your plan to meet this goal - are you considering investment options ! Answer to your query: No you shouldn't resign!! One of the key reason I would like to resign is due to the pressurised work environment that Im in plus it has been a life long dream of being self employed. At 41 - if I dont make the change now - It will always be a dream. What the point in having dreams if you never follow them !Thanks for your comments

Jack - this sounds more encouraging, though some additional points would be:- please don't assume being self-employed (in whatever capacity) will be any less pressurised than your current job. There are certainly some potential lifestyle gains to be had from such a switch, but in your first few years of self-employment I would not expect a reduction in stress or pressure to be one of them!- The fit between your current role and this business area is encouraging. The obvious question is then for whatever franchise fee you are having to pay, what is the upside you are getting from such a small operation? More precisely, if you were to invest that same money in yourself (giving yourself X months longer to start up your own business and learn mistakes the hard way) could you not end up in the same position but in a business that you own outright and have full control over?- Make sure any promises that you will be given first refusal to buy the business in the future are written in a binding contract and the basis for the valuation of the business (ie. what you will have to pay to take ownership) are spelt out. Otherwise this is no commitment at all and I would emphasise that once you have started along the path of being someone else's franchisee there is then quite a financial cost to you in disassociating / separating yourself from that franchise to go it alone if the offer of becoming the franchise owner doesn't actually materialise.Good luck - certainly going it alone is something I would encourage people to do once you've alighted on the right idea and the right approach.Tony RestellTop-Consultant.com

Thanks Tony. Point noted on the pressurised front. Yes, have thought about going solo - however - key factors against this junction are:(1) much easier sales route with a company with 16+ years experience with proven household name clients references available. (2) they have established supplier network on their books and recordsThe general model was that a client signs up, they complete projects and move on. Given the recessionary times alot of older clients are engaging their services again.Keeping thinking when the owner retires - there is a great opportunity to learn the trade in the interim period and based upon this knowledge either purchase the business outright (if i believe there is any tangible / intangible value in the business) or alternatively leave and go soloConcept about this business that i love is the model of "No savings ..... No fee". theferore does not adverse impact a clients budget RegardsJack