Words of Wisdom and Inspiration for the aspiring entrepreneur from Frank Covich, Founder of the National Association of Independent Business Brokers (NAIBB)…
by Frank Covich
No More Corporate Security
A life defined by corporate security, as we know it, is over and has been for a while now.
In an advertisement that I placed in the Wall Street Journal in 1980, I coined the phrase, “Business ownership is not a dream… it’s a necessity,” the life of corporate security is over. I want to expand on that idea in today’s post.
In 1936 my wonderful uncle, Frank Stohr, was co-developer of a company named ReaLemon. His close friend hired him to run operations, and my uncle worked there for more than 35 years. My father (Frank N. Covich) also worked with him for more than three decades. ReaLemon sold out to Borden in 1962.
You’d have thought if anyone would have had top-tier corporate security, it would have been my Uncle Frank. My Dad too because during those years my father also worked for ReaLemon, it was as the main truck driver taking the products to the freezing facility about seven miles away. He rose to become the highest-ranked Chicago truck driver in terms of seniority in the regional teamsters’ union.
But despite their lifetime of dedication to the business, they were both terminated. My uncle was sent packing. My father, being that he was a truck driver with the highest seniority rating in the region at that time, was assigned to another company. However, about eight months from his pension date, he was dropped because of some new minority truck driver ethnic-placement policy.
We could not believe it. Despite his entire lifetime spent as a great driver, where he never had a ticket or an accident, he had to endure a 50% retirement cut because of this new policy. His security was over.
My father and uncle were courageous. They just carried on the best they could. But their story makes my point that there is no such thing as corporate security any longer. Those days are done. No more millions in Sear’s, GE and IBM pension benefits for employees to retire on, as they did not so long ago. Today, corporate security and massive pensions are only for a privileged few.
As you examine the most current hiring trends, you may notice that many businesses seek part- time employees in order to avoid massive health care and benefit costs, not to mention funding company pension programs for any and all employees. Oftentimes, cutting these kinds of corners has become a matter of their very survival.
I write this article to highlight my view of the fact that true security lies in being your own boss. Today’s changing culture and the structure of today’s corporate organizations, coupled with the prospect of being fired at will and the vulnerability of profit-based pensions, makes owning your own business that much more attractive.
Many people today dream of a truly self-supporting, self-managing lifestyle, one that gives them purpose and takes away the ever-present fear of being fired. For those people, it is reasonable to want to explore the benefits that self-employment brings and the tax benefits that only business ownership can offer.
Because of organizations like Brickell Media Group, LLC, people can explore and pursue their dream of building a business by following “proven business startup structures” that offer a 500% better chance of success than going it alone and trying to start and build a business from scratch.
For more information on my program for becoming a business broker, visit www.bebizbroker.com, where I’ll show you how to start your own practice fast, economically and with total confidence.
All the best,
November 23, 2018