My dad needs to make a decision as to whether to work another year at his friend Curt's tax office while building his business on the side OR just work full-out on developing his own business with the help of Adi and I. In order to do this, we will need to do both a WADM(Weighted Average Decision Matrix) and WCCA(Worst Case Consequence Analysis).
I could go on and on about the atrocities of that office, but the bottom line is that that office WILL tear apart my family, WILL take a toll on my father's health and WILL divert focus from building up our side business.
The only reason he is still there is because feels he will earn the same $40k-50k this season that he earned last year.
The fact that they have promoted one of their office workers, Kendra(who they have basically adopted as their daughter) to a preparer is one way that he will not have the same volume of clients. Additionally, they have a history of siphoning some of his clients back to Curt.
To top it off, my dad's health is what's most important. Considering his emergency room trip occurred last April, after the season had wound down, I'm afraid there will be another if he stays there and horrified at the idea that he might not make it out this time around. Is a "guaranteed" $40k worth the very real possibility that he could die? Or "best case" end up with a lengthy hospital stay that would cost much more than $40k?
Here's the criteria I need to put in our WADM, with the two possible choices being: 1) Stay at the Tax Office, 2) Work full time in building our own business(which brought in about $20k last yr despite minimal maintenance considering my dad was working 80hr weeks at THEIR business).
1) What is the worst-case consequence of this risk?
2) What is the probability of this outcome?
3) Is this an acceptable risk?
Staying at the office:
1) My dad could die of a stroke or high blood sugar level.
2) Very high, since a) they found a blockage in his neck last year, b) his blood sugar level hit 380, which is near-lethal
3) ABSOLUTELY NOT!!!!
Leaving the office and risking a $40k in "guaranteed" income:
1) Chapter 13 Bankruptcy- my dad could lose a lot, but we still keep our house(it's paid off) and at least one of our cars.
2) Moderate- considering with minimal effort we have brought in about $3k in business in just the 1 month that Adi and I have been here when the only people thinking about taxes are delinquent filers and those who owe back taxes and received letters from the IRS with deadlines to pay.
3) YES!!!
Any feedback or suggestions to add to our WADM or any WCCA situations would be greatly appreciated.
Thanks in advance!
-Clint
I could go on and on about the atrocities of that office, but the bottom line is that that office WILL tear apart my family, WILL take a toll on my father's health and WILL divert focus from building up our side business.
The only reason he is still there is because feels he will earn the same $40k-50k this season that he earned last year.
The fact that they have promoted one of their office workers, Kendra(who they have basically adopted as their daughter) to a preparer is one way that he will not have the same volume of clients. Additionally, they have a history of siphoning some of his clients back to Curt.
To top it off, my dad's health is what's most important. Considering his emergency room trip occurred last April, after the season had wound down, I'm afraid there will be another if he stays there and horrified at the idea that he might not make it out this time around. Is a "guaranteed" $40k worth the very real possibility that he could die? Or "best case" end up with a lengthy hospital stay that would cost much more than $40k?
Here's the criteria I need to put in our WADM, with the two possible choices being: 1) Stay at the Tax Office, 2) Work full time in building our own business(which brought in about $20k last yr despite minimal maintenance considering my dad was working 80hr weeks at THEIR business).
- Health
- Control
- Guaranteed Income
- Potential Income
- Family
- Ability to Market Business
1) What is the worst-case consequence of this risk?
2) What is the probability of this outcome?
3) Is this an acceptable risk?
Staying at the office:
1) My dad could die of a stroke or high blood sugar level.
2) Very high, since a) they found a blockage in his neck last year, b) his blood sugar level hit 380, which is near-lethal
3) ABSOLUTELY NOT!!!!
Leaving the office and risking a $40k in "guaranteed" income:
1) Chapter 13 Bankruptcy- my dad could lose a lot, but we still keep our house(it's paid off) and at least one of our cars.
2) Moderate- considering with minimal effort we have brought in about $3k in business in just the 1 month that Adi and I have been here when the only people thinking about taxes are delinquent filers and those who owe back taxes and received letters from the IRS with deadlines to pay.
3) YES!!!
Any feedback or suggestions to add to our WADM or any WCCA situations would be greatly appreciated.
Thanks in advance!
-Clint
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