What's it worth???!!

[carjam]

O.K. guys here is a stop and think question. I am currently emplyed for a company as an electrical superintendant. I am 1 of 2 master electricians at the company. I run consistantly 12-16 men daily. I am also incharge of all service calls pertaining to electrical work. My company is looking to expand in a new area and is interested in my masters license to use. I was asked what it is worth to me and i said i need some time to think about it. Obviously, i would take on a new position etc. but i dont have any idea for a $$$$$ amount. Any ideas?
The position will not require me to move but my drive to work will go from roughly 15 mins to 65-70 mins to work each way.
I also am not interested in a profit sharing aspect of the company because one thing i have learned over the years is this: Liars figure and Figures lie.
Any help is greatly apprciated.

 

[Sparky555]

My only suggestion is in regard to negotiations I would want the other party to make the first offer, as in "make an offer" or "what works for you". How would you feel, for example, if you said $10k and found out later they were thinking $25k?

 

[sparky=t]

here responsibility comes bck to the master license as far as the state electrical board is concerned. i guess you could say it rolls up hill, anyway you would be responible for all the electricians under "your" permits. so as you ask what is that worth and how much control would you have?

 

[LarryFine]

How about a percentage of the contract price, plus any extras that you oversee. That should be easier to keep track of.

 

[quogueelectric]

I would start at 100k.

 

[sparky=t]

How about a percentage of the contract price, plus any extras that you oversee. That should be easier to keep track of.

did he say he was in charge of hiring and firing? that arrangement protects you and me as owners, but how much power are you going to give him? If it was my license on the line i would almost have to look at it as the employer is a removed partner.

 

[bikeindy]

Why do people think a Masters is so valuable? It doesn't take much to get one, and you should love the fact you have a job right now. your company is expanding and if all goes well I would think that bennifits you. Find out what your liabillities are in your area, have the company cover your cost for insuring yourself against those liabilities and get to work.

 

[nakulak]

I would definitely do as suggested and look into the price of an umbrella policy to protect your home and assets (which the company should pay for). Additional wages for the additional work is sensible. I believe in performance based pay, however, so regardless of lying figures, I don't see how anything but a percentage is fair (if the company doesn't make any money, how can they pay you a percentage of nothing ?).

 

[iwire]

Why do people think a Masters is so valuable? .

I don't know, maybe because in many areas without one you are no longer in business?

And here it is not that easy to get.

 

[e57]

A salary comparable to others in your area... (Varies wildly) Liability coverage, and you may want to look into this directly and maintain access and notifications to any change in it, but as their expense. Same with any bonding required... And while you may not look kindly on profit sharing schemes - you will be acting as RMO for what sounds like a company division - you should also have access to all financial information - while you may not have any power to make decisions on those matters you should be able to examine... (In some states you could be on the hook if the company folds.)

IMO the offer could be a gift horse, could be a nightmare too. I would suggest you look into what your state license board considers the responsibilities and liabilities of the position. Maybe consult a lawyer.

 

[macmikeman]

Hey I did it way back when I first got a masters and a contractor's lic. First things first. Get as much as possible. I pulled a 130k a year out of that when bonus's and profit sharing and all the other perks were totaled up. Thats more in today's money. Next and this is most important so pay attention- get a lawyer to draw up an airtight indemnification agreement. One that states that the party using your license will" indemnify, defend, and hold harmless"- you. That means they pay for all attorney fee's for you should it ever hit the proverbial fan so to speak. Pay a good attorney for that, do not scrimp or try to download a free copy or cheap knock off copy from the internet. Get it agreed to and signed before you accept any offer to put your license up. Then also get full control of both the field and the books so you know you are not getting set up and shafted. A routine third party review of the books is what I did to sleep better at night. Good luck to you if you decide to go for it, and by the way it ain't all that bad - maybe.

 

[Mr. Bill]

I agree with what others have said. When it comes to dollars, it's always better to let the other side make the first offer. But talk dollars last. Settle the other items first.

Hire a good $$$ lawyer to work on the contract that's in your best interst.

And ask for the company to pay for your umbrella insurance.

For quality of life, how much is it worth to spend another 2 hours in the car every day. About 500 hours a year. 20k miles on your vehicle. I personally hate driving, for the time and stress involved. When I shortened my drive by 30 minutes each way the evenings just seemed to open up with more time to do stuff.

Do you have any fear to tell them "No" if their offer is not what you want?

 

[WirenutNH]

What it's worth

What it's worth

It sounds like ur company is looking to obtain your master lic to transfer into a corporate licsense. In Ma you would have to be appointed a position on the board of trustees. You would want to check that you will be covered under the companys Chiefs and Officers liabilty insurance, which would help protect your assests. As for what it is worth percentage of work may work the easiest.

 

[mtfallsmikey]

Why do people think a Masters is so valuable? It doesn't take much to get one, and you should love the fact you have a job right now. your company is expanding and if all goes well I would think that bennifits you. Find out what your liabillities are in your area, have the company cover your cost for insuring yourself against those liabilities and get to work.

Because in many localities the only one who can pull permits is a licensed Master. And have a good contract drawn up.

I would start at 100k.

Ditto.

 

[bikeindy]

I don't know, maybe because in many areas without one you are no longer in business?

And here it is not that easy to get.

How difficult is it to get there? In Indianapolis if you know the trade know the code well enough to pass the test, and have been in the field six years, you can get your masters. So if someone needed a Master to pull permits he would have to employed by that person. Most masters here are also contractors, there is no need to have a license otherwise.

 

[wawireguy]

I'd consider rolling your time commuting into your work week hours. Not sure I'd be hot to add a 1 1/2 to my commute every day if I didn't have to. Or negotiate that you show up for work at your current place then commute on the company clock to this other location and back again on their dime. I don't know about the other aspects of it. That part just jumped out at me.

 

[satcom]

O.K. guys here is a stop and think question. I am currently emplyed for a company as an electrical superintendant. I am 1 of 2 master electricians at the company. I run consistantly 12-16 men daily. I am also incharge of all service calls pertaining to electrical work. My company is looking to expand in a new area and is interested in my masters license to use. I was asked what it is worth to me and i said i need some time to think about it. Obviously, i would take on a new position etc. but i dont have any idea for a $$$$$ amount. Any ideas?
The position will not require me to move but my drive to work will go from roughly 15 mins to 65-70 mins to work each way.
I also am not interested in a profit sharing aspect of the company because one thing i have learned over the years is this: Liars figure and Figures lie.
Any help is greatly apprciated.

Pretty easy to answer, you need would like a piece of the pie, (The value the company feels your license will generate) in the form of profit shares, or stocks, and a decent salary with benifits, including a healthy 401K
Some can do better then that operating their own business.

 

[carjam]

Do you have any fear to tell them "No" if their offer is not what you want?

No I have a steady job already. What i do or say will have no outcome on my current position in the company. They will just find someone else. I think doing it will get me a better deal than what i have now.

As far as the comment about why everyone thinks a masters license is worth so much...my response is this. Everything in life is worth something to someone. Thats why we dont give our cars away for free we sell them. If I was selling a car and you wanted my car more than the next guy you will typically offer more to buy it than someone else. I think the question comes down to how bad do they need it? because i already have it.

 

[bikeindy]

If I was selling a car and you wanted my car more than the next guy you will typically offer more to buy it than someone else. I think the question comes down to how bad do they need it? because i already have it.

If you had a 1969 Impala SS maybe so. but if you had a 2003 Chevy Impala I'll just go down the road and find another at my price point. So the question is, is a masters license a '69 or a 2003 impala IMO its the 2003 and not worth what others here think it is. Don't get me wrong I have my masters it is how I own my business in Indy, but it's easy to come by.

 

[ptonsparky]

Anyone that wants to study every night, go to every code class, cuss, discuss every aspect of the code for 5 years can get a Masters (EC) in NE. I wouldn't want to do it again, but if I can, most can.

The commute is what would sour the offer for me.