Please excuse my tardiness and no offense to Crain’s–which is actually a great publication, this was my early December 2008 feature:
“Ousted workers start ventures of their own”
Before we get to my little story, check out some of the other ex-Wall Streeters to create some interesting businesses of their own:
TRADERS TAKE UP A HEAVY LOAD—Bill Ellis and Pat Lackey
Former careers Mr. Ellis—global equity sales executive; Mr. Lackey—institutional-sales trader
New business Volvo Rents franchises, which rent out construction equipment
Startup cost “Millions of dollars,” says Mr. Ellis.
Annual revenues $12 million
Date that business was started Existing franchises were acquired in 2005
Advice for Wall Streeters launching a business Get ready for continual hard work; understand that “there are no layups out there,” says Mr. Lackey.
What’s different about the world off the Street It’s not every man for himself. “Pat and I are responsible for 40 employees and their families,” says Mr. Ellis.
Average hours per week worked on Wall Street 60
Average hours per week worked now 60
What they miss about the Street Excitement, the fast pace
What they don’t Lack of a moral code
Biggest challenge Getting customers to pay bills
I don’t miss the lack of a moral code either, blogging might as well be called moralling…check out the former NYSE specialists:
PAIR FRINDS PROFITS, IF NOT PASSION—Joe Cocomero and Daniel Quinn
Former careers NYSE specialists
New business Aussie Pet Mobile franchise
Startup cost $300,000
Annual revenues Not available
Date that business was started June 2007
Advice for Wall Streeters launching a business Don’t buy into a business simply because it’s your passion; that doesn’t mean that it will be profitable.
What’s different about the world off the Street You get more time with family, and the satisfaction that what you put into your business is all for you.
Average hours per week worked on Wall Street 60
Average hours per week worked now 5-10 in the grooming franchise; separately, they’re building a brokerage business
What they miss about the Street The camaraderie
What they don’t Commuting; having a boss
Biggest challenges “Having employees,” says Mr. Cocomero. “It’s hard to find somebody who cares about your business as much as you do.”
Okay, now to me:
A BLOGGER’S LIFE—Tim Sykes
Former career Hedge fund manager
New business Blogs at www.timothysykes.com; publishes financial-advice DVDs
Startup cost $50,000
Annual revenues $1 million (projected)
Date that business was started October 2007
Advice for Wall Streeters launching a business Spend as little as possible for as long as possible without sacrificing product/service quality.
What’s different about the world off the Street There’s no second-guessing by investors.
Average hours per week worked on Wall Street 50-60
Average hours per week worked now 70-80
What he misses about the Street Free trips, dinners and drinks from brokers
What he doesn’t A wholly unfulfilling lifestyle; having to deal with the worst people in the world, who care only about the money; not having anyone but fellow industry scum understanding how I made money.
Biggest challenge To keep putting in the long hours required for researching and writing quality financial content while actually having a life.
Posted in Interviews, Press