How Long To Wait To Become Partner

[TxPESE]

I have been asking myself, how long should one wait after asking the firm owners to become a partner? 2 years, 3…, 4… or leave and take a 50% raise with partnership with new firm in 3 years?

-I have working as an engineer for 8 years, 4 as a PE.
-Worked 650 hours overtime each year for the last 5 years with the current company while on salary (no overtime pay).
-Have a BSCE and MSSE.
-Have both my SE and PE in several states.
-Added several new clients to the company portfolio.
-Run a department of 9.
-6 years construction experience before college.

 

[TheTick]

Hmm... Let me consult the "Rule Book". I'll get back to you.

 

[Ron]

You should revisit the issue with the firm's principals. If you have asked and made it clear that you expect that in your career path, with no feedback from them for several years, you probably have your answer.

When you discuss it, don't do it in passing or as some "pie in the sky" dream. Discuss it in tangible terms and establish the set points and goals. If you meet those and they don't respond, then move on.

Keep in mind that if your company is closely held and there are only one or two partners/principals, they might not want to bring someone else in. Further, don't expect ownership to be given. You'll probably have to buy in.

 

[TxPESE]

Ron,
I was told it would be 3 years until I would be eligble to become partner and then of course buy in. It is hard to go on faith that these 3 years do not turn in to 4 or 5... While on the other hand the other company is offering partnership around the same time period with a 50% raise.
Thanks

 

[Ron]

TxPESE...sounds like a good position to be in!! Talk to both. Get something in writing from either and move forward..you might do well with either!

Good luck.

 

[moltenmetal]

Don't just get it in writing: make sure it's a contract, i.e. there is good and valuable compensation as well as an offer and acceptance etc. Otherwise, the paper isn't worth any more than a handshake.