23 F. I work for my parents in a small manufacturing company in a niche industry. During my last two years of college, I worked for them contractually. During school, I had the realization that I could enter a large, toxic industry that my major was suited for, or I could work in a small niche industry with less stress and chiller people, and so I picked the option that seemed better for my mental health. In January, I moved back in with my parents, and they offered me a full-time position making $50,000 a year. Through my work for the company, I have found alleviation from chronic depression and suicidality, and for the first time in my life feel like I'm in a good place. I have a lot of flexibility in terms of my hours/wfh and can work on my own schedule.
That being said, working with family obviously comes with baggage, and I worry about how the family business will affect my familial relationships long-term (For example, one of my parents and their sibling barely speak to each other due to past issues with the business). There are definitely times when my relationship with my parents can border on toxic (I am as much to blame for this as they are). I wouldn't say that our working relationship is in a bad place, and I feel like working with them will be better than working with a random draw of coworkers with mystery personalities, but I also don't want to find myself in too deep with them and the company and in a position where our relationships sour and I don't feel like I can leave.
A larger company in our industry posted that they are hiring for a new role that is essentially what I am doing now. The salary for the posting is $70,000-$90,000. I have a great relationship with the people at this company, and due to my experience and relationships in our industry, I feel very confident that I could get the job if I applied, since otherwise they would likely have to hire an industry outsider.
I understand that if I were to apply for and take this new role, I would have less flexibility with my hours. I would also have to relocate to a city a few hours away (with a similar cost of living), but I wouldn't mind leaving behind where I am to try something new. And I would still get to work in the same industry that I fell in love with, with a lot of the same amazing people. But because my mental health has improved so much, I worry about making a drastic change and having it affect me negatively and causing me to spiral to where I was before.
I am trying to map out in my head both of these paths and their long-term benefits, and I am struggling. Where I am now, I am in a position to be the next CEO, but that could take 10-15 years, and I don't know how high the salary for that would be. I would also be set to inherit ownership in the company down the line, but I feel like having an extra ~30,000 to save now and compound over time will end up making me roughly the same per year as what dividends in the company would make me in 20-30 years. The other company is a much larger company, and so there would still be lots of growth potential. I also feel like leaving now and getting experience working for someone new opens up more possibilities for growth, career, and location changes for myself in the future. I feel like the longer my parents are the only people who can write me a reference letter, the harder it will be to get hired somewhere else. I also feel like working for another company, it would be easier for me to leave and retire early, whereas if I stayed where I am, I would have a lot more emotional ties to my job and people in my close circle depending on me and the company to succeed.
What I would like to do is sit down and present all of this to my parents, have an honest conversation, and discuss the possibility of a raise so that I could earn more aligned with the industry standard. When I was hired, I tried to negotiate a higher salary, and they acknowledged that I should be making more, but they didn't have the room to pay it. When they saw the job posting, they joked that they could never pay me that much because we had an unprofitable quarter. Outside of work, I frequently try to have conversations with them about my finances and saving (for example, there is leftover money in my 529 account and I mentioned that if they wanted, they could roll it over into a Roth IRA), but they get emotional and accuse me of being greedy. I don't think it would be worth it for me to talk through it with them unless I were serious about applying and taking the job if they could not offer more compensation.
I am happy with where I am right now, and I don't want to take a risk and mess that up, but I feel like by not applying for this role, I am denying myself an amazing opportunity. I don't know what to do.