My Plan B------> Real Estate

Chiming in. Hang in there and like someone else mentioned, play along and find another company if you have to. If or when that time comes and everyone else is frantic about lay offs and having to listen to useless managers, the ones who are smart will play along keep the money flowing in from their other hustle and easily get themselves another job with another pharma company. The base alone in the pharma industry can be easily made with passive income if you're smart, whether it's real estate or another hustle. For me, real estate has always been my plan A. I just play along with pharma for the bonus and benefits. Just use it as a wagon to get your investments going.

 

For those who've been in the game over 10 yrs, how did you all manage to hang on?? I'm considering IT sales or sales in a completely different industry and only have been in pharma for 6 or so years. I seriously cannot stand the crap that comes along with this job.. DMs, fake field ride coaching, constant conference calls over the same useless crap and hoo hoo rah rah success stories! DMs in pharma don't know sales nor management and that's just the truth.

I like being on my own, being in front of my docs discussing medicine but other than that, everything else is a headache. The pay isn't all that great either. I have a biz on the side with a trade I've been doing since high school and make $80k+/yr putting in 20 or so hours a week. My take home here is about $118k/yr which isn't alot after taxes but like most, I'm here for the benefits, shares etc. I'm done every day by 3pm and won't dare work past 3:30. Home by 4 and skip to my other gig if I have a service call. Good to those who r being smart while working this company. Once lay offs come, they ain't gonna be taking any slack w reps so be smart folks! Seen it too many times.

 

I am the 17 years in the business rep. Although what I will tell you is not unique it worked for me. First, I made sure that on every ride along or at any team meeting I knew more than anyone else on my team. By doing this, management had no idea I was working 4 hours or less a day and working my business after lunch. If I had a manager that was going to micromanage me I tried to move inside the company to another division or found a new company. My goal was my business and pharma was 2nd . I have friends in their mid 30s that work for IT, Software companies that deal with pharma. They are making well over $150k. I equate this field to what pharma was in the mid 1990's to 2001. Fun, good stock options, entertaining customers.

The bottom line is if you want to own your own business stay in pharma and bust your butt in your own business. Work 70-80 hours a week and in 5 years if you get laid off - who cares.

 

I own 8 units as rentals. I'm near 40 and moving towards this being my end game. However, I do want to say that you need to look outside of pharma. I've been full pharma and low level pharma contract in the past. I moved into device a year ago and I cant tell you how brainwashed I was. I have no ride alongs, no routing, no detailing each other at meetings. I make dollar one from each sale I make so no "equalizer" in my bonus that I cant figure out the math on.

I just got into the rut that pharma was the thing. Outside now and talking to other device reps, even low level shelf stocking reps, they all know pharma is dead and all hiring managers in industrial, chemical and medical sales know its dead and you dont sell. I never saw it. Staying in pharma was a self limiting move.

Try to leave pharma and buy property. Thats all I have to offer.

 

Whats the policy with PFE or Pharma in general? Can we have another business going? I know a lot of people do other things on the weekends like DJ'ing, professional photographer, fitness trainers etc. Most seem to do what they actually enjoy on weekends or after 9-4 hours. Did anyone have to sign an agreement before they got on board? I started a business about 5 yrs ago something very similar to real estate with my alma mater. Most work is done from my phone and home on laptop. Income is excellent.

 

I had a manager at another pharma company who questioned me about owning rental properties. He basically told me while working for him I cannot own properties. I called HR and wanted them to make sure all employees cannot investment properties if I couldn't own them. I received an apology from the manager a few days later and it was never discussed again

 

I would not be telling any manager about anything I owned much less real estate.

 

Don't think theres a policy against owning a business or being in partnership. Never had to sign stating such and if they ever presented me with papers to sign, I wouldn't dare to accept that position. I'm a part owner of a handful of businesses and real estate and make pretty well in passive income. I invest in the businesses the same as I invest in Pfizer stocks. I'm sure there are some managers that have their own thing going but just never disclose it. I would not tell your manager anything. You never know what they can say against you or fire you for bullcrap.

 

The average rep or person that works in pharma don't know a thing about investing let alone real estate. They only know how to check off boxes and be treated like a 10 year old. Good for those starting businesses elsewhere. Your teammates will be the ones shitting their pants each time there are lay offs. Not gonna disclose my line of business but I live in one of the major cities in the country and have been fortunate to build what i've started. I got income streaming in regardless if I'm laid off here or not. The day to day life of a drug rep takes the life away from you. Like someone else said the meaningless conference calls, annoying pep talks is embarrassing. The managers are complete morons who couldn't last in a real sales job. My advice is to find something you're good at and start a business on the side. I think anything else is more rewarding than the day to day life of pharma.

 

Good thread. im considering medical sales while I continue to run my business on the side. Money is decent here at Pfizer. Not great but decent. But like many will say, the metrics and check off boxes is becoming a nightmare. I was in consumer sales before with a different comp but division I'm in now I feel like I'm treated like a 20 yo college student. Constant emails conference calls field rides, it's not even real sales. I'm pushing 38yo and not sure how long I can take the day to day Pharma.

 

Whatever you do the main goal is freedom between 9-5. You need to run your business so you need to use the company time to run and grow your business. If Pfizer gives you that time think long and hard about leaving. You don't know if you will have it at the next job

 

Good info on here. Probably the most useful shit I've read on CP. I have a few small businesses going myself. Im part owner of a handful of businesses where a couple are under the umbrella of an LLC. I started in Pharma back in my mid-twenties and invested with friends in the restaurant business and have done quite well. I worked in a different sales industry for a short while and they encouraged to venture into other investments or profitable deals. This doesn't seem to be the case here at PFE or pharma in general.
Can any company particularly PFE or any pharma company terminate us if we we were copartner of an establishment?

 

Don't know the answer but here is you argument if ever questioned. I am a silent partner and it is an investment. If you terminate me you need to terminate anyone, including managers, who own any type of real estate investments including vacation homes they rent out. I decided to invest in a restaurant. Others in real estate. Others in the stock market. We are all basically just investing and you are targeting me if you say I can't invest a certain way.

You would be surprised how many pharma people have at least 1 rental or vacation house they rent out. Someone will comment "employment at will" but that is another issue.

 

Keep your mouth shut and all of you will be fine.

 

Yeah, morons! Dont tell anyone anything. Managers have options to fire people in a downsizing. Dont let them assume you can weather it out due to your rental income. Keep it all close to the vest. Dont brag and dont flaunt it.

Also, remember if you think the bell will ring to fire you just call up HR and ask for a certified health specialist within the department. Claim you are depressed and that you are thinking of killing your self that day. Get checked into the hospital on short term disability and you cant be fired. You must be retained. That's all I have people. And to answer your question, yes a dirt bag rep on my team did that last job cut and he stayed on board. I'm mad I didnt think of it first.

 

Yes, by all means lie about wanting to kill yourself. Thats some solid advice to take with you for the rest of your life. Spouse catches you boinking another, and threatens to leave? Pull out the "suicide" card.

Kids ready to marry someone Hispanic or black? If there's ever a time to use a suicide threat, that's it!

Gawd, I LOVE my Pfizer peeps.

 

Dont hate the technique. You have kids and a wife and you need your job for the insurance and Pfizer is rubbing you wrong pull out the laws to protect your assets. This man is a visionary.

Dont say suicide then. Say you are ready to jump off a bridge. Pfizer doesnt know that its a low bridge over a deep stream. Stay employed people.

 

Anyone own a 7-11? Im looking into one.

 

I don't own one but I know in my area of the country they are getting beat by smaller local chains. 7-11 are closing all over.

 

In my capitol city of my state prices and rents are going up. Things look good on the RE market. How are things in your part of town. I read an article that some cities, even large ones on the east coast are actually seeing prices drop.