Uturninspiration.com - Uturninspiration.com

CCRCornerCarver:

Name: Cliff La Motta

Age at the time of u-turn: 0

Location: Brookfield, United States

Personal links:

www.cliffscyclerevolution.com

Year of change: 2003

Changed from:
- Finance & Economics: Senior Managing Director

Years in old career: 17

Changed to:
- Other: Dealer Principal

Years in new career: 6

Educational background:
- Colgate University

What did you do before you made your u-turn ?

I was Senior Managing Director at Bear Stearns & Co. for 16 years specializing in trading Nasdaq Initial Public Offerings and networking stocks.

What do you do now ?

I am the Dealer Principal at Cliff’s Cycle Revolution, a successful Ducati and BMW Motorcycle dealership in Brookfield, CT.

Why did you change career ?

I become increasingly unfulfilled by my job; the catalyst was 9-11. The attacks on the Twin Towers hit me hard. At the time, I was trapped oversees for four days; all flights were grounded. I reflected on the fragility of life. I was angry, depressed, and felt utterly helpless not being able to go home. Right then I needed to know my life would go in a different direction. I sat in a garden in France and decided I would not wait another minute. Life is short, and it could be snatched from you at any moment. I didn’t exactly know what it would be, but mentally, I knew I was fully committing to a different path. In Paris I knew it was time to do something that was a passion. Something different. Sometimes, it’s time to move on. I left at the top of my game with no regrets. I wanted to experience more out of life while minimizing the focus on financial gain and security. Fortunately, my previous career allowed me enough success to act on an opportunity when it presented itself.

How did you make the change and what was your first step ?

I was trapped oversees without my kids, unable to phone home, and knowing I had lost friends in the 9/11 attack. My life would have to change, but was unsure how. The first thing I did was get the tattoo I always wanted. What the heck was I waiting for? I became involved with a local BMW dealership, which allowed me to realize that I was a candidate to open my own shop. I knew if I didn’t do this, I would wonder my whole life if this was the ‘country store’ I always wanted to open in Vermont. It had to be done, and the area riders’ deserved it. I interviewed and hired a GM with whom I oversaw the renovation of a building we had found. At this point I made a commitment to myself, that I would give this my all, and went above and beyond to seek out the finest people I could find to surround myself with. I had the desire to create something new; something unique, a true destination. “A dealer, a destination, and philosophy, rolled into one.”

How long did it take from the decision to change career to completing your u-turn ?

I guess it took about two years overall, but I actually worked at Bear Stearns for a little less than a year after the final decision was made to open a dealership. I had planned to work longer on Wall Street and have the dealership run for me, but the mental and physical toll got to be too much. To protect my well-being, I had to leave. I remember one night at the dealership site, Feb 2003, a big truck showed up with the giant BMW Motorcycle sign, and a crane was putting it up. As I stared at it, I knew at that moment it was time for me to leave Wall Street. It’s funny, my father would always tell me “I would just know’ when it was time. I went home that night, it was a Thursday, and told my wife I was not going back. I called in Friday, said I was not coming back. They told me to think about it a few months. I never looked back and officially severed ties with Bear Stearns in June 2003. The dealership opened officially in May 2003.

What were the most difficult things about your u-turn ?

I knew right from the start that the motorcycle business model is one of the worst business models. Slim margins, big investments, etc. But I knew I would do it as well as anybody; probably better. I knew I had a steep learning curve. I leaned on highly skilled people that complimented what I did. I preferred to work ‘on’ the business instead of getting trapped sometimes ‘in’ the business. I made mistakes that bit into the margins. The investment was substantial for a modern dealership. We lost money the first three years while growing at a rate of 25% a year for 3-4 years. Sure we lost less each year until we hit the black, but I was very proud to get there within 5 years. I’d be lying if I said it wasn’t difficult to tell your friends and family that you are leaving a very successful, high paying career to sell motorcycles. But those who knew me, knew it was time as well. When you don’t know if and when you’ll ever make a dime, it’s difficult!

What were the easiest things about your u-turn ?

Well, it was great to not have to travel to the city everyday. I also got to ride my bike to work, from work, and for work. When I left Wall Street, it was an easy decision when your mind and body are at their stress limits. So it happened quickly, and I really saw no option but leaving my job. I was burnt out. 9/11 made it clearer and easier than ever to make the decision. All in all, being honest, there was not much really easy about starting a store from the ground up. Literally.

What came as a surprise when you were making your u-turn ?

It surprised me that people lived outside of a commute to the city. That there were tons of entrepreneurs out there making the economy go, and chasing dreams. It surprised me how complicated the business really was behind the counter. It surprised me how hard it would be to earn a living like I did outside of the fantasy land of Wall Street. It surprised me how I wondered why I waited so long. I felt so free. I was a little surprised how long it would take me to find excellent employees for each position.

How did you cope financially when you changed career ?

Listen, I played the game on the street and I was very good at it. By the time I left, I was burn out beyond belief, but I was always grateful how it gave me the financial opportunity to take this project, this change of life on. I knew that I had planned well financially before this, where I knew I would never be without shelter, and the kids would be able to go to college. That being said, we did change our lives a bit. I sold a ski house I had. I sold a house we built in Westport, Ct. and bought a house for half the price and twice the land, closer to work. I paid off all the cars, and stopped changing them like socks like I used to. We were not living on beans and rice, but there was definitely a pulling in of the reins to see how this would play out. I invested in fewer outside opportunities since I could not count on future income. Pricey toys were eliminated and vacations were reduced. For a few years I lived off what I made the previous years.

What skills and knowledge did you have that were useful in the field you were entering ?

I had a high tolerance for risk and was forward thinker. I feel like I earned people’s trust in a relatively short period of time. They would believe in me because I believed in them. I was, in my old career, able to breed loyalty from those around me by never asking them to do something I wouldn’t so myself. I was honest and caring. I always felt I was a good judge of people, and that helps. I was given a great moral compass by my parents, and I try to always keep it pointed in the right direction. I had no specific skill for the motorcycle field. I knew people, and found those people who wanted to better themselves. I like to think I gave people confidence and a chance. The close second would be I always felt I was a good communicator. That goes a long way.

What help did you get ? Could you use your existing network ? If yes – in what way ?

I could not have pulled this off without the core crew I hired from the first days. Some employees actually left their jobs to work for nothing at the site during the renovation, working forklifts, putting together displays, shelving, desks, computers. To this day, I think I have nurtured and created a fantastic group of employees who I rely heavily on. They helped in so many ways it’s impossible to describe. But it is true, you have to kiss a lot of frogs before you find the princess. My existing network from finance had absolutely no impact on my new business. Although bad years for bonus’s on the street would definitely affect sales. Overall though, they were really two separate worlds. Sure, I had Wall Street customers, but it’s not like all my old clients decided to buy bikes from me because it was me. I mean, you’re either a motorcyclist or your not. People did take notice of this successful Wall Street trader who cracked up after 9/11 and left to pursue his passions.

What is your best advice for anyone who wants to make a big career change ?

You need to ‘know it’s time’ the leave. You need to be honest with yourself about what you expect from your new career. Be sure to list all the ‘good’ things about the job you’re leaving, because the bad things are always easy to find. The bad things might come with any new job as well. Have a structured plan, but be flexible. Ask yourself and others if there is truly a market for what you offer. If it’s simply a change in career types, not a startup, be aware of any requirements you might be able to tackle prior to leaving your other job. It makes the learning curve shorter. More money is not always a good reason to leave. Working for someone else is the polar opposite of becoming the employer. Even during successful times, that is a burden you will carry. Who do you have to blame for mistakes now? Yourself! Find GREAT people, and fire the one’s who cause problems even if they are good producers. You almost always wait to long.