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Steph Mahon used an inheritance to start her real estate firm after getting laid off.<\/p>\n<\/li>\n
The money allowed her to hire and scale more quickly.<\/p>\n<\/li>\n
Like her uncle, she’s child-free and plans to leave her estate to her nieces and nephews.<\/p>\n<\/li>\n<\/ul>\n
This as-told-to essay is based on a conversation with <\/em>Steph Mahon,<\/em> founder of the Compass Real Estate group <\/em>Dwell New Jersey<\/em>. It has been edited for length and clarity.<\/em><\/p>\n When I made it through the initial months of the pandemic working in luxury retail, I thought I was safe. I even spent some money on renovating my deck and outdoor space at home. I was stunned when, in September 2020, my position was eliminated.<\/p>\n My career goal had always been to climb the corporate ladder. I’d been doing that over the previous 20 years, and I was proud of the role I held. Having that taken away stung.<\/p>\n That weekend, my parents mentioned that they’d always thought I’d be good at real estate. I’d never been interested in starting my own business. I didn’t want to be a real estate agent because I thought the market was saturated. Yet, I suspected my parents were right: I would<\/em> be good at it.<\/p>\n The same month that I was laid off, my uncle Eddie died. We knew he was going to, but it still makes me cry nearly six years later. My uncle, my dad’s little brother, was a man of few words.<\/p>\n His only indulgence was his Jaguar, which his lady friends loved. For the most part, he lived simply and saved. He didn’t have kids of his own, but he cared deeply about leaving something for the next generations \u2014 my two siblings and me.<\/p>\n When he was in the hospital, we had an unspoken understanding that when he died, I would sell his home and use the money toward my business. A few months later, his house became my first sale. Between the proceeds and other inheritance, he left me about $80,000.<\/p>\n After about a year of selling real estate, I knew I wanted to create my own business. I’d learned enough about the industry to see how I could differentiate myself in a busy market by providing high-touch services that help clients buy back their time. In February 2022, I registered my business.<\/p>\n Using Eddie’s inheritance, I was able to hire a director of client logistics right away. Having her allowed the brand to start on the right foot. Without Eddie’s inheritance, I couldn’t have grown so quickly.<\/p>\n My emotions about the inheritance didn’t change how I utilized the money: I was still very factual about finances. But spiritually and emotionally, I thanked Eddie every day \u2014 and I still do.<\/p>\n<\/p><\/div>\n Today, Dwell New Jersey is approaching the seven-figure mark in profit. I have six employees and have structured the company so that they all have ownership in it. My first hire is still with me. I’ve created a culture that’s both compassionate and connected, both within Dwell New Jersey and in our broader community.<\/p>\n My uncle Eddie was a veteran and very service-minded. He would be so proud that his funds helped establish a company that’s having a positive impact.<\/p>\n Like Eddie, I’m child-free. Eventually \u2014 hopefully 50 years from now \u2014 I plan to leave my estate to my nieces and nephews, just like Eddie did. I’m excited to be able to give them something. Even the idea of my two nieces remembering me as they go through my extensive scarf collection makes me smile.<\/p>\n Because my employees own the company, their families will also see the impact of Eddie’s inheritance. Some people impact the world by having children. I hope to make an impact through my work, and I’m grateful that my uncle’s inheritance is allowing me to do that.<\/p>\n Read the original article on Business Insider<\/p>\n<\/p><\/div>\n