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The Dark Side of Being A Corporate Hack: How General Motors Killed My Real Estate Career

By
Mortgage and Lending with Platinum Home Mortgage Company NMLS #238304

I married into a family with 3 proud generations of General Motors execs.

Yep, GM was the "family business", and everyone was obsessed by cars. I didn't think I was, but still....

Was I first attracted to the man I would eventually marry because of all his wonderful qualities? Or the little red Corvette that he drove? 

Oh, but it was a glam job. He got new cars every 3 months to drive. I got a new car every year. Whatever I wanted.

I once got "detained" in Mississippi for driving a bright yellow Camaro, missing an important college final as a result.  

Could these guys give me a ticket for just being too damn flashy for that small town ? (ok, I might have been driving 5 miles over the limit, but why didn't they just write the ticket and let me go?)

GM threw lavish parties and awarded trips to Hawaii as perks. There were benefits to die for. Completely unheard of by today's standards. We used to call them Generous Motors.

But there was a dark side to life with GM. We were transferred to a different state every 18 months, which is nothing short of pure torture in my mind. Your life is always unfinished, your friends are always temporary.

That fact alone finally killed what had started as a very successful real estate career. I caved into my husband's ambition, but never to the corporate life. 

GM reeked of corporate politics. Hard to wrap your head around if you come from a real estate background where what you earn is determined exactly by what you produce. How many times have you driven your boss' wife to the airport because you wanted to get some brownie points? UGH.

The worst thing? The thing that caused him to quit? Ironically, something the government forced GM to do: Their "racial quota" was completely askew (in the 80's). They were a company of all white guys, and very few women or minorities (although my husband's GRANDMOTHER was employed at GM).

GM could only hire and promote minorities to fix this, and it became obvious it would take years to satisfy the quota. If you were a young ambitious white guy? You were going nowhere fast.

That, and this: Eventually, you had to move to Detroit. My apologies to everyone from Michigan.....I just did not want to move to Detroit (where hubby was born).

With the help of my father, my husband bought his own car company in California. We sold our house without a Realtor (had to! No longer had GM paying the commission!), picked up our lives, our 3 babies and 2 cats, and headed back to California.

Everyone thought we had lost our minds to give up so much.

Gave up the house on the hill with 6 white columns for the stucco rancher with only 3 apricot trees as landscaping. Suddenly had to pay our own benefits and drive used cars. Gone was the salary, the trips, the perks, and the lavish lifestyle that accompanies being a corporate executive.

Sold all of our GM stock to finance the new company and fix the rancher (at over fifty bucks a share).

Was it worth it? At times, we wondered.

Still, there is something very sad about the demise of what once was.

And never will be again.

 


Written by Janet Guilbault, Mortgage Banker/Broker based out of the San Francisco Bay Area

 

 

Janet Guilbault
Platinum Home Mortgage Company - Walnut Creek, CA
San Francisco Bay Area Direct Mortgage Lender

Richard: I am not sure that I agree with you. I think, like anything else, it was a combination of things that led to their demise. I definately think they produced too many cars, and promised too much to their retirees, and were too big to make the changes they needed to make to survive.

Jun 04, 2009 09:30 AM
Janet Guilbault
Platinum Home Mortgage Company - Walnut Creek, CA
San Francisco Bay Area Direct Mortgage Lender

Bryant: It is bittersweet. I think my father in law must be rolling over in his grave, seriously!

 My husband still drives a Chevy truck after years of leasing all different kinds of cars. Like you can take the man out of GM, but you can't take the GM out of the man.

Jun 04, 2009 09:34 AM
Emmaniece Gordon
Dekka Realty - Fort Meade, MD
PSC, CDPE, Realtors, Local Real Estate Expert, Mar

 

Hi Janet, thanks for the insider information.  It just goes to show that nothing good lasts forever. 

Jun 04, 2009 09:35 AM
Roland Woodworth
Blue Cord Realty - Clarksville, TN
Blue Cord Realty

Janet: Very interesting story.. Looks like over all you were on the right path. Thanks for sharing.

Jun 04, 2009 09:38 AM
Janet Guilbault
Platinum Home Mortgage Company - Walnut Creek, CA
San Francisco Bay Area Direct Mortgage Lender

Barb: Thank you for sharing your story. There is a kind of sadness in your comment that comes through loud and clear. That is exactly how I feel: very sad.

GM was also very good to us. I hope your retirement benefits are all intact!

I think there is a strange irony to this story as well...  No one ever left GM. They took care of you so well that you got entangled in their web where you could not leave. I could see that happening to us, and it scared me to death.

I was lucky that my father wanted me back in California VERY BADLY, and literally engineered a way for us to leave.

Good luck in Florida! I wish someone would write a post telling us exactly how Detroit has been impacted, and what they expect will happen in the future.

Jun 04, 2009 09:42 AM
Janet Guilbault
Platinum Home Mortgage Company - Walnut Creek, CA
San Francisco Bay Area Direct Mortgage Lender

Marian: Please do blog about losing the family farm. We are all suffering losses these days, and I would love to read your story.

Kris: I would like you to write a post about the situation in Michigan. I think all of us would like to hear the story about the executive that dedicated his whole life to GM, then got the shaft.

Jun 04, 2009 09:50 AM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Janet -- thank you for your personal thoughts and stories.  This all reminded me of what happened this winter.  We had very severe snow for two weeks.  Rather odd for Portland, Oregon -- where it typically is a mild winter.  The snow lasted, but sadly, when the spring came, I noticed some of my beloved plants did not make it.  A lovely pink, mini rose bush that gave sweet flowers most of the summer was gone.  Some rose bushes in the backyard are now striving to bloom.  Azaleas didn't make it.  And yet, some of the other plants had to be pruned back because of their thriving.  The maple tree dispersed a ton of seed pods this year. 

Yes, there are some 'plants' that don't survive, but others will crop up.  I'm very positive and optimistic about alternative/renewal energy (solar panels, wind turbines, etc.)  We are ever-changing, and with life it's the ebbs and flows which are challenging, often scary.   

 

Jun 04, 2009 10:50 AM
Janet Guilbault
Platinum Home Mortgage Company - Walnut Creek, CA
San Francisco Bay Area Direct Mortgage Lender

Carla: I have a very weak spot for analogies that have to do with the garden. A garden is reflective of life is so many ways as you pointed out.

I start every day with a walk through my garden, which is circled by a redwood grove. You watch the seasons come and go, you sip your coffee, and wonder when the fog will lift.

Had to banish all azaleas years ago. Way too water intensive. Can't resist having my one gardina though. PS All of my roses are white.

Jun 04, 2009 11:16 AM
Janet Guilbault
Platinum Home Mortgage Company - Walnut Creek, CA
San Francisco Bay Area Direct Mortgage Lender

Bill: I have a funny feeling a lot of people will be moving away from the Detroit area.

Jason: Well, it was a good lifestyle, as anyone who has ever worked for GM will tell you. But giving it up was the easiest thing in the world for me. Yes, I missed being in California THAT much.

I keep asking Jennifer why she doesn't miss the West Coast. Geez, you must be awfully cute, JS

Jun 04, 2009 11:22 AM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Hi Janet -- this is from another day, but you will appreciate it: 

http://activerain.com/blogsview/1087837/just-by-chance-thoughts-to-ponder-in-oregon

I have white Peonies, red roses :-)

Can you write loans in Oregon?

Jun 04, 2009 12:20 PM
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

Janet, my dad was a Buick dealer, my grandfather before him in Paducah, Ky.  So it was sad to see the demise. I live in MI and it is truly sad right now.

I remember all the contests to win those trips and mom and dad going on them.

I sold my stock when it hit 32.00 a share and still lost money.

My dad always told me to buy GM stock whenever it would go down.

I wonder what he is thinking now, as it is not the same world anymore.

Most exectives don't live in Detroit but in the suburbs and they are quite beautiful, at least in the summer.

IMO the Unions killed the big 3.

Jun 04, 2009 01:06 PM
Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

I heard that the median home price in Detroit is currently somewhere around $10,000. I just checked and in December it was $7,500.

Jun 04, 2009 01:09 PM
Carol Culkin
Diamond Partners Inc - Overland Park, KS
Overland Park Residential Real Estate

Janet - I am part of the GM family too. I totally understand how the company sucked the life out their employees. You and hubby did the right thing.  It was about your personal happiness. That matters more than the money and the perks.

Jun 04, 2009 01:43 PM
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
850-476-4494 - Pensacola, Pace or Gulf Breeze, Fl.

Sad indeed but we knew it was coming. Something good will come of it I'm sure. It should have been done 20 years ago.

Jun 04, 2009 03:06 PM
Lane Bailey
Century 21 Results Realty - Suwanee, GA
Realtor & Car Guy

I just want to know about the car company... or are you talking about a dealership? 

Let's see...

  • Two wrongs don't make a right...  racial quotas...
  • Excess isn't a great idea, even when you can afford it...

And I still want to know about the car company...

Jun 04, 2009 03:11 PM
Janet Guilbault
Platinum Home Mortgage Company - Walnut Creek, CA
San Francisco Bay Area Direct Mortgage Lender

Okay Vickie, officially shocked by the thought of a house selling for $7500. What, do they put it on a credit card and forget the mortgage broker?

Missy, IMO the unions were a big part of what killed GM. My husband was the one who organized those trips for the dealers! I have heard Detroit has beautiful places. SAD...that is the right word for all of us that were involved with what was once a great and powerful company. Was wondering...are there still people involved in the car business in your family? I refused to let my own son consider a career in the car business...

Jun 04, 2009 03:37 PM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

People don't stay with companies like they used to; the pensions, the perks, and benefits seem to belong to anotehr time.

Jun 04, 2009 05:34 PM
Don Hawley
REIT Homes - Lindenhurst, IL
CDPE

I wonder what the new product line coming from "Government Motors" will look like...

 

 

Jun 05, 2009 01:26 AM
Barbara S. Duncan
RE/MAX Advantage - Searcy, AR
GRI, e-PRO, Executive Broker, Searcy AR

I had to get to the end of the blog to understand how you got so much great stuff.  Then you said when he owned his own company you drove used cars!  That's more like my life with a car-dealer husband whose family owned the business.  We never knew corporate life but you saw both sides.  We did go on two or three trips for successful selling but that has been many years ago.  Nice, interesting blog.

Jun 05, 2009 02:51 AM
Stephen Hodge
Chestnut Park Real Estate Limited, Brokerage - Cobourg, ON

I left corporate consulting because I too felt there was no future there for me - though not for the same reasons - but because corporate life offers no actual life. Even if you are afforded some free time for family (which is no guarantee) the person who arrives home is usually an empty vessel. And what drove me out the door finally was being given all of the biggest most sensitive clients to work with, but then being kept back because there weren't the budget dollars in those clients's contracts to pay someone more senior to do the work I was given. Finally a senior exec friendly to me told me "look, they won't promote you because they think you won't leave." So I left - and thank goodness for it. Now I drive along gorgeous country roads on my way to an appointment and think - hey, wow, I'm actually working right now! Nobody should do any job that doesn't at least allow them to be happy... but so many still do.

Jun 05, 2009 03:18 AM