81–90 of 115 posts
Earlier quoted context omitted.
Projects like that are usually made between friends and aren't really expected to become THAT big. Plus, it doesn't really matter, they took the guy out of the business and took away his rightful part of it. Good thing they settled.
So you're the three of em just had a verbal arrangement and not a signed contract detailing company divisions?
http://www.businessinsider.com/reggie-brown-sues-snapchat-in...
Money. Greed. It destroys more friendships (and marriages) than anything else. So what's the lesson here? Don't be careless. I don't care what the idea (startup) is - get the details on paper. True, 99% of startups fail, but you don't want to be in that 1% that's making the lawyers rich.
This a thousand time.
My first hard earned rule of thumb? Don't do business with your friends. Lost relationships, bitterness, and great financial loss is never worth it. I got burned really bad and spent the better part of four years trying to get my money back.
Since then, it's just something I live by.
Now she finally wins her case and its like a blip on the radar? Pretty sad if you ask me.
As a co-founder who got screwed on a large acquisition, it makes me happy to see that Snapchat finally settled. However, a settlement doesn't change the fact that Evan Spiegel really went out of his way to intentionally screw the guy that actually invented Snapchat's model - and seemed to enjoy doing it. He's definitely not someone I'd ever do business with. http://www.businessinsider.com/snapchat-lawsuit-video-depos…
I wonder how such things become possible. As co-founders shouldn't you have a written (and lawyer checked) agreement on how the company is shared amongst you? How can one betray the other besides of letting him/her unknowingly sign an unfortunate contract?
And friends starting something together often don't anticipate it becoming a source of friction in the future, and don't do what you'd expect people in an arms-length relationship to do. Sure, anyone whose been around the block once will likely have learned -- and lots of people will learn before they've been around the block themselves. But quite a lot of people won't, or will learn but think that it doesn't really apply to the little project their doing with their friends, and by the time they realize that they should have, they'll be enough money already involved that what one side sees as a "reasonable division" will be what the other side sees as "cheating me out of what I am due".
Earlier quoted context omitted.
So you're the three of em just had a verbal arrangement and not a signed contract detailing company divisions?
You can read all the sordid details here: http://www.businessinsider.com/reggie-brown-sues-snapchat-in...
Yeah, verbal agreements aren't worth squat. At best, you get a settlement, at worst you get nothing. I'm surprised these guys didn't sign contracts amongst themselves.
Is there any interest in "this is how I got fucked" at a startup type article, or is it so common that it doesn't matter? I have an experience...
Is there any interest in "this is how I got fucked" at a startup type article, or is it so common that it doesn't matter? I have an experience...
I think we all do! ;-)
Back in the day, I was a co-founder in a company, started by my advisor's wife. She called us (me and a colleague) to their house, and promised the two of us 20% ownership (and the remaining 60% she kept).
I worked like a dog for about 1.5 years, spending nights and weekends getting it off the ground (the business was website creation and other backend stuff). We managed to get the ear of one of the largest grocery chains in the country, and their VP came over to talk to us. My ideas were the core of the presentation. As soon as it looked like it might take off, she started cutting me out. Then one day, the locks were changed in the office!
As her husband was still my advisor, I couldn't do anything but grumble and continue working on my dissertation.
A few years later, the company was sold for $30MM.
Money. Greed. It destroys more friendships (and marriages) than anything else. So what's the lesson here? Don't be careless. I don't care what the idea (startup) is - get the details on paper. True, 99% of startups fail, but you don't want to be in that 1% that's making the lawyers rich.
>> Money. Greed. It destroys more friendships (and marriages) than anything else. This a thousand time. My first hard earned rule of thumb? Don't do business with your friends. Lost relationships, bitterness, and great financial loss is never worth it. I got burned really bad and spent the better part of four years trying to get my money back. Since then, it's just something I live by.
But I've been in business with my spouse for over a decade now.
Is there any interest in "this is how I got fucked" at a startup type article, or is it so common that it doesn't matter? I have an experience...
> I have an experience... I think we all do! ;-) Back in the day, I was a co-founder in a company, started by my advisor's wife. She called us (me and a colleague) to their house, and promised the two of us 20% ownership (and the remaining 60% she kept). I worked like a dog for about 1.5 years, spending nights and weekends getting it off the ground (the business was website creation and other backend stuff). We manag…