I sold Baremetrics

Post by brightball » Tue, Nov 10, 2020, 2:38 PM UTC

hn_throwaway_99 wrote: post #61

pc86 wrote: post #12

I know there's a trope about the naive founder getting screwed by shifty-eyed VC sharks, but it really sounds like Josh screwed his investors and employees here. > I wanted them to at least get their money back, but ultimately, for the $4m purchase price to work, we’d need to ask them to walk on their [$800,000] investment. He clearly didn't want it very badly, then. Nearly $3 million wasn't enough? That's about $420…

Not making any other assumptions here, but I think this is a great example of something that's become more and more obvious to HNers over the past few years: from a financial perspective, if you have an opportunity to join a FAANG vs a startup, it pretty much almost always makes financial sense (usually much more sense) to join the FAANG. And since it usually makes a LOT more financial sense, it can often make a lot…

Post by pc86 » Tue, Nov 10, 2020, 2:39 PM UTC

bob33212 wrote: post #72

hn_throwaway_99 wrote: post #61

Earlier quoted context omitted.

Not making any other assumptions here, but I think this is a great example of something that's become more and more obvious to HNers over the past few years: from a financial perspective, if you have an opportunity to join a FAANG vs a startup, it pretty much almost always makes financial sense (usually much more sense) to join the FAANG. And since it usually makes a LOT more financial sense, it can often make a lot…

A startup makes sense if you are looking to do something different or to expand you skillset. Working at a major corporation can feel stifling over time. The important thing to understand that there is almost 0% chance that your "1-4%" ownership will ever be more than 6 figures.

Post by hn_throwaway_99 » Tue, Nov 10, 2020, 2:40 PM UTC

nxmnxm99 wrote: post #73

Veen wrote: post #71

Earlier quoted context omitted.

That rests on the perverse assumption that founders are the most talented and deserving individuals in the universe, and everyone one else should be happy to uncomplainingly serve the interests of these fabulous ubermensch. To say that’s a naive and inaccurate view of the world would be an understatement.

Or, you know, negotiate higher equity and stop bitching and moralizing when your payout isn’t high enough.

Post by faang_employee » Tue, Nov 10, 2020, 2:41 PM UTC

LandR wrote: post #79

elric wrote: post #65

Earlier quoted context omitted.

As a Belgian, I can't help but look at these numbers in disbelief. 100-200k/annum for churning out code 40 hours a week? Where do I sign up for this? I'm the best paid employee I know, work insane hours, and I'm not even in that bracket. Addendum: it's very rare to make more than twice the average wage in Belgium as an employee. It's a different matter if you're self employed.

Same here in the UK. I know a couple of guys in the UK who are essentially just coding all day, in full time jobs, making £100k a year. BUt it's very rare IMO, I'm not even on 50% of that.

Post by imgabe » Tue, Nov 10, 2020, 2:41 PM UTC

matthewmacleod wrote: post #88

caffeine wrote: post #66

Earlier quoted context omitted.

Why are you making moral judgements on a business decision? The investors didn't HAVE to take a write down, they chose to. The early employees didn't HAVE to join this company, they chose to. Why do you deem it immoral for a founder to do what is best for himself within the bounds of the agreements he has made? This kind of calling-out is common in HN and quite distasteful. Comments like this all amount to saying "X…

We all make moral judgements like this all the time, and it’s totally normal to do so. Morality isn’t defined by what is legally permissible; it’s possible to be simultaneously entirely compliant with your legal obligations, and an absolute raging arsehole who has acted in an immoral manner.