These posts are like torture porn.
We're Shutting Down and I'm Scared
71–80 of 205 posts
Re: We're Shutting Down and I'm Scared
#72Been there. * If your payables and debts are all in the company's name, nobody is coming for your house. The likelihood that your business was going to die before you could pay all your debts was priced into your contracts. If you have employees, pay them and get them off your books first; employee wages are, depending on the state you're in, the one likely exception to that rule. * If they were in your name, well, t…
It is useful to have around @tptacek when the topic is not NSA-related, he speaks wonders. Good!
Re: We're Shutting Down and I'm Scared
#73I don't have any advice to offer, but it's the best story/post that I've read about startups. I think is exactly what you have to read, before jumping into the startup wagon. Then, you're ready to go, if your gut can take it
Re: We're Shutting Down and I'm Scared
#74I'm a CTO and a serial entrepreneur, and i'm into this business since i was a kid. 6 years ago after a very intense splash in a huge famous company in US, I've decided to take a break, and fly to the Caribbean to open a sushi restaurant. My girlfriend is a successful F&B manager so i took all the suggestions I can handled from her, and opened it. After 12 months, was a complete failure. The first of my life. I was really scared to lose everything but just the time to close and open my eyes, solutions were there. Time and focus are very helpful. I didn't drop. I've found a re-start partner, took my girlfriend with me in business to advice and manage, changed style, and finally sold it to at least break even all the debts and have some vacation, ready to go back to the Internet. The break lasted 4 years at the end, and was the most important time of my life, looking at it from here now. The major growth of your soul. Keep the energy and focus, be sincere, and for sure something good is going to happen. And your second time is going to be ridiculous easier, trust me. Good luck.
Re: We're Shutting Down and I'm Scared
#75Been there. * If your payables and debts are all in the company's name, nobody is coming for your house. The likelihood that your business was going to die before you could pay all your debts was priced into your contracts. If you have employees, pay them and get them off your books first; employee wages are, depending on the state you're in, the one likely exception to that rule. * If they were in your name, well, t…
>Why do you care? You know, some personality types cannot help but be concerned with how they're perceived by others. They're hardwired that way. It's the classic misunderstanding between extraverts and introverts.
People who don't care about other people's opinions aren't that common and aren't called extroverts. They're generally called sociopaths :-)
Re: We're Shutting Down and I'm Scared
#76This reminds me of the "My Startup has 30 Days to Live Blog": http://mystartuphas30daystolive.tumblr.com/
I'm pretty sure that was fake.
Re: We're Shutting Down and I'm Scared
#77It happens. Tell your wife. Inform the board. Hire a lawyer to deal with the debts. Inform the employees, giving them some idea of severance and resources to transition elsewhere . Figure out how money you have left and do an orderly wind down. Send out rfps to see if anyone will buy all or part of the company. Then get a new job.
Re: We're Shutting Down and I'm Scared
#78Take some time to decompress. The winding down period is stressful and it seems you're already feeling the effects.
As many have mentioned you've only enriched your resume with this experience. Use it to find yourself work, your incubator network should be full of people looking to hire.
I've gone through this and it's stressful as all hell but you'll make it through. With your nose right up against it the problems seem much more formidable than they are in reality. Employees come first in terms of settling debts. Deal with vendors after that.
One point I'd really stress is that you should talk to people about it. Feel free to reach out (p@trickod.com)
Re: We're Shutting Down and I'm Scared
#79Been there. * If your payables and debts are all in the company's name, nobody is coming for your house. The likelihood that your business was going to die before you could pay all your debts was priced into your contracts. If you have employees, pay them and get them off your books first; employee wages are, depending on the state you're in, the one likely exception to that rule. * If they were in your name, well, t…
At the top of your payment priority list: Remit to the U.S. Treasury the required withholding for employees' federal income-tax and Social Security / Medicare tax. The IRS will come for your house if you don't.
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Re: We're Shutting Down and I'm Scared
#80Perhaps now would be a good time to read or youtube about The Venus Project, (and perhaps also about money as debt), to get some perspective.