> I can’t imagine working for somebody else. I wish my wife understood that.
Seriously?
We're Shutting Down and I'm Scared
91–100 of 205 posts
Re: We're Shutting Down and I'm Scared
#92Reminder for people who are running startups and are in serious relationships: nothing should be a secret from your spouse/partner. Especially money. Maybe they're supporting you so you can recycle every dollar of revenue back into the business. Maybe you're gambling your shared savings on the success of your venture. Maybe you've got a good financial position and your family will be safe no matter what. It doesn't m…
THIS! I can't get behind oscarthegrouch who thought it was important to articulate the worst case scenarios in a case like this, because regardless the next steps are the same, but this advice is gold.
Dont get to this point and surprise your partner. She is as much your partner financially as your co-founder, treat her like that from day one.
Re: We're Shutting Down and I'm Scared
#93Been 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…
"Shitty credit is not that big of a deal." You realize that your credit record effects more than just your ability to get credit and other financial services right? Insurance companies will sometimes deny coverage based on information in your credit record. ie: health insurance. [0] http://www.consumer.ftc.gov/articles/0152-how-credit-scores-...
Health insurance companies can no longer deny coverage based on credit scores, although apparently credit scores can impact your rates. Like I said: I have a very crappy credit score, and it's had no impact on my life (including the times I've tried to buy private health insurance, which was a nightmare for reasons having nothing to do with credit and everything to do with the fact that the ACA hadn't passed yet). Other than, yknow, to keep me out of the market for credit. A good thing.
Either way: the author is worried that someone's going to come for their house because of their startup debts. I don't think it's productive to mine for reasons to be anxious. Bad credit score? Join the club; there are millions and millions of us: we're called "Americans". Nobody is taking the house.
Re: We're Shutting Down and I'm Scared
#94Earlier quoted context omitted.
>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 :-)
I'm pretty sure sociopaths care in a sense that other people's opinions is what allows them to climb the social ladder and gain power.
Re: We're Shutting Down and I'm Scared
#95I think what you're going to find out is letting go will actually be a huge relief. You're going to bumble around feeling like a worthless piece of shit for a few weeks and then ideas will start boiling over in your mind. Before you know it you'll be writing a business plan or prototyping something new and you'll be armed with this failure as a roadmap of what not to do. You sir will be a-ok. PS. Not having any money…
Completely agree. It's amazing what we don't need and I'll expect you find your confidence in 12 months is through the roof. The shackles you thought were binding you are were actually made of sand.
So all the very best, and remember this will be an awesome war story for you to tell in the future.
Re: We're Shutting Down and I'm Scared
#96Been 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
#97[deleted]
Some investors insist on a personal bond, but yeah, that's obviously something you should avoid if at all possible.
Those are bad investors. For anyone raising money and reading this: if an investor asks for a personal bond, do not take money from that investor. That is either an investor behaving badly, or an investor who doesn't understand the risk of startups and should not be investing in them.
Re: We're Shutting Down and I'm Scared
#98Been 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…
In addition to Thomas being right about employee wages being able to "pierce the veil" in many states, they're the people most at risk in this situation, so you owe it to them to make sure they're taken care of. It's the one circumstance where I would backstop a company problem with personal funds. (If your company was also behind on e.g. rent or hosting, on the other hand, that risk was priced into contractual terms…
I ran my first startup as a "We don't pay ourselves" kind of thing. Actually mostly me, the other founder was side-jobbing as a freelancer.
I'm not sure how big a factor it was, but being dirt poor did not help that startup. And it just hurt all that much more when it all came tumbling down.
Re: We're Shutting Down and I'm Scared
#99Been 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…
In addition to Thomas being right about employee wages being able to "pierce the veil" in many states, they're the people most at risk in this situation, so you owe it to them to make sure they're taken care of. It's the one circumstance where I would backstop a company problem with personal funds. (If your company was also behind on e.g. rent or hosting, on the other hand, that risk was priced into contractual terms…
The dumbest thing I've ever done in my career was to start a "founders don't take salary" company after earning a windfall from the sale of the last company I'd been at. Most companies fail. That company was no exception. The personal cost was spectacular.
Most HN'ers seem to be in their mid-20s. Something you'll learn when you cross 30 is that time is more valuable than money. You'll never get the years you spend chasing a doomed idea back. If forgoing a salary seems to be a make-break issue for your idea, pick a better idea.
Re: We're Shutting Down and I'm Scared
#100> But, I can’t imagine working for somebody else. I wish my wife understood that. She's understood it long enough to let you pursue the dream of your life at great costs for her, maybe now it's time for you to do some sacrifice for her and go work for someone? You're not the first one to have to do that and, you know, survive. Seriously.
This. She worked to accommodate your dream, have the decency to to swallow your pride for a bit.