#StockDrama
#CoFounderTroubles
#CEOConflict
#StartupLife
Hey guys, so I have a juicy piece of gossip for you all. π Today, the CEO dropped a bomb on me – he wants me to hand back my hard-earned stock in the company. Can you believe it? It feels like he’s trying to pull a fast one on me, and I’m not about to let that happen without a fight!
Here’s the lowdown: I’ve been with this company since day one as a co-founder, putting in my blood, sweat, and tears to make it what it is today. Now, out of the blue, he’s asking me to take a step back and accept a lesser role with less stock. Seriously, who does he think he is?
To make matters worse, he wants to replace me as the CSO with his own relative. Talk about a slap in the face! All my stock has already vested, so why is he trying to take it away from me now?
I need your input on this, guys. What do you think I should do in this sticky situation? Should I stand my ground and fight for what’s rightfully mine, or should I just go along with his plan and accept the job offer with less stock?
Drop your thoughts in the comments below and let’s figure this out together! π¬ #StockDrama #CoFounderTroubles #CEOConflict #StartupLife
Yeah Iβd just walk away and retain the equity. This partnership wonβt survive a 7 or 8 figure liquidity event, considering these comments
Do you really want that 20 hour a week job after this?
Just make him let you go.Β Β
just ask him to cash you out at fair market value. If he offers a job, you can fired anytime.
See what he offers, and consider your options. As the CEO, he has the right to fire you. Your vested stock is yours, assuming itβs restricted stock and not options, but they can wash you out when they hire new folks, raise money, etc. No VC wants dead wood on the cap table. If they offer you a fair price, you might want to take it. If you donβt, you could be holding a long time without liquidity or influence. Or take it and help the company from your new role while you see how things play out.Β
Obviously you don’t have to agree if you don’t want to. Do you have any real sense of why he is doing it? It’s likely this is a relationship that won’t work. But if you took a step back, is there a reasonable basis for asking for this change?
Is the company worth anything? Any products? Any IP? Any customers/revenue? If not, you’re fighting over ghost farts.
Many things in play here – including your performance , company performance, and ceo performance
Without any of those facts – the easier way is :
1. Shares are vested , 2 years done . Agree on a price to transfer shares back ( of buy back of shares by co with an actual cash out and income to you ) – do that first close it , collect the money .
2. Now , see the job offer based on whatβs in the market and 20 hours , value for effort . Make a practical call .
Donβt fall in love with the idea or the notion of holding on for a future , itβs time to say goodbye !
Where do I apply
Don’t sign anything. Tell him if he wants you out he has to buy your shares back, in cash, now.
You havenβt really asked a question here. CEO says they will send you a proposal. He may buy your stock back at market rate and no new vesting going forward. Wait for the proposal, take it to a lawyer, then leave.
Feels like he has some deals in the background and bedding the conditions for it.
If that’s the case he wants to push you out, and sell the whole lot for a good penny… Or found some funder and again wants to keep to himself.
I’d sit back and see what happens. Either the shares and the company burns or he has to pay something decent.
Look for the best exit for you, and give lip service.. as time goes he’ll get more frustrated and angry. Be prepared, and take it as a game.
Good luck