Start Up Company is Struggling, What's My Next Step?
Dear Experts, I would like to get the names of 2 or 3 local experts who could offer advice on hitching your wagon to a partnership with a company that is struggling to come out of a death spiral? I am working as a sales & marketing director at the company and my share is sweat equity to own 20% of the company. I have exhausted personal resources and the company is not able to meet my current needs so it’s all in the future. I need some experienced eyes to help me assess what would be the point if I fold or decide to stay on. I have been working 2 years with expectations that developing products would be developed/matured enough to market/sell lift the company to success. Numerous setbacks have resulted in a very late slow launch resulting in depleted resources on the company's part and my personal. Sales have picked up and things are currently heading upward but it’s obvious that resources need to continue to capitalize the growth and put the company back in black ink. At this point my wife has pointed out her concern is signing partnership with a company having such debt load and inability to pay my salary in the foreseeable future. The argument seems to be trading present comfort/survival for future gains. I’m struggling at being sure the future will yield the expected success as well as what is reasonable to expect the company to pay more now, given the health of company finances. I need some keys to evaluate how much pressure should be placed on the company into making my salary more of a priority in the financial decisions. Here is how our T.A.P. experts answered this question: @kgrantcareers Q#180 Agree w @beneubanks + Ask around 2 see if everyone n ur industry is expriencing same situation, will help n decision. @juliaerickson Q#180 Agree w/others + do u have written agreement?4 reality, I multiply x 3 length of time I expect results. @jtodonnell Q#180 FACT: Start-ups are legalized gambling. Sounds like you've hit your gambling limit. I'd start looking. @beneubanks Q#180 1) Get a plan for when you get paid. 2) If they can't provide, bail. 3) If they can & it's close, choose! @ValueIntoWords Q#180 ONLY u/ur wife/accountant can decide how far out on limb 2 go; but realistic assessmnt/ACTION can b liberating. @ValueIntoWords Q#180 Look back 2 yrs ago--what were ur financial expectations (needs) then ... & NOW. Deeply assess realities. (more) @ValueIntoWords Q#180 Sit down w/partners 2 determine go-forward P&L plans; really hash out next several quarters' realities. Our Twitter Advice Project (T.A.P.) is no longer an active campaign. To find an answer to the above question, please use the "Search" box in the right-hand column of this website.