Founder of startup wants HUGE salary from the beginning

[OVOvince]

No sales. Fix that before wasting time on anything else.

This is all just Ferrari color until then.

yeah im gonna tell him we should wait for some traction before we go for funding

 

[jon.a]

If this were me, it would be important enough to open an INSIDERS account and tell the whole story in there.

 

[OVOvince]

Okay, actually, I am scrambling right now to find someone to talk, either in person right here in town, or someone from here as Jon. A said to join INSIDERS and to put the info out there to talk about.

the problem is, i really really dont feel comfortable putting the info up like that to a lot of people, no offense to you guys, but as you can somewhat tell, i am dealing with some delicate information that is involved in this matter, which is why i may seem secretive regarding certain things mentioned in this thread.

is that secret information significant in my role and my equity, and in how i will structure my argument to the CEO? yes.

but now here's the big part, whoever i do talk to, i NEED confidentiality on the levels of patient-doctor relationships are... no judgements, no trust breaking, just plain ol problem solving.

any thoughts on where to find someone like this?

shit man, im sort of clueless right now

 

[OVOvince]

guys, i get it, im in a shit storm right now

im not denying it.

 

[biophase]

So I tried to find someone to talk to with full disclosure on my situation today, and couldn't. So now I'm just going to lay it on the founder tomorrow.

I'm gonna present my argument and proposal in a more effective way but essentially I'm going to ask him to 1) reduce his salary to the bare minimum and 2) hire a Ceo to lead the company, one with startup experience and success and 3) come up with a corporate structure ASAP, at least a draft or something by the end of the week.

I will ask him to talk to the advisors about this as well

And I'm going to tell him to talk to the advisors about this.

All 3 conditions must be satisfied or else I'm out.

I'm also going to talk about the funding strategies over with him, before or after traction etc.

Can you get your initial investment back if you leave?

 

[theag]

tomorrow

So, did you fire him?

 

[OVOvince]

Why hasn't he talked to the ceo yet, I've seen atleast 6 posts saying he will do so but he still hasn't done it?

i also mentioned a couple times that i need to talk to someone who won't disclose information before i talk to the CEO but okay just ignore that if you want



anyways, here's a short and sweet update:

Everything is taken care of. I had a huge meeting with the CEO and other people involved. We went over all the problems I discussed, and even more problems I wasn't unaware of came about, but all were addressed appropriately. As I suspected, the CEO just didn't have a clue, it's not like he was trying to be greedy with money. It's unfortunate how everyone makes the worst assumptions even when I clearly stated that he's a nice guy, but even then, thanks for the discussion.

 

[DamienP]

Sounds like this guy needs to sell up and move on. Pay him a massive salary and he'll sit there getting fat and comfortable, like a dead weight around your neck.

Either he needs to move on, or you do.

 

[Formless]

So what was the solution/agreement you guys came to?

 

[FTLane]

if this guy is so clueless why is he ceo?

 

[Maria Lucero]

My CEO salary guidelines:

• Hold down your day job as long as possible. That should be funding you, not the startup.

I just asked a similar question regarding whether it was possible to keep your day job after receiving seed funding, so this is a very interesting point that you make.