Golden Mean
Recycles dryer sheets
- Joined
- Feb 20, 2009
- Messages
- 198
So, I've been working at megacorp for over a decade now. I've never really been happy and may now have a chance to exit.
I was recently contacted by a highly successful ex-coworker that is starting up a tech. company. So far it's him and another partner. I'll be doing backend architecture and coding as far as we can tell. I've already started doing some work and have moved them over into the "cloud".
So far I've worked part time with no pay. Recently, I pushed the subject of coming on full time. They would like to wait on that. Although they could pay me now, their concern was if the company didn't gain traction, they wouldn't be able to continue to do so maybe 8 months from now. I cannot afford to support myself and pay for insurance for long and they know that, so I think they are looking out for my best interests.
So the current situation is, I get a chuck of shares in the company (.5%), I continue to work part time with no pay and we agreed to discuss full time when they've gained traction or June. Whichever comes first.
Anybody been involved in such a situation. Anything I should be wary of or do to protect myself?
As far as I understand, the shares (which vest, each month, over a 4 year period) aren't going to be worth anything for a long time. Is the 4 year period typical. Can anyone share their experience with owning startup shares?
Thanks,
GM
I was recently contacted by a highly successful ex-coworker that is starting up a tech. company. So far it's him and another partner. I'll be doing backend architecture and coding as far as we can tell. I've already started doing some work and have moved them over into the "cloud".
So far I've worked part time with no pay. Recently, I pushed the subject of coming on full time. They would like to wait on that. Although they could pay me now, their concern was if the company didn't gain traction, they wouldn't be able to continue to do so maybe 8 months from now. I cannot afford to support myself and pay for insurance for long and they know that, so I think they are looking out for my best interests.
So the current situation is, I get a chuck of shares in the company (.5%), I continue to work part time with no pay and we agreed to discuss full time when they've gained traction or June. Whichever comes first.
Anybody been involved in such a situation. Anything I should be wary of or do to protect myself?
As far as I understand, the shares (which vest, each month, over a 4 year period) aren't going to be worth anything for a long time. Is the 4 year period typical. Can anyone share their experience with owning startup shares?
Thanks,
GM