Silicon Valley tech job.. how concerned would you be?
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Anonymous
| DH has Silicon Valley start up tech job. They just got C round of funding this week (it’s a start up, valuation went up about 100million, it’s 600m total). About 5 percent of their work force was laid off. He’s the sales leader but they did hit their quota this year. I’m still having some anxiety due to what’s going on overall in the industry. His company is a few years old, their VC firm is the most well known one and has about 150 employees. He has significant invested equity (been there 2 years). Would you be looking for a more stable job or stay put? |
Anonymous
|
unvested * not invested sorry
His current “valuation” of his equity in his wallet is about 2.5m at current valuation, he has last than half vested. |
Anonymous
| Sales is kind of unstable no matter what, right? But I think there will always be opps for him. If he likes his job, I'd stay at it if I were him. Might as well stay on the lifeboat. The market is tough right now and it's impossible to predict what a stable option might be. Even Google is considering layoffs now, according to the news, which is shocking. Staying where he has tenure is his best bet IMO. |
Anonymous
| A salesman who produces is about the safest job in any situation |
Anonymous
| I would be very concerned and get a job myself. |
Anonymous
+1. There's no reason for him to jump given the uncertainty out there. Might as well ride it out while he can. If he were to jump, where would he go? Is there another industry that is more stable right now that is as lucrative? I would just aggressively save $$$ and hope for the best. |
Anonymous
| With these kind of jobs, you just need to make sure that you're saving. And be okay with breaks between jobs. |
Anonymous
This is pretty par for the course. Ignore the valuation of his "equity" -- who know how or when they will exit. Focus on salary and cash on hand. So if his comp is low in cash but high in equity, I would be looking for higher paying role with more cash comp (could still be commission if he is that good at sales). But you mention they are still fund raising -- when are they looking to be profitable? That is a metric VC is looking much harder at. |
Anonymous
A lot of these companies end up never being profitable and their exit strategy is to be acquired by another company. |
Anonymous
Yes I read hacker news. Many recent startups were aiming to be acquired or aquirihires. Less likely with antitrust rattling worldwide and big companies LAYING OFF people So being profitable is important to make it long enough for companies to start acquiring again. |
Anonymous
|
OP your "kid" is an adult.
This is not your business. This is par for the course in startups. My adult children have done a few of them. As long as he understands the stress butt out. |
Anonymous
| Biden needs to stop letting them raise rates |
Anonymous
|
I've worked at a number of startups, many starting out far less 'stable' than your DH's.
I've only ever seen a sales leader lose a job (including during acquisition) when that person clearly and obviously was not closing deals. And even then, that person was on payroll for a whole year. Will the company live up to its potential? That's the startup gamble, the economy doesn't change the game. If he is in leadership, he would have a heads up before being acquired, shut down, etc. |
Anonymous
This is OP’s husband. Assuredly s/he is concerned about paying for mortgage, etc. not exactly something a spouse needs to hurt out of. |
Anonymous
Exactly what a bizarre response. I’m pretty sure my husband’s job is my business |