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You're giving up more than just money, you're giving up your financial health for the next 5-7 years. Thats a huge investment that they plan to pay you back w an IOU if everything goes right? That stock isn't worth anything yet.
With a startup, no one talks about getting the real cost of investment. Everyone wants to believe it's going to go great.
We're in a recession. There's inflation. Now is NOT the time to take a pay cut.
As someone who has worked w 2 startups that went nowhere for the first ~5 years of my career, I got great skills but had a bunch of credit card debt and had to pay for an MBA to transition my career into an appropriate salary range that reflected my intelligence.
I'm just now, for the first time in my life in my 30s putting money into a 401k. All cause I prioritized other ppl's dreams.
Do not forego prioritizing your financial stability for something that a low probability of achieving the success you'd need to make it worthwhile.
Depends if you believe in the company or not. You'll probably have more responsibility than normal, which could be good for future positions. But you'll be underpaid with a good amount of your comp in an iou that might not even pay off.
I wouldn’t count unlimited PTO as a benefit, especially at a startup
How close are they to an exit? How likely? Giving up the 401k is huge, and you’ll have to have some discipline to save yourself in its place. Frankly, though, it’s not as bad as many here are making it out to be. You’re making a bet and the question is if you can afford to do so.
No, you’ll likely work more at a startup. Unlimited PTO sounds good in theory but it depends on your team’s culture as to how much you’ll actually get to take. It’s hard to determine the value of the stocks based on this info but I wouldn’t take the options too much into consideration when assessing comp because options are ultimately a gamble
Unlimited PTO in a start up is not real. It is likely because they just don’t have a system to track off days and it doesn’t matter anyway
Nothing about this sounds like a good start
Never
Why?
Why would you even consider this offer?
You've not said one single thing that makes sense as to why you would even ask.
Subject Expert
Depends on the startup, the position, and your willingness to take a big risk.
Did the startup founders have successful exits in the past, or are they Stanford or MIT grads with lots of rich friends? If yes, then maybe.
If you have to ask, it’s 99% a no.
Last year yes. This year, maybe not. You got to look more at the profitability of this company now that funding is much harder as capital is now expensive
Lots of red flags here 🚩 I would pass and keep looking
Depends on your situation and how excited you are about the company but this doesn't seem like a good deal. Pay cut, no 401k and no WFH is a lot to sacrifice. Additionally, I think unlimited PTO is a scam when companies offer this and not really a benefit to get excited about.
Depends on how much you value yourself. If you know your worth and you can display that worth. Anyone that doesn’t match that, should be shown the door.
Nope. It is less money AND it is a startup. In this economy, with all the layoffs? Hell no. Stay put
I’ve heard with unlimited pto that doesn’t really happen unless the work culture really respects it. I’m not sure that would be the case with startup life in my opinion. I can’t speak from experience, just sharing with what I’ve heard
It’s best to really base comp off of salary and not factor in the common stock, at least until it becomes valuable. It’s not stable income and could easily go to zero. I’d only go to a startup if the base comp is better (including 401k, etc.)
Do you have an ability to value the stock? Presumably this is a private company and not traded on any stock exchange? In which case you need a lot of info to be able to understand the actual value of the equity. When you say $10k worth, what does that mean? Do you know their estimated value of the company and the number of shares outstanding? Can they give you the number as a percentage of the company?
What stage are they at, is it seed, series A, etc.? In general earlier is more risky. What’s the burn rate and how long can they stay afloat without raising more cash? It’s going to be hard to raise money in the next few years (a colleague of mine in VC called it “Darwinian”) so this is more of an issue in the current market.
I guess what I’m overall saying is it’s a complicated decision, and necessarily needs you to think about whether you think this company is going to go somewhere. I personally would not accept a paycut except potentially if I was a founder and the company was my baby. That’s a lot of risk for you to take, but look if you think this is the next Facebook then maybe it’s worth it (especially if you’re in a senior position with a strong amount of equity).
Unlimited PTO is a lie.
Passion is a thing that people do to satisfy emotions. Ask your self do you want purpose or money?
Depends if he/she has a family to take care of etc. sounds like we do lol
I currently work at a startup and the opportunity cost with this offer is high. There's no upside financially short-term and it's a big gamble for a lot of work long term.
No. Not in this market.
"Unlimited PTO" at a startup is a trap.
Lots of depressing responses. Right time to take a pay cut and go to a startup is when it’s something you’re excited about and the money is secondary. There’s very few experiences as valuable and exciting as launching something, but if you’re doing it by weighing 401k and PTO policies against a steady corporate gig then you’re not thinking about it appropriately.
The whole reason to join a start-up is to be part of that growth, work your ass off and reap the benefits if they come to pass, and be prepared to take the L if they don’t.
You can always go back to consulting. I’ve had to make the choice twice. First time I stuck with consulting and a year and a half later the startup sold for $200m and I missed out on a massive payday. Second time I went for it and failed hard and still had a great time. On that go-round it was something I was passionate about and knew there was a chance it wouldn’t work out. To this day, though I am more pissed about missing out on that first rocket ship than depressed about that failure.
Also, I ended up right back in consulting with a better real-life story than any of my co-workers…probably cost me one year of promotion opportunity.
If you’re excited about the concept and your role in it, roll the dice. If you’re trying to weigh anything else, stay at your desk.
Smartest answer on this entire string. Exactly correct advise