Left FAANG for Startup but now want FIRE

Google
Bullish🚀

Go to company page Google

Bullish🚀
Jul 26, 2021 12 Comments

Looking for some opinions.

I joined a series A startup during the pandemic in August last year after 6.5 years at FAANG. At the start of 2021 the startup raised series B valuing them at north of 600M, with the next step being to break above unicorn status.

Things are going good, and I believe in the company/team/mission, but I’m also realizing that I personally don’t really want to be working for too much longer.

I’m getting tired of the monotony and restrictions of the 9-5, (or in this case the 9-late nights/weekends), and would much rather focus on other things (personal projects, travel, life etc).

Worth noting that this is not my first rodeo, I have done the startup thing many times, although none have tangibly materialized into anything noteworthy, which is partly a lingering fear here.

That said, the equity I was offered here (currently in cliff) has increased just over 10x (on paper) according to figures being offered to latest hires which is motivating, but I’m still partially jaded until it’s real.

Curious to hear what others would do in this situation, would you stick it out to see how things go? Or would you do your time, vest and move on to other things?

YoE: 10+
TC: 500K (2M+ if equity materializes)

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  • Salesforce / Other
    Sadd

    Go to company page Salesforce Other

     Sadd
    Is your Tc 500k base and 2m with equities or 500k with initial valuation of equities?
    BTW I'd suggest you to stick around few more years, then re evaluate if those 2m became 5m/ year
    Jul 26, 2021 3
    • You had a very good offer to give you 300k equity per year in series A. Most startup at series A cannot give you that much of the stock.
      Jul 26, 2021
    • New
      der0pol0

      New

      der0pol0
      @linkedin At what stage of a startup can they give up the most stock? If I understand it correctly, it should be seed/series A when they can offer the most equity, and as it goes through later rounds, the amount is equity they give is reduced.
      Jul 26, 2021
  • Do you have enough cash to excise option and pay amt tax? If you are thinking of leaving, definitely excerise some options while you still can offord.
    Jul 26, 2021 2
    • Google
      Bullish🚀

      Go to company page Google

      Bullish🚀
      OP
      Great points. I do have cash on hand to front the exercise cost, the strike that I got in at was thankfully still very low, so the out of pocket cost to exercise is not that much relative to the growth multiple.

      I just need my cliff to clear first.
      Jul 26, 2021
    • Don't remember the 28% fed amt and 6% state amt tax. That is the difference of the strike price and fmv.
      Jul 26, 2021
  • Dude if you’re up 10x already, and you think there are more exciting features and products come down the pipe, then vest as much as you can and move on.

    If you decide to make moves, make sure to factor the current value of equity (based on those new strike prices from new hires) – odds are other orgs won’t be able to come close to that comp. 10x is a great place to be.
    Jul 26, 2021 1
    • Google
      Bullish🚀

      Go to company page Google

      Bullish🚀
      OP
      Appreciate the advice. Definitely a tough one, the 10x is extremely cool of course, but it can be a hard one to digest at the moment as it could be a long way from liquidity. I have faith, but I also know first hand how unpredictable this space can be.

      Agreed on the moves, whatever happens this could definitely be used as a launch pad for negotiations elsewhere.

      I was hesitant when leaving Google for a startup, as folks usually give up that type of negotiation power in their next move.
      Jul 26, 2021
  • Splunk
    xdJD40

    Go to company page Splunk

    xdJD40
    The startup pays you $500k in liquid TC annually?
    Jul 26, 2021 0
  • Apple
    zPgS14

    Go to company page Apple

    zPgS14
    Is it a startup in the real estate space ?
    Jul 26, 2021 0