Startup may miss payroll / funding goal
Hey everyone - In a position most seed stage employees never want to experience: Took on a Senior PM role at a healthcare startup in NYC (6 mil raised) 6 months ago. The CEO (who is actively fundraising in SF) let the team know yesterday that they may miss payroll next week unless they get term sheets signed next week. They may shutdown completely if they don’t get favorable deal terms (bad investor drama). I want to stay ahead of this (clearly not given much heads up) and am going to start applying for new PM roles. My concerns are 2 short stints: - Left my previous PM role after 8 months to relocate to NYC (personal reasons). - Leaving this role after 8 months because the business may/will shutdown. What is the best way to frame this situation during interviews when asked my reasons for applying for new positions? Can I be honest and say the company wasn’t funded and is at risk of shutting down? I don’t want to sound like I’m jumping ship early (there is a chance we get the full funding but may come in tranches - no guarantee of time), however I do need to think about myself here. Thanks!
Been there. Looking for another job because you may not get paid at your current one is a totally reasonable thing. I highly doubt you’ll have an issue with being honest here.
Be honest. Jumping ship because of missed payroll isn’t leaving early, it is wage theft.
You should be fine, just describe current situation candidly. Maybe you can turn it into a positive.
exactly like you said. it’s fine. you are overthinking it.
It’s fine. It happens, don’t worry too much about explaining it. But maybe consider a larger company for your next job and staying a couple years so your resume has something longer term.
Be honest about it. They’ll hire you based on skill set. You don’t want to work somewhere that wouldn’t appreciate your situation. Best of luck.