ALOHA

I started a wearable company and have brought on three other people: CEO, CTO, CHO, & CMO. We have the design and patent. We were selected for an accelerator.

Now I want to bring on a CFO. Is it ethical or even legal to accept a nominal fee of $17.5k to allow a CFO to join us?

  • DimensionCharming808@alien.topOPBEnglish
    1·
    10 months ago

    SO the next equal share might be around $150k if there is even a share available.

    I have heard of positions on a board of directors sell in the millions.

    I already signed a promissory note to fund the company with ten million dollars.

    • tossed_@alien.topBEnglish
      1·
      10 months ago

      If you have $10M in funding why are you collecting a minuscule $17.5K from a single employee or advisor? Literally not even worth thinking about. Conserve your equity and remove these barriers for experienced members to join your team.

        • tossed_@alien.topBEnglish
          1·
          10 months ago

          So basically, the long term success of the company is not at all a concern here? Who cares how much SHOP PAY can accept? This is sounding more and more like a straight-up scam.

    • tossed_@alien.topBEnglish
      1·
      10 months ago

      “Equal share” what do you mean by this? Is your business a limited liability partnership? If not, then you should sell/give as little equity as possible to your executives and drop this “equal share” thinking.

      I have heard of positions on a board of directors sell in the millions

      Maybe if your firm is established and reputable. Sounds like your firm is neither. You should avoid this business of selling board positions for startups because it’s not really profitable nor does it attract better managers. Find board members who can offer connections, access to more capital, a relevant professional network. If they are valuable in these respects, YOU will be paying THEM in both cash and equity.