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Official Pit Job Search/Employment Thread

AnonymousDeac said:
Coming to this thread for some advice as usually you guys are pretty good about that.

Couple months ago was talking to a NYC based start-up that actively recruited me to join their team. They were not able to provide a compensation plan that met my needs given their current funding so we went our separate ways. Fast forward to last week where we connected again and they wanted to reopen conversations. Spoke with the CEO Saturday and the COO Monday. They have made it very clear I am their top candidate and highly desired.

Yesterday they asked me for "a ballpark range that is acceptable to you from a comp perspective" of which I provided a fairly aggressive one. Received an offer today of the following:

Given current budgets, and the fact that much of the work ahead of us if focused very keenly on closing deals as quickly as possible, I’d like to propose the following compensation structure:

  • $xxxk on conversion of one financial services firm to paying customer status; (Nonny: this is slightly more than I'm making now, but it's in NYC vs. VA)
  • $xxxk on two conversions;
  • $xxxk on three conversions; (Nonny: this is the first level that met the comp range I provided)
  • Equity compensation to be agreed post first conversion, subject to negotiation.


First, sounds like they are offering a 100% commission based position. That was never mentioned in previous conversations. Second, I am not sure I completely understand this pay structure. Are they flat commissions or do they turn into a salary? And third, I don't like the equity comment as I would have no leverage in negotiations if I'm already working at the company for however long.

Those are my thoughts. What does everyone else think of this 'offer' by them? What would you guys recommend?
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It looks like a 100% commission based structure, no salary - but the equity portion could be a big since it sounds like you are coming on early, but it depends on where you are at in your stage of life. I would assume they will be able to put you on a draw or potentially pay you at the full rate of 1 conversion for 1-2 months so you can make some money off the get go.

My guess is they have low (no?) cash flow and can't pay you until orders come in - if you feel confident enough and you have control over the conversions and it isn't something out of your control, could be a good opportunity. But, thats a tough jump from having a guaranteed salary structure - and you have to be supremely confident in the product/service and the team that they are people you could see building with.

The biggest pro is you wouldn't have to live in Richmond anymore.
 
Some thoughts and questions that might help your thinking.

Might want to look at negotiating the equity before you make the move. They may not want to have it kick in until the first conversion, but they should be open to putting the equity out there before.

Do you have a feel for what fraction of their business the three conversions would represent? Also, will there be ongoing compensation to you from the accounts or will you be needing to bring in more accounts to have a paycheck next year? If the latter, what does the prospective market look like? Lots of opportunities or just a few?
 
My concern would be the amount of time it takes to close an FI. You're talking a minimum of a 6 - 12 month sales cycle. Add in the fact that you're selling a new technology (I'm guessing blockchain based on previous posts) that these cretins won't be able to wrap their heads around and it might be a year+ before you get paid. I also don't like the "equity post first conversion" aspect. That is there way of giving you a trial run without having to compensate you. PM the name of the start-up and I'll let you know if I know anyone there.
 
Currently applying for position in Charlotte a where the only instruction provided is "Please email your resume to jobs@abcdefg.com"

How much info should I include in this email? Do I use to body of the email as a cover letter and attach a pdf version of my resume or attach a cover letter separate? If so, what should go in the body to differentiate the text from the info in my cover letter? Also, include my business references in this initial email or wait until instructed?
 
Always have a cover letter and references, unless the employer explicitly states they are not wanted.
 
How frowned upon is it to not put your most recent employer/boss on your reference list?
 
Personally, I only put colleagues from my last employer who had recently left the company. I didn't want any word out I was looking.
 
You can put whoever you want on your reference list.

But also, any hiring manager doing their due diligence will be very interested in where you're coming from (especially most recently). They may question, internally or externally, why a previous supervisor/manager/mentor/anyone you worked with is unable to speak to your body of work. Of course, it also depends on how long you worked there and what industry we're talking about.
 
For references in general, you are looking for people that have decent titles and can vouch for you - don't put people that you worked alongside of, if you can help it. How long ago you worked for these people doesn't matter - they also need to be competent on the phone. I would guess you will only have max of 1 reference called in most situations, if that even - more looking that you have them and they can be verified (LinkedIn, etc.)
 
RattlerDeac said:
My concern would be the amount of time it takes to close an FI. You're talking a minimum of a 6 - 12 month sales cycle. Add in the fact that you're selling a new technology (I'm guessing blockchain based on previous posts) that these cretins won't be able to wrap their heads around and it might be a year+ before you get paid. I also don't like the "equity post first conversion" aspect. That is there way of giving you a trial run without having to compensate you. PM the name of the start-up and I'll let you know if I know anyone there.
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My thoughts exactly - sales cycle is long with FIs, and especially with new technology. And agree, equity should be negotiated before you start.
 
Just saw the CEO of the company for the position I'm applying for is a WFU grad. Anyone on here familiar with the tech start up Econdash based in Charlotte? If so, gimmie dat connection hookup!
 
ipitytheblue said:
Not much salary negotiating working in research, haha. Only grant-funded positions with benefits set by HR. But I'll be sure to work A's offer into B's phone call.
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ChicdeaC said:
There's still some wiggle room. I promise.
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We're about to find out. Got the offer from A and it's low. The hiring range minimum.

As someone with 4 years experience in the field and who is bringing particular expertise to the team, I'm not happy about it. Gonna ask for between the minimum and the mid-point.

My buddy, bless him, is 4 years younger with no prior experience and got the same offer.
 
ipitytheblue said:
We're about to find out. Got the offer from A and it's low. The hiring range minimum.

As someone with 4 years experience in the field and who is bringing particular expertise to the team, I'm not happy about it. Gonna ask for between the minimum and the mid-point.

My buddy, bless him, is 4 years younger with no prior experience and got the same offer.
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Ask for the mid-point.
 
Screamindemon3 said:
Currently applying for position in Charlotte a where the only instruction provided is "Please email your resume to jobs@abcdefg.com"

How much info should I include in this email? Do I use to body of the email as a cover letter and attach a pdf version of my resume or attach a cover letter separate? If so, what should go in the body to differentiate the text from the info in my cover letter? Also, include my business references in this initial email or wait until instructed?
Click to expand...

Screamindemon3 said:
Just saw the CEO of the company for the position I'm applying for is a WFU grad. Anyone on here familiar with the tech start up Econdash based in Charlotte? If so, gimmie dat connection hookup!
Click to expand...

Alright so I actually had a mutual contact within the company that I found out about this morning. He provided me with the CEOs email address/informed me that he is the one that does all the hiring and recommended that I email him directly. What should I include in this email having already sent an email last week to the vanilla company careers email? On that email I included a cover letter, resume, and reference list. Should I re include all of that on this direct email? Also, what time frame should I be looking at to send the email? I applied Thursday of last week. Theres no posting online about when the search closes or deadlines, ect. Thanks pit
 
Communicate swiftly. Briefly mention your connection, but focus on you and what you bring to the table. Attach all the same documents.
 
Thanks for the previous advice. I've received word that they were assuming it'd be a salaried position but it'll take some time before they can finalize things. They've been very open about being in the middle of closing a Series A round (as well as potentially a new customer/partnership) which would make it a lot easier for them to meet my initial compensation requests.
 
Had a really encouraging interview today with the VP of a company in Charlotte! Everything went as well as it could have and I'm back tomorrow to meet with her and the team I'd be on. Only thing I messed up on was salary, which I didn't expect to discuss today. I think I lowballed myself a little bit. She asked expected starting salary and I said xx,xxx-xx,xxx (15%-20% more than my current salary) and she said that's right in their range and that she was just making sure I wasn't in the ballpark of xx,xxx (30k more than what I asked). My question, how binding is what I said if an offer slides across the table and they're on the low end of what I said. From her response, I think I came in lower than what she was anticipating me saying.
 
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