当一个创始人完全被证实时会发生什么?

假设您是一家初创公司的创始人兼首席执行官,您现在已经有四年了The 亚博体育下载app is doing great, you’ve raised several rounds of financing, you have a product in the market that is solving a real problem, you have a bunch of customers, you have a growing team, and things are stressful but largely great.

并且你意识到你现在完全归属于你的创始人的股票,这意味着如果你明天离开亚博体育下载应用程序,你可以保留所有这一切What do you do 亚博体育app下载苹果版 that?

我听到的创始人。这是一个常见的问题他们问我这种情况的标准是什么我告诉他们,不仅没有标准答案,这是创始人与他们的投资者,董事会和公司之间最激动人心的问题之一。

这种情况也存在其他创始人不是CEO,问题非常相似,但为了保持这篇文章尽可能的简单,我要专注于创始人/首席执行官的角色。

Here are some, but not all, of the issues that come into play in thinking 亚博体育app下载苹果版 this:

1/ If a founder/CEO were to leave their 亚博体育下载app after they become fully vested on their founder’s stock, the 亚博体育下载app would have to go out and hire a new CEO and that new CEO would get an equity grant that would be between 2.5% and 7.5% of the 亚博体育下载app, depending on the value of the business因此,人们当然可以争辩说,创始人首席执行官应该得到同样的补偿。

2/ But that argument 亚博体育app下载苹果版 how a new CEO should be compensated essentially puts on the table the question of whether the founder CEO is actually the best person to run the 亚博体育下载app right now or if there is someone better suited to do that who could be recruited for a new market equity grant进行这种对话往往不符合每个人的最佳利益。

3 /许多创始人CEO四年仍然拥有他们的很多公司一个典型的范围将介于10%和40%之间,具体取决于是否有共同创始人以及早期需要筹集多少资本以及估值是多少For most situations, an equity grant that would be made to a new CEO is actually a relatively small percentage of the overall equity ownership of a founder CEO and in the context of that, it is not as valuable to the founder CEO as many other things.

4 /然而,创始人首席执行官在后续轮次中会受到额外的稀释,因此新的补助金将至少部分地抵消未来的稀释,这对创始人CEO来说非常有吸引力。

5 /创始人首席执行官最有价值的事情之一就是拥有一个庞大的未发行股权池,可以将人才纳入他们的亚博体育下载应用程序,并且任何向创始人CEO分配的资产池都会减少该资产。

6 /它通常是一个很好的实践都归属到一些高管股权补偿它标准化了高管薪酬计划并使激励措施保持一致。

7 /高级管理人员的刷新补助金通常不等于他们的签约补助金它们通常是登录补助金的一部分所以应该一样的创始人兼首席执行官得到刷新除了他们从未登录。

8 /投资者押注他们已拥有的股权升值而不是发行新股权创始人与投资者保持一致,因为他们也专注于使他们已经拥有的股权变得更有价值。

9 /当创始人稀释低于两位数的所有权,他们开始认为自己是员工,不是业主和不利于亚博体育下载应用,团队,和投资者对于一些创业者,他们开始有这样的感觉在低于20%或15%。

10 /很少出现这种情况,之后会发生什么创始人完全既定提前协商,在各种轮融资,和定价的投资者If a founder was to pre-negotiate a new “market grant” for themselves once they are fully vested, and that was included in the size of the option pool that is set aside and baked into the pre-money valuation, investors could model that future dilution and build that into their valuation models and price that into a round但是没有人,因为创始人想要最大化的估值融资和投资者认为创始人将会满意他们最初授予或将不会获得它无论是天真地还是有目的地将双方放在路上,直到问题出现,然后情绪就会出现。

那么在实践中会发生什么?

这完全取决于手头上的情况。

If the founder CEO owns a large percentage of the business, a new grant is rarely made because the value of it pales in comparison to the annual value that their founder’s equity is increasing organically.

如果创始人兼首席执行官被大幅稀释,拥有一小部分的业务,一个新的拨款通常是。

如果业务表现很好,新批准的可能性更高。

If the business is performing poorly, the introduction of the idea of a new grant can be very destabilizing and can actually precipitate a larger conversation 亚博体育app下载苹果版 who should be running the 亚博体育下载app.

妥协的一个共同领域是对创始人首席执行官的新补助金,这是对新CEO的“市场”补助金的一定比例,根据具体情况,这一比例在20%到50%之间。创办人拥有的亚博体育下载应用程序越少,百分比越高,创始人拥有的越多,该百分比就越少。如果一个创始人拥有超过四分之一的业务,这几乎是永远做不完我当然从未见过拥有超过四分之一业务的创始人。

关于企业家应如何处理这个问题,我有两点建议。

第一个建议是,你可能会想 提高 this issue with all of your investors before you take money from them, and understand how they feel 亚博体育app下载苹果版 this issue and what their expectations are so that you know that ahead of time不要等到那一刻才发现。

第二,如果你等来提高这个问题一旦你完全既定,做到精心和细致如果它被视为需求,它将不会顺利If it is seen as a discussion 亚博体育app下载苹果版 what is in the best interests of the 亚博体育下载app, it will go better.

但最重要的是,请记住,对于这种情况,没有“一刀切”的解决方案,并且您和您的董事会必须根据具体情况对其进行解决。