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What's his goal here as far as position/future go? Does he want to move into a C-level position, or is he more keen to make some introductions and work as more

by hluska 9y ago

What's his goal here as far as position/future go? Does he want to move into a C-level position, or is he more keen to make some introductions and work as more of an advisor? Is he thinking full-time or part-time? Based on what I've read, this doesn't seem very legit. It's easy to say that you have connections to x industry to get y% of equity in z startup. But, it's hard to deliver actual business, even if you have those connections. Basically, bringing in the wrong person and giving out equity too soon is a recipe for disaster. Worst case scenario, you end up with an angry outsider on your cap table. I know that you said you're bootstrapped, but if you ever raise funds, an angry outsider on your cap table can royally fuck things up. If I were in your shoes, I would treat this as a recruiting process for a CEO (even though you don't have $$$ to pay and presumably don't want him to be CEO). If you were hiring a CEO, you would check references, maybe send some cold contacts to former employers/co-workers (LinkedIn is amazing), and generally do a metric shit tonne of due diligence. If he is offended, run. Anyone who is qualified enough to work out in this kind of situation wouldn't hire himself based on what you've told us!!

tixocloud 9y ago
Thanks. He's most likely interested in some sort of exit within 18 months and he's open to being an advisor but also getting hands-on (which I really find interesting considering that he hasn't spent a ton of time knowing us yet) although he doesn't seem to think this would be a full-time gig. The thing is - how can we break through the larger hotel chains if we're basically starting the relationship from scratch? My assumption is that the product would have to be really great and then potentially getting investors to help us open the door. As a side note, who would I usually talk to about all these things? My team and I are still fairly greenfield - should we enlist some advisors to help guide us?

by hluska 9y ago

tixocloud 9y ago

Thanks. He's most likely interested in some sort of exit within 18 months and he's open to being an advisor but also getting hands-on (which I really find interesting considering that he hasn't spent a ton of time knowing us yet) although he doesn't seem to think this would be a full-time gig. The thing is - how can we break through the larger hotel chains if we're basically starting the relationship from scratch? My assumption is that the product would have to be really great and then potentially getting investors to help us open the door. As a side note, who would I usually talk to about all these things? My team and I are still fairly greenfield - should we enlist some advisors to help guide us?