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In terms of a CFO in a business: one month after you’re hired, the CEO asks you to lie on this year’s financial reports. You refuse, having joined up on the pre

In terms of a CFO in a business: one month after you’re hired, the CEO asks you to lie on this year’s financial reports. You refuse, having joined up on the pretense that you’d be given some leeway to do what’s right, and they fire you. The CEO gets to filter out all future candidates for yeslings, makes clear to the marketplace that they’re powerful ans unconcerned with being viewed as evil, and gets to create suffering and woe for someone who stood up to them. Triple win, especially if sociopathy, and it’s a very effective honeypot for well-intended individuals with a “change from within” mindset. :(

protocolture 1y ago
I saw this happen once. Old owners sell the business, become the C team with profit targets for a big payout. Minutes after the payout the old C team resign to be with family/visit foreign country. New C team comes on board. New C team cant figure out how the numbers work. New C team realises that the books arent as in the black as described. New C team refuses to go down with the ship, resign to be with family etc. Owner manages the business for a few months, sells it back to one of the original owners for pennies on the dollar.
- maest 1y ago
  Clawback clauses are a thing, both for company sellers and C-suite payouts.
  - altairprime 1y ago
    So are the Seychelles.
  - protocolture 1y ago
    The problem was that they did meet the letter of their obligations. The contract was allegedly worded to payout upon a certain revenue threshold. What it should have been crafted around, was a certain level of recurring revenue. So they sold a bunch of services, for quite a lot of money and simply never delivered them, delaying them for years. The owner was very prideful and I think could not accept he had been conned, the only way out for him to keep his pride was to sell the business back to them.
- nativeit 1y ago
  You figure we'll get sold in pieces back to the UK, France, Russia, Spain, and/or Denmark? Or just picked up as one big colony for China?

protocolture 1y ago

I saw this happen once. Old owners sell the business, become the C team with profit targets for a big payout. Minutes after the payout the old C team resign to be with family/visit foreign country. New C team comes on board. New C team cant figure out how the numbers work. New C team realises that the books arent as in the black as described. New C team refuses to go down with the ship, resign to be with family etc. Owner manages the business for a few months, sells it back to one of the original owners for pennies on the dollar.

maest 1y ago
Clawback clauses are a thing, both for company sellers and C-suite payouts.
- altairprime 1y ago
  So are the Seychelles.
- protocolture 1y ago
  The problem was that they did meet the letter of their obligations. The contract was allegedly worded to payout upon a certain revenue threshold. What it should have been crafted around, was a certain level of recurring revenue. So they sold a bunch of services, for quite a lot of money and simply never delivered them, delaying them for years. The owner was very prideful and I think could not accept he had been conned, the only way out for him to keep his pride was to sell the business back to them.
nativeit 1y ago
You figure we'll get sold in pieces back to the UK, France, Russia, Spain, and/or Denmark? Or just picked up as one big colony for China?