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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    Patrick McKenzie‏ @patio11 27 Oct 2018
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    I was chatting with an early startup team yesterday and they had a reasonably common question, which I will answer here for benefit of others in similar situation: What should one do about equity split in a team of X where one is clearly the junior partner?

    6:42 PM - 27 Oct 2018
    • 7 Retweets
    • 63 Likes
    • Jan Buss Brendan Schwartz Conor Eugene Liang Julie Jonak Roshan Ali Marcus Medom Ryding Anthony Grove Nathan
    3 replies 7 retweets 63 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 27 Oct 2018
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        I have one question here: is the junior partner a cofounder who is irreplaceable for this enterprise? Then you should split it evenly; thirds if X is 3. 8 years from now in success case you’ll be known ONLY for current adventure, and the supermajority of value created is future.

        2 replies 0 retweets 25 likes
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      3. Patrick McKenzie‏ @patio11 27 Oct 2018
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        Separately from questions of fairness, perceptions of fairness also matter. You do not want, 18 months from now when going through a periodic tough time, for one founder to constantly feel like their efforts are “worth less” and wonder if they should just push reset button.

        5 replies 1 retweet 26 likes
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      4. Patrick McKenzie‏ @patio11 27 Oct 2018
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        “What if they’re not critical to the enterprise?” In most cases I will disagree with this, but I can imagine circumstances where e.g. they get a market salary from day one sourced out of revenue from an existing business or savings or money raised on a handshake previously.

        1 reply 0 retweets 7 likes
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      5. Patrick McKenzie‏ @patio11 27 Oct 2018
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        In one of those circumstances, you might have a “generous for an early employee” grant, but you have to be really, really clear between the N of you about the cofounder/employee distinction because people are going to ask and it really matters in some social situations.

        2 replies 0 retweets 12 likes
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      6. Patrick McKenzie‏ @patio11 27 Oct 2018
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        I am not thrilled about this, but in consensus SFBA culture, there is a pretty titanic gulf between last co-founder and first employee regarding questions like “Should an investor or prospective investor ever desire to talk to you 1:1?”

        2 replies 1 retweet 23 likes
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      7. Patrick McKenzie‏ @patio11 27 Oct 2018
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        (There is also a gap on that particular question of “CEO vs. any other cofounder” but if an investor talks to co-founding CTO w/o telling CEO that is cool but if they talk to employee CTO they *have transgressed.*)

        1 reply 1 retweet 20 likes
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      8. Patrick McKenzie‏ @patio11 27 Oct 2018
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        A thing about generous employee grants: professional money had definite views regarding the total employee allocation (options pool) and overspending on employee #1 will often result in them advocating for revisiting that decision later.

        2 replies 0 retweets 18 likes
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      9. End of conversation
      1. New conversation
      2. Jim Weisser‏ @jimbudweisser 27 Oct 2018
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        Replying to @patio11

        Your initial cut on founder irreplaceability is good. If you are self funding, then a very relevant metric is "how much salary does each person expect in the first year" and/or how much capital is being contributed to start? If OPM, different dynamic.

        1 reply 0 retweets 0 likes
      3. Patrick McKenzie‏ @patio11 27 Oct 2018
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        Replying to @jimbudweisser

        One should deal with different capital contributions with IOUs not with equity. Supermajority of contribution is brainsweat and time; the $30k or $300k is meaningless after the company has material revenue and should just get paid out out of it or professional money.

        1 reply 0 retweets 5 likes
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      1. Chad Robinson‏ @CodeAndBiscuits 28 Oct 2018
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        Replying to @patio11

        If your team was to offer consulting services, at what rate would you bill each team member's time to fairly compensate them and profit the company? Convert dollars to shares of an equity pool.

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