What was the founder’s incentive for pushing for a lower 409A valuation? Strike price for future employee options?
FOUNDER, MONDAY PARTNER MEETING: you are drastically underestimating our tremendous value, look at everything we've accomplished FOUNDER, TUESDAY 409A CALL: how could you possibly think this worthless pile of flaming garbage is worth so much, we haven't achieved anything at all
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Yes
@adamnash said this to me once “it’s funny. You run two processes, sometimes on the same day. Push up the value to investors, push down the value for 409, because you want that delta for recruiting.” - 2 more replies
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Founder on 409a call: “you are dramatically overestimating the chance the USD dollar even has value in 6 months, how could you think this round was even worth anything. What has value is gold and food, do you see us owning either? No”
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409A AUDITOR: We looked deep into the psyche of the VC and found a Black-Scholes option model.
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The key is to remember which call you have on each day and not start pitching the wrong one
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Yes. Also the difference between commons and prefs.
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