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My partner and I founded our biz about three years ago. Then we got several waves of funding. Now neither of us are on the board and I feel like just an employee now. I'd like to leave. What do I need to do to make sure to do or NOT to do when I talk about leaving? |
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I'm guessing that the investors would not be surprised to hear that you are ready to move on to other things. After all, that's what entrepreneurs do. Any legal obligations you have will be in writing. Make sure you re-read any contracts you have between yourself and the company. Beyond legal obligations, I would just approach the majority investor(s) and tell them that you are ready for a new venture. If they want you to stay as a key employee they may offer you a more interesting role within the company, money or other incentive. If they are ok with you moving on, then they may have other portfolio companies you might be interested in joining or maybe even a consultation agreement whereby you get a fee for just being on-call. I've had those before and it has been lucrative and maintains relationships. You may even propose consulting as a good faith jesture to show appreciation for your investors' past support. |
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Leaving a startup you founded is a big decision to make. There are several reasons you can tell your investors as to why you want to leave. All are "acceptable" in terms of their view of you. These include:
In terms of approaching your investors about leaving, that can be a little tricky as well. The best thing to do is to take on lesser and lesser responsibility and get others to gradually do what you do. That way, the transition will be a lot smoother. Now, this takes some time to do right but as long as you have a plan, it is manageable. Another thing a founder exiting does is create a lot of anxiety for employees. This is unavoidable and needs to be dealt with. One good way to do this is to remain on an advisory board and tell the employees that your decision to leave is a personal thing that you struggled with. Don't be afraid of this. This happens all the time. You should be able to exit gracefully and not have any hard feelings as long as you are sensitive to the needs of the company and make every attempt to set them up for continued success. |
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Both great answers. From my view it's pretty simple. If the company is making money the founders won't mind....if it's still in construction they might feel like your jumping ship. Tread cautiously and be as gracious as possible. When you talk with emotion and are sincere people notice. Remember though that investors invested in not just the company but YOU. You sold them on the idea, the movement, if you want out they might be a tad perplexed, but as stated above it happens frequently, companies change directions as they gather mass. |
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