Hey everyone! I was hoping someone out there could share resources and any guidance when a founder joins after a startup has been around a couple years. Here is the situation...
Started the business in 2014, will do about 500k this year in revenue, solo founder with three employees.
Have pretty much been a managed services provider up to this point and want to transition to more of a saas app. We are using white label software to serve our clients and usually manage the software for them.
We are focused on building our own platform that is more customized to our process and differentiators. Have been searching for a cto for two years that I mesh with and has the chops to lead a product of this magnitude.
Anyhow, found a great candidate. He is coming off another startup that failed after having completing a successful acquisition prior to that.
I am trying to find resources or advice for how much equity is warranted in a situation like this. We have built a profitable company that has a reasonable value, but we want to create something big and need the team to get there.
All that being said, what is the precedent in these situations? How much equity does he deserve and how should it vest? We both agree we want to earmark equity for other teammates in the future and want to take as little outside funding as possible in the near term.
Any and all insight from those who have been there is appreciated.
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