Morning sub,
I was approached by a peer who suggested I reach out to a company that is hiring their first CFO (title used sparingly as you will see).
It was a 'warm' intro.
They have seed capital and some pretty big players involved. Plan is series A early 2027.
They have pilots with massive companies that are doing very well.
Scaling is right around the corner.
First call I was asked about compensation and I stated that for a startup I would be willing to take a pay cut = $180ish in salary. Equity, bonuses, etc on top of that. I am usually just north of $200k for salary.
Spoke with the CEO, then with the Board. All went very well and I had another call with the CEO last week.
The latest call with the CEO resulted in him offering $150k, .5% equity (through options), 15% bonus.
I expressed that this is well below my cutoff point. He then said 25% bonus and he would review my salary in 3-6 months and suggests a 20% increase at that point.
He used the phrase "It comes down if you trust me"
I am struggling with this as the company truly suits me, different industry, has SaaS and hardware which I am very experienced at.
I get it. Cash flow is tight, it makes sense but his offer left me with the impression I am being massively low balled.
My thoughts are to go back with 2 options that would work for me, and hopefully them:
Would love to hear about compensation structures for a startup form those who have been there "done that" to help me build 2 options to present.