yesterday, my manager took me into a conference room and gave me some pretty big news. the board of directors have decided that instead of putting in another round of funding to put us through january (when we would be getting the next chip out), that they were going to wrap the company up and prepare it for sale.
the plan was to issue a $3 million bridge loan, enough to keep the company in business for about 6 months with a core team of 15-16 employees. during the six months, this team would continue to sustain and develop the simulation model for the next chip. meanwhile, the board would contract the services of an ibank to shape up the company and find a buyer.
the point of my manager meeting with me, was to offer me one of those 16 spots (5 from our group) - i had a couple of hours to decide. this also came as a huge surprise because the night before, i was talking with a friend of mine who’s working at a company i was thinking about interviewing for. he had me pretty much sold that i would be able to get into one of the three open positions. additionally, the group that was hiring is a very prestigious one within the company, and the compensation would be pretty good.
so my dilemma (not a matter of possibly screwing myself over… really just passing up the better opportunity):
1. choose to stay.
* benefits : experience with preparing the company for a buyout, lots of responsibility, working very closely with executive management, get to keep working with my manager, and potentially huge financial return.
* risk : no buyer found, or the board just decides to give up on the bridge loan idea and just shut down the company altogether.
2. choose to interview with my friend’s company
* benefits : very stable, very good pay, but nowhere near the potential gain of staying at my current position. mix of finance background and cs. high-profile group.
* risk : no guarantee to get the position, i could be a complete disaster in the interview (not all that unlikely)
in the end i chose to stay. i figured that the chance to rake in a good amount of money at the end of 6 months, keep working with my boss (who is great), and the chance to work so closely with the board and management was too good to pass up. and if the bridge loan doesn’t go through at all, it wouldn’t be to late to pursue the interview again.
today the announcement of the plan was made to the entire company. pretty surprising for a lot of people to say the least… it sort of turned out that a lot of people were already expecting it and some were looking for jobs already, but for others, they handn’t really started preparing at all.
it was just pretty shocking overall… a lot of people have put a lot of work into this company. and you also have to consider all the people that have been there for several years working on this startup, and in the end, someone like me, who’s only been there about a year and a half could be reaping the potential rewards. obviously, i consider myself extremely fortunate.
in the end, the last day that the company will be open for the entire group of people that are there now will be friday. but after the announcement today, i know that some people won’t be coming in very much the next few days. our group, was no exception. after the meeting we went out with everyone to get lunch watch shrek 2.
so the point? big changes at work, and i got really lucky. now just hoping that everything works out.