

Ask HN: Built a startup, took a real job, now seeing lots of interest. Now what? - dmillar

A couple of years ago I built a startup (see previous posts from me.) As, essentially, a one man shop, I saw moderate success and even got to meet one-on-one with Mike Moritz then Bryan Schrier (tho, Sequoia turned me down for funding, but a great experience!).<p>Then I got a job offer from a bank (the vampire squid variety), I looked at my new wife and our mortgage and made the rational decision. Fast forward a couple of years and I'm seeing a big uptick in interest for my startup. I've kept the site up and am getting several emails daily seeking pricing info and vendor partnership interest. But, I have a job and no time to dedicate in pursuing these opportunities. So, now what?<p>Probably the best option here is to find a home for my startup. I would let it go for next to nothing to a qualified buyer willing to dedicate the resources it deserves. But how to find such a buyer? The service is a niche medical SAAS that requires some knowledge of the industry, and sites like flippa aren't great avenues for finding niche buyers.<p>Any other options you see here?<p>FWIW, have pitched to a few vendors. Direction that goes is: "I want someone else to do this, so I don't have to."
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jaddison
The best route for you is to spearhead it yourself and make another go of it -
but it's assumed from the tone and wording in your posting that you're not in
this frame of mind...

Suggestion: don't let go of something with promise! Look to partner with
someone who's expertise matches well, but keep a significant stake in the
company. Look to create a vesting agreement with a potential partner that has
a 1 year cliff with bonuses for performance. (Talk to a legal expert!)

My point is that rather than selling it off, you could 'pay' someone in shares
for performance-based work. They would end up with n% of the company after m
years plus p% bonus. They would have you as an advisor/co-founder resource.

There should also be buyout provisions should either of you want to take on
the company full time again, perhaps.

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dmillar
Great advice, and this is something I have been looking into. Honestly, it
boils down to risk threshold. I'm in the frame of mind, but not enough to
leave my job and put my family at risk. Fine for me to live in a box, not fine
for them.

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jaddison
That totally makes sense - you're a wise person... and considerate. ;)

I guess what I was also trying to say - it doesn't have to be a lot of risk or
involvement for you if you arrange it well. If someone is unable to raise the
capital to buy it from you, they can always earn a share (or all!) of the
company by 'working it off'.

If they are a good match business-wise, but don't have the capital, it might
still work out if you're flexible. ;)

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twog
This seems really interesting, and right down my alley. Would you like to have
a talk offline about it?

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dmillar
sure. dmillar@pacsdrive.com

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revorad
I'm experiencing something similar. Makes me value persistence even more.

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dmillar
Intrinsically, if you believe in what you are doing, there is little of higher
value.

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polyfractal
Also sent you an email :)

