Prestige and name recognition if you can turn it around. It’d be a ticket towards working with other YC startups that have stalled, as well as non-startups that have stagnated. Maybe it gets you on a partner track at YC.
You’re interested in the space and think you can execute better than the previous CEO (and you can work with the limited remaining resources the company has).
If successful, everyone’s equity isn’t worthless.
Cons:
You’re likely to fail, but get paid in the process. You’ll still have a compelling story to use for future employment (“this is what I learned from failing”). More importantly, other people’s jobs depend on you.
Before even considering it I would ask the CEO why she’s leaving and the employees. Some people have very good reasons to leave a sinking ship (family being the most common), but others leave because of systemic problems in the company. I’ve seen CEOs burning out their team by creating a climate of fear before leaving when things go sour, claiming everyone is « incompetent ». I really advise you to spend A LOT of time talking to employees.
Cons:
- You’ll have to learn about a lot of different people at the same time. In early stages startup you get to meet people one after another and earn their trust one after another. This is different.
- You probably have a different vision than that of the previous CEO, and you’ll have to go the extra mile to align everyone.
- You inherit a culture you didn’t shape. You’ll probably have to change that, and it will take time for people to adjust. Just lead by example.
- All of this takes time, and meanwhile the company needs to survive :)
Pros:
- You’ll ramp up your people skills like never before. Gaining the respect of an entire team as a CEO, and (sometimes) repairing damage will take a lot of courage and empathy.
- Obviously, if you turn this around you’ll get major valley cred. And, never underestimate this, a huge satisfaction.
If you decide to go that way, good luck, and you already have my respect!
Prestige and name recognition if you can turn it around. It’d be a ticket towards working with other YC startups that have stalled, as well as non-startups that have stagnated. Maybe it gets you on a partner track at YC.
You’re interested in the space and think you can execute better than the previous CEO (and you can work with the limited remaining resources the company has).
If successful, everyone’s equity isn’t worthless.
Cons:
You’re likely to fail, but get paid in the process. You’ll still have a compelling story to use for future employment (“this is what I learned from failing”). More importantly, other people’s jobs depend on you.