how to handle the relationship with the partner
Xu Xiaoping: the so-called partner, in fact, the community of interests. The interests of the community, no matter how common, or for the benefit! So, interests involved, must use fixed legal documents put it down in black and white. Interests can be adjusted at any time, but each time the commitment must be implemented in the text.
trust and law are indispensable. Trust is based on respect for the law. In the face of the proposed partnership to implement text and legal requirements, some people would say "how do you even I do not trust", this is the most disgusting.
how can a partner fail to keep up with the company’s development?
Xu Xiaoping: This is the company’s most common phenomenon, but also the most difficult to solve the problem. Solution:
anyone’s equity is executed in four years. One year is not enough, give him 1/4 leave.
2 company must keep ESOP, option pool, used to adjust. Some people lag behind, there is bound to move forward; to advance to the people, we must actively use equity incentives.
3 equity once issued, can only be carried out in accordance with the Vesting Schedule, which is said to be staged. For neither the expulsion, nor the recovery of the shares of the partner, can be carried out by way of additional shares, the issuance of shares to do a good job, so naturally diluted the shares do not do a good job.
founder and partner, on the one hand to close exchanges, mutual support and solidarity; but on the other hand, work if you keep up with the pace of the company, to make a prompt decision, can not damage the development of the company for personal gain. The same or even more stringent requirements for the partner to be the same as the average executive. This is the consensus from the beginning to be established as the founder.
and when inappropriate early members leave, face the question of whether to buy back the shares in his hands, to give priority to the choice of the left. If you choose to sell him with his bid, if he does not choose to sell, you should not ask him to sell, or it will be cold in other working partners of the heart; if he wants to sell, in accordance with the market price to someone willing to buy how much money, how much money is.
and if no one to buy, especially those who want to sell the dismissal, the company will be a little bit of atmosphere, to talk about a price acceptable to both sides. But remember: if the price is lower than the valuation of the company too much, CEO and the company is a kind of injury. You’re telling everyone that their shares are worthless.
is a new industry without the underlying executives can "dig", how to find a partner
Xu Xiaoping: many startups are not directly the underlying pool can be dug up from the nature so to find a partner or executives. For example, the smart guitar is an innovation, but the guitar is not, musical instrument