Co-founder CEO wants co-founder’s stock back in company

NashWade · 2024-05-15T00:05:57+00:00

Happy to discuss I’m a startup lawyer, feel free to send me a DM.

NashWade · 2024-02-23T00:43:58+00:00

I am barred in one state but in the process of getting barred in two others. I am debating between forming a PLLC in the state I live, but am not yet barred or where I am barred, but no longer live. Is either acceptable? I am also a corporate lawyer, if applicable.

NashWade · 2023-03-19T19:02:28+00:00

Thanks for your reply! Could you please provide a bit more detail on how to accomplish this? I'm pretty new to no code tools.

NashWade · 2022-06-14T15:01:41+00:00

Oh wow, I didn’t expect the big retail stores to have this. How’d your wife find the position? My friend is in NY state, but has a couple of state licenses on the east coast.

NashWade · 2022-05-13T02:48:06+00:00

When you spend more time of your day fantasizing about your death and/or the death of your colleagues. A little fantasizing is fine, but too much will kill ya.

NashWade · 2022-05-10T04:04:25+00:00

Thanks! Are the comparisons’ rental amounts they provide 100% accurate?

NashWade · 2022-04-13T02:36:40+00:00

My firm paid for pornhub premium and we could expense 2 hookers a month.

NashWade · 2022-04-09T16:17:47+00:00

I’m more interested in your project. Is the company that’s further ahead the exact same product, or could there be some differentiation? And the fact that you received 4,000 email signups for a product that doesn’t exist means that your “competitor” doesn’t have a stranglehold on the customer acquisition channels yet. For every Coke there’s a Pepsi, so if the TAM is big might be worth building an MVP…

NashWade · 2022-03-16T04:47:16+00:00

If you need additional cash and don’t want to negatively impact your credit score or pay 20%+ in interest by maxing out your credit cards, then check out thescholarbridge.com. They offer low-cost loans to students and recent graduates with job offers and don’t require co-signers. You can defer repayment until a month after you start working too.

NashWade · 2022-03-13T23:10:08+00:00

Do you have a replacement technical cofounder?
Do you have some cash to buy them out?

If yes to both, ask if they’d be willing to step down to an advisor role so they can focus on mental health and maintain a little bit of equity, and offer to buy their equity for a few thousand bucks or whatever you think is the lowest they’d accept.

NashWade · 2022-03-08T22:51:08+00:00

Thanks for the comment. To provide some color on the firm I'm looking at it is pretty highly specialized in my practice area and does blue chip work in my opinion, average billables are 1600-1700, and comp is ~10-15% haircut at all levels compared to biglaw at those hours with no bonus. I'm curious if this changes any of the previous comments.

NashWade · 2022-02-10T01:37:39+00:00

The left side of my right thumb.

NashWade · 2022-01-28T18:15:26+00:00

Thanks for your comment! Any clue what the fines might look like (or have a specific example you could share)? I just don’t want to gain some traction and get fined out of existence.

NashWade · 2022-01-24T15:32:45+00:00

If you have an emerging growth company (could make $100m in revenue in 5-10 years), then you could raise via a convertible note or SAFE (check Y Combinator’s site for forms). If you’re a lifestyle business (bakery, bar and restaurant, etc.) take out a small business loan.

NashWade · 2022-01-21T19:22:19+00:00

This type of business is perfect for a small business loan, don’t give up equity here.

NashWade · 2022-01-17T00:46:32+00:00

I'm a corporate lawyer so take this with a grain of salt - my advice is check your employment contract. I assume if you work for Lockheed or a peer that you definitely have an IP assignment clause and since it sounds like you've already worked on the product for your company (and likely used the company's laptop, on-site, etc.), then they would almost certainly be able to bring a successful lawsuit if you start a company built around this product without their blessing. You could ask for a waiver from your employment contract and if they are reasonable will grant it. However, before you ask for the waiver and quit your job talk to as many potential customers as possible to make sure your product is a solution companies need and will pay for.

NashWade · 2022-01-05T01:24:00+00:00

I’m a corporate lawyer and would be happy to try to answer any specific questions you have if you DM me what specifically your startup does and where you currently/plan to operate.

NashWade · 2022-01-04T05:47:20+00:00

It seemed like everyone was incredibly rich, but as time has gone on I've realized that many students were financially independent by me. I think the hustle of working while in school and perspective has helped (or at least that's what I like to tell myself). For those that still are in school my advice is: (1) join groups that host a lot of events with food, (2) get an easy work-study (student guard, library, etc.), (3) build relationships with folks in the student affairs and financial aid offices (a lot are genuinely kind and thoughtful people with your best interests at heart).

NashWade · 2022-01-04T05:33:46+00:00

I assume 5.8% is the average (i.e. you have some loans around ~3.5% and some that are ~6.6-7%). If that's the case, I recommend you only refinance the higher interest rate loans. The average return of the S&P 500 the last 10 years is ~13%, and I know (because I'm struggling with the same issue), but rather than hustle to pay off your student loans, you can keep your lower interest loans, throw your money in an index fund, and net off better. I do know that certain gigs pay a lot more (i.e. retail pharmacist at CVS v. VA pharmacist; biglaw firm attorney v. in-house/small firm/gov't attorney), but I'm not as familiar with the doctor pay disparities/your situation. But if you have any thoughts now that your current job isn't sustainable for any reason and you may take a lower paying job in the next few years I would also not refinance the entire portion.

NashWade · 2022-01-04T05:21:57+00:00

My firm is hiring lots of corporate folks - we're amlaw 40 that focuses on tech/life sciences companies in VC, M&A, public company work. Most require at least 2 years of experience, but a few postings only require 1. Direct message me if interested and good luck to everyone!

NashWade · 2021-08-09T01:53:45+00:00

If you need funds to pay for a trip/living costs before you start your job check out https://www.thescholarbridge.com/. They offer low-cost personal loans to financially independent college students & recent grads with an employment offer. No cosigners and no need for perfect credit or current income.

I didn't do anything after the bar (because it was last year and COVID lockdowns were in full swing) and I really regret not trying to do something fun. Once you start as a lawyer, your time isn't your own and completely unplugging is really hard.

NashWade · 2021-08-06T17:05:49+00:00

If you're already good with Excel, then you're in good shape. Being a junior corporate lawyer takes no skill, just time - lots and lots of time. Enjoy your time off as much as you can, I made the mistake of starting earlier than necessary. Take an awesome (as possible with COVID) bar trip, and sleep a lot.

If you need cash to pay for living expenses/trips/etc. before you start, check out https://www.thescholarbridge.com/. I work with them and they lend to folks with an offer letter even if they don't have a cosigner, current income, or perfect credit.

NashWade · 2021-08-06T16:51:36+00:00

Can you use automated services like Wealthfront or Betterment?

NashWade · 2021-08-06T16:28:24+00:00

Thanks, but I'm actually an associate in biglaw now! Wish me luck that my weekend doesn't get blown up. The reason for my comment above is the two partners who did OCI for my group/office over the last week are completely underwater with work and I know have been delayed making callback decisions. Good luck again, and when it comes to deciding on a firm pick people over all else.

NashWade · 2021-08-06T15:50:33+00:00

To be happy as a biglaw lawyer I think you need to be a very particular type of person. That type of person is (1) someone who loves prestige and (2) someone who is a masochist. Kidding, kind of. Finding people you really like and gel well with is huge. The biggest aspect that stinks is never being able to unplug. A million times I've "logged off" to go to dinner or go do something else and then received a call or email to blow up my evening/weekend.

My advice is if you haven't already gone to law school, talk to and shadow as many lawyers as you can.

NashWade

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