Five founders left to split $36K after their tech startup sold for $82M

http://www.dailymail.co.uk/news/article-2317924/Five-founders-left-split-just-36-000-tech-startup-gets-sold-82-million.html

by startuup • 13 years ago

17 2 13 years ago

dailymail.co.uk

wimsy• 13 years ago

1. Founders start a company with an awful name: !(http://images4.fanpop.com/image/photos/18500000/-The-Bad-Tou...)

2. Founders essentially sell a controlling stake in the company trying to keep it alive.

3. New owners find out the founders are running it into the ground and tell these incompetents that they're not allowed to run this company they sold any more.

4. Under new ownership, and with zero input from said sainted founders, the money men manage to turn this dog (pun intended) into a worthwhile enterprise.

5. The people who created value (either by risking capital or making good management decisions or both) sell what they essentially built and cash in.

6. The founders who've been doing who-knows-what for A DECADE sue because they only got $36,000 for the POS company they sold when Bill Clinton was still in office.

7. Daily Mail says waaaaaaaah!

Listen, I'm sure it's not this simple, and - yeah - it's a cautionary tale for 23-year-olds who have some idea they want to milk for dinero long after their own usefulness has expired. But come ON!

Oh, also, they sold in a down market. I'm not so sure Zuckerberg, Dorsey or Systrom would have gotten anywhere near the deals they got if they were forced to find investors in 2000.

harkenthus• 13 years ago

Basically what I thought when reading it too. Props for the Bloodhound Gang reference though!

Five founders left to split $36K after their tech startup sold for $82M

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