Fogcutters Founders Needs

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FogCutters

Employee Survey
  • We are getting close to creating the company. I need some information from all of you so I can figure out a few items. Please answer these questions and I will keep your answers confidential
  • Ok, let's figure out this element. Please give me your current Health Insurance situation and if having Health Insurance coverage is a deciding factor in dropping your current gigs and joining us full-time.

    Let me know if you need it, and who else would be covered (with dates of birth) so I can get that into the budget
  • I am leaning toward an A-B-C-D structure for pay. Under this structure, everyone at the same contribution level gets the same pay. This is a common structure for start ups - because it eliminates chasing after talent at the risk of breaking the bank. It allows you to know how many people you can hire because you know in advance the actual costs.

    In the end, everyone who is a "founder" will get the "A" pay, but that may take 6-18 months to reach the level of pay I believe is appropriate for the founders ($10,000/mo) and may be affected by how we decide to do benefits costs.

    What I need to know now, is what's your minimum? We will be paying ourselves W2 income and then determining a special distribution based on total profits. I do not want to run the risk of the IRS being a partner in our business because someone failed to pay their taxes.

    So please, be honest and fair. What will it take? (MONTHLY)
  • How much of this entity do you believe is a "fair share" for what you bring to the table? Here's what I would like you to consider in your answer:

      • Potential Revenue you can bring to the enterprise
      • Potential cash you would be willing to contribute to the enterprise
      • Potential new clients and prospects you can contribute to the enterprise
      • Consideration of available equity for future hires, employee rewards and organizational growth
  • I'd like your last thoughts on the concept, your interests and please include how long it would take you to unwind your current work and head to Fogcutters full time.

    Full time means 40-50 hours. If you have side work that can help you make ends meet and that allows us to make your "Minimum Salary" number work, awesome. In the end, I don't believe in 60 hour weeks and would not expect anyone to regularly work over 50. We are a start up, so we all know it means the first 6-12 months are not to be the norm. But I also don't want to set a ridiculous standard that affects our ability to be creative and love what we do.