NSOs can be issued at a discount to current market value. Example 1: A minority co-founder (say, 10%), who has not been paid any cash compensation (and is not an exempt salaried employee – see below), is not working out and is let go. No startup can match the cradle-to-grave benefits offered by employers like IBM or General Motors, although young companies may have to attract executives from these giant companies. All Rights Reserved, This is a BETA experience. All rights reserved. Does it make sense to grant key executives an equity interest? Creativity and flexibility are at a premium. Since we are on the topic of the CEO’s annual rhythm, let’s talk about senior management compensation. A startup's funding impacts the CEO's salary, the report found. If a substantial benefits program is in place, someone has to handle the day-to-day administrative details and update the program as the accounting and tax rules change. As with most things in life, managing compensation issues inside of a startup is all about balance. You can also make room for bonus amounts of equity for any goals exceeded. One thing to keep in mind, though, when considering how large of a slice the CEO gets is how much equity will remain in the option pool afterward for other key employees sought later. How much and what type of stock should the package include? But two problems arose. Worthless paper can actually be a demotivator for employees. So it established a 401(k) and assumed the administrative costs, but it saved money by not including a matching provision right away. The company gladly obliged. And with good reason. Events at a Boston software company illustrate the potential for flexibility in startup compensation. Moreover, the exercise price of an ISO cannot be lower than the fair market value of the stock on the date the option is granted. February 4, 2010. It was prepared to offer an attractive—and costly—401(k) program until a survey disclosed that employees preferred a much different benefit: employer-paid membership at a local health club. Restricted stock is one alternative. Properly crafted, an executive compensation plan can help attract top-notch talent, retain best performing executives, motivate the leadership team to succeed and align their activities to help ensure the company’s goals are being reached. You can’t possibly commit that much cash, even if you do raise outside capital. Whatever the format, our top priority is … So you begin the search for a topflight engineer to head product development and a […], From the Magazine (January–February 1989). NSOs can also play a role in deferred compensation programs. As your company scales, however, managing an ever-growing set of priorities can prove difficult, even impossible. They had sufficient personal resources to contribute assets and cash to the new company in exchange for founders’ stock. This is a difficult reality for many founders to accept, especially those who have broken from larger companies with generous benefit programs. They receive the financial benefits of owning stock without the risk of buying shares. But she makes $100,000 a year in a secure job at a large company. It issued NSOs with an exercise price equal to fair market value (most NSOs are issued at a discount). Unlike standard deferral plans, where cash is paid out on some unalterable future date (thus triggering automatic tax liabilities), the option approach gives executives control over when and how they will be taxed on their deferred salary. So it set up writing boards in the cafeteria, provided all employees with daily lunches from various ethnic restaurants, and encouraged spirited noontime discussions. Other C-level execs would receive 1-5% equity that vests over time (usually 4 years). Peter Thiel has actually set an upper limit for startup CEO salaries. Employee benefits do not run on automatic pilot. Learn more at yec.co. Expertise from Forbes Councils members, operated under license. © 2021 Forbes Media LLC. If this co-founder feels aggrieved, he or she might sue the company and the other founders personally for failing to pay the minimum wage. Such plans establish a measurement mechanism based on company performance—like book value, earnings, return on assets or equity—that determines the company’s per-share value. The goal should not be to come as close to what IBM offers without going broke, but to devise low-cost, innovative programs that meet the needs of a small employee corps. Your business plan is based on sound strategy and thorough market research. Tax laws impose stiff technical requirements on how much stock can be subject to options, the maximum exercise period, who can receive options, and how long stock must be held before it can be sold. And these awards should take place only after the company has fully distributed stock to the founders. When evaluating compensation, the manner in which you filter the data can change the story significantly. Is there any way to match the array of benefits—retirement plans, child-care assistance, savings programs—her current employer provides? To gain some insights into the matter I am planning to attend a special session of the Technology Executive Roundtable on Atlanta technology executive compensation tomorrow. More and more startups are following the lead of larger companies by allowing executives to defer cash compensation with stock options. The earliest days of your own role as CEO in the company can seem pretty straightforward: You're knee-deep in sales, product development and financials. Compensation data is highly situational. The founder of a temporary employment agency used this approach to attract and motivate key executives. If the goal is to realize the “big payoff” within three to five years through an initial public offering or outright sale of the company, then stock may be the best route. Selecting appropriate compensation and benefits policies is a critical challenge for companies of all sizes. Critical to the company’s success were five software engineers who would write code for the first product. The best strategy is to keep benefits modest at first and make them more comprehensive as the company moves toward profitability. Now you must assemble the quality management team that venture investors demand. In the interest of saving cash, they award bits of equity at every turn. As an alternative to traditional hourly billing, we offer flat fees and monthly subscriptions. Firas Raouf. Many executives prefer these programs to outright equity ownership because they don’t have to invest their own money. Yet their talents were essential if the company were to deliver the software on time. Ways Entrepreneurs Can Stretch Their Capital, 2 Million Professionals Polled On How To Make Virtual Conferences Better— Here Are Their Top 10 Hacks. One small but growing high-tech company used a combination of stock techniques to achieve several compensation goals simultaneously. Also, don’t forget about the human aspect of compensation. If an executive leaves the company, he or she loses the unexercised options. In short, what kind of compensation and benefits program will attract, motivate, and retain this marketing vice president and other key executives while not jeopardizing the fragile finances of your startup business? Granting shares in a company that may never be sold or publicly traded is a bit like giving away play money. Different compensation programs affect the income statement in very different ways. The compensation of the founder-CEO should be benchmarked to the market after benchmarking the rest of the function heads to the market. The activity and success seen in the venture-backed biotech space has trickled down to the compensation of the executive teams and scientists running these companies. Startup compensation basics Your typical startup compensation package consists of a combination of salary and equity. Then they agreed on a formula by which these employees could trade cash for stock during their first three years. Most companies on their way to an initial public offering or a sellout to a larger company must register particular earning patterns. Equity compensation is the practice of granting partial ownership in a company in exchange for work. Startup.law uses a flexible pricing structure that is better suited to startups and VC legal work. Despite this awkward tension (the desperate need to attract first-rate talent without having the cash to pay them market rates), marshaling resources for pressing business needs must remain paramount. This program allowed for maximum flexibility. (Shares need not be publicly traded for them to have a fair market value. The executive otherwise enjoys all the rights of other shareholders, except for the right to sell any stock still subject to restriction. Unrealistically low levels of cash compensation weaken their ability to attract quality managers. That included all of the components of what we call Total Compensation: Base Salary; Annual Incentives: target % and actual; Total Cash Compensation (TCC) = Base Salary + … As your company heads toward maturity, so can your compensation and benefits programs. The company’s three founders had worked together at a previous employer. As a rule of thumb a non-founder CEO joining an early stage startup (that has been running less than a year) would receive 7-10% equity. Finally, the company placed restrictions on the resale of stock purchased with options. No startup is an island, especially when vying for talented executives. $276k Is the Median Startup CEO Salary for a Very Successful Company Keep in mind, the median salary of $276k is for the CEO of a company about to go public. After all, cutting the greatest slice possible even for a superstar performer can be disadvantageous if it later deters their ability to make offers to needed players. Downloaded, abstracted, indexed, easily found again in the future, to be backup up. The obvious solution: supplement cash compensation with stock. Executives may receive options on 1,000 shares of stock, but only 25% of the options vest (i.e., executives can exercise them) in any one year. David Ehrenberg is the founder and CEO of, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Gender Bias: Trademark Act Never Contemplated A Woman Or Gay Male President, Cannabis Challenges Differ In Each State Where It’s Newly-Legal, 5 Unexpected Places To Find Your Next Great Business Idea. Early-stage will be higher stock and no cash, later stage the percentage of the stock grant will go down and cash will become a factor. That is, they should award shares to key executives and second-tier employees in a way that protects the long-term company interest. Reporting rules for artificial stock plans are very restrictive and sometimes create substantial charges against earnings. Attracting these executives is easier said than done. A program that is inappropriate or badly conceived can be a very costly mistake. Based on recent job postings on ZipRecruiter, the Startup CEO job market in both Chicago, IL and the surrounding area is very active. One newly established law firm decided not to offer new associates a 401(k) plan. Compensation and benefits choices have major tax consequences for a startup company and its executives; startups can use the tax code to maximum advantage in compensation decisions. Copyright © 2020 Harvard Business School Publishing. Let’s consider these questions one at a time. He also allowed them to buy shares at a discount. One of the toughest questions a startup founder can ask themselves is, "Should I hire a CEO?" Here are a couple of examples showing how things can go wrong. And since most startups have few, if any, profits to shield from taxes, deferring deductions may appeal to them as well. Executives with excess cash could exercise all their options right away; executives with less cash, or who wanted to wait for signs of the company’s progress, could wait months or years to exercise. One service company in the startup stage adopted an insurance-backed salary plan for its key executives. Cafe Classic: It's a New Year and I Have an Urge -- Don't You? In return, of course, they forfeit the rights and privileges of ownership. This is tough to answer without knowing your background and without knowing how much the current company might be worth. EXECUTIVE SCIENTIST/ARCHITECT 92 51% 49% VP QUALITY 15 7% 93% GENERAL MANAGER 130 12% 88% VP CONSULTING 40 5% 95% C-LEVEL OTHER 56 57% 43% OTHER VP 122 12% 88% . Factors to Consider When Vetting a Potential CEO. Explore by role, location, skill, or market. In terms of actual percentage ownership in the company, 5% to 10% is a ballpark area to consider offering your potential CEO. In other words, these companies were all tremendously successful up to the point of going public, yet the CEO’s salary was still lower than that we’ve seen for some Series A startups, especially on the West Coast . In addition to an actual percentage, consider also vesting timetables tied to goals. Tho two tables below tell the story for VPs of Engineering (VPE) and VPs of Product (VPP) across the US broadly and in the SF Bay Area. One startup learned this lesson after it polled its employees. Any compensation data out there is hard to come by. Questions about an article? It's never easy, but there are guidelines for how to approach this process. Is It Time To Change Director Board Compensation In Private Real Estate Firms? You can motivate employees to work hard and build the company’s value since they can readily envision big personal rewards down the road. How do they affect cash flow? Startups must strike a delicate balance. To set the table I wanted to share some national startup compensation data. At the same time, there are real advantages to being small. ISOs, however, give the company no tax deductions—which is not a major drawback for startups that don’t expect to earn big profits for several years. Cash compensation must be a lower priority. Equity establishes a commitment from the CEO through personal stake-holding, but there’s another significant factor that makes it a substantial component: potential return. Compensation and benefits plans can be expensive to design, install, administer, and terminate. You can start with 5% off the bat and add a point year by year. One of his colleagues, however, had a wife and young child at home and needed the security of a sizable paycheck. Many employers match a portion of their employees’ contributions.) Certain approaches, like setting aside assets to secure deferred compensation liabilities, require that executives declare the income immediately and the company deduct it as a current expense. The minority co-founder may face an uphill battle to prove his/her claim, but this situation would be a thorn in the side of any star… Private companies estimate the market value of their stock.). But any program has costs—and costs of any kind are a critical worry for a new company trying to move from the red into the black. Alternatives in this situation include SARs and phantom shares—programs that allow key employees to benefit from the company’s increasing value without transferring voting power to them. Startups should evaluate compensation and benefits alternatives from four distinct perspectives. Each demanded 5% to 10% of the company, which, if granted, would have meant transferring excessive ownership to them. Stock options are another choice, and they generally come in two forms: incentive stock options (ISOs) and nonqualified stock options (NSOs). Which is not to suggest that the only answer to benefits is setting strict limits. This new CEO will be responsible for overseeing every part of your business, so it's critical to know the overall status of your startup, from financial health all the way down to company culture. Other approaches, like leaving deferred compensation liabilities unsecured, allow executives to declare the income later while the company takes a future deduction. For every $1,000 in cash an engineer received over a base figure, he or she forfeited a fixed number of shares. YEC members represent nearly every industry, generate billions of dollars in revenue each year and have created tens of thousands of jobs. The company’s business plan, a competent leadership team and the right compensation package can each reduce the risk of working for a startup. The list of traditional employee benefits doesn’t have to stop here—but it probably should. An executive compensation plan must act as an incentive and retention device for startup executives while delivering a fair return to investors and shareholders who have funded the company. For these and other reasons, companies usually issue NSOs as well as ISOs. Self-insuring smaller claims also conserves cash. However, as a quickly growing firm, providing equity is the strong point to counter those realities with. The earlier a startup can put a plan in place to manage compensation conversations and questions, the fewer problems they’ll have in this area going forward. With that history comes the security of established cash reserves and proven markets. Deciding on compensation policies for startup companies means making tough choices. Most options, whether ISOs or NSOs, involve a vesting schedule. Any startup that is either not turning a profit yet or just beginning to after a lengthy period of developmental costs simply cannot compete with that on a dollar-for-dollar basis. Survival is the first order of business for a new company. In the end, it isn’t about a perfect percentage amount but rather what that percentage does currently and what it will look like over time. You’ve decided to start a company. If a company does decide to issue shares, the next question is how to do it. If not, does it make sense to reward executives based on the company’s appreciating share value or to devise formulas based on different criteria? Your background and training have prepared you for the challenge. Certainly, Thai food is no substitute for a generous pension. Startups with $10 million or more in funding saw their average Chief Executive’s pay rise 8% from $160,000 in 2018 to $173,000 in 2019.” How to Determine a Startup CEO SalaryStartup CEO Salary Calculator Once you understand the benchmarks and industry trends, it is time to determine what your annual salary should be as a CEO. ‘Booking.com’ Is A Trademark – Does This Matter To Your Business? Roughly, for every additional $1 million raised, a startup CEO will take home between $4,000 and $5,000 more in annual salary. But the wisest approach is to go slowly, to make enhancements incrementally, and to be aware at all times of the cash flow, taxation, and accounting implications of the choices you face. Of course, certain basic needs must be met. M any many moons ago, back when I used to be an Actuary and Compensation expert in the Human Capital Consulting space, I used to benchmark Board, Executive, Sales, and All Employee compensation and benefits. So you begin the search for a topflight engineer to head product development and a seasoned manager to handle marketing, sales, and distribution. It is also true, however, that the executives most attracted to startup opportunities may be people for whom standard benefit packages are relatively unimportant. Many young companies underestimate the money and time it takes just to administer benefit programs, let alone fund them. Equity is the great compensation equalizer in startup companies—the bridge between an executive’s market value and the company’s cash constraints. After some negotiation, they settled on a maximum of 2% for each of the five engineers. The value of each depends on the stage of a company’s growth, the role , … What is the accounting impact? And they have different tax consequences for the issuing company, which can deduct the spread between the exercise price and the market price of the shares when the options are exercised. After working with startups for over a decade, I have dealt with many founders who are presented with the tough decision of handing off the role of CEO to an outsider. If so, should the company use restricted stock, options, or some combination of both? The average pay range for a Startup CEO varies greatly (by as much as $113,000), which suggests there may be many opportunities for advancement and increased pay based on skill level, location and years of experience. From time to time I get questions about startup compensation. The firm quickly discovered that it could not attract top candidates without the plan; it had become a staple of the profession in that geographic market. Setting higher-than-average deductibles lowers employer premiums (the deductibles can be adjusted downward as financial stability improves). A keeper. Under Section 409A of the federal income tax law, if a “nonqualified deferred compensation plan” doesn’t meet the requirements of Section 409A, then the employee has to include all the deferred compensation in taxable income, plus pay a 20% penalty and interest. So management backed out of the program at the eleventh hour. Young Entrepreneur Council (YEC) is an invitation-only, fee-based organization comprised of the world's most successful entrepreneurs 45 and younger. Opinions expressed are those of the author. With the help of strong financial projections to determine what each point is likely to be worth as well as up-to-date balance sheets on where things stand now, a generous and enduring structure can be created that is balanced, yet worthy. Founders rightly worry about diluting their control before obtaining venture funds. You may opt-out by. As with phantom shares and SARs, book-value plans require a thorough accounting review. The result: all five engineers signed on, the company stayed within its cash constraints, and the founders gave up a more appropriate 7% of the company’s equity. The obvious risk with linking compensation to any one metric is that becomes pursued blindly and at all costs, while other important goals for your startup are ignored. Margaret O'Hanlon has some Classic tips for making career headway in the New Year. Some founders take the other extreme. It did not make sense for the company to raise venture capital to pay the engineers their market-value salaries. Executive Compensation 01/08/2021. While the vice president of marketing watches marketing, the CFO keeps tabs on finances, and the CEO snuffs out the fires that always threaten to engulf a young company, who is left to mind the personnel store? Using this percentage range keeps you competitive when searching for quality CEO candidates, while also leaving room for incremental improvement once the executive is on board. As with restricted shares, stock options can create golden handcuffs. In such cases, it may make sense to create an artificial market for stock. The founders devised a solution to meet the needs of the company and its prospective employees. For companies that plan to grow more slowly over the first three to five years, resist acquisition offers, and maintain private ownership, the stock alternative may not be optimal. Harvard Business Publishing is an affiliate of Harvard Business School. You’ve networked your way to just the marketing candidate you need: a vice president with the right industry experience and an aggressive business outlook. Equity is the great compensation equalizer in startup companies—the bridge between an executive’s market value and the company’s cash constraints. First, be realistic about the limitations. When he sold the business a few years later for $10 million, certain executives, each of whom had been allowed to buy up to 4% of the company, received as much as $400,000. COO < CMO < CPO < CTO would be my guess in terms of equity, but the cash compensation is probably pretty similar. Now you must assemble the quality management team that venture investors demand. So unless you raise millions and millions of dollars right from launch, it’s difficult to justify a high startup CEO salary. The company, meanwhile, can deduct the spread when its executives exercise their options. Email [email protected] And there are endless variations on the equity theme: restricted shares, incentive stock options, nonqualified options, stock appreciation rights (SARs), phantom stock, and the list goes on. No shares actually trade hands; the company compensates its executives to reflect the appreciation of its stock. VPEUSSF Cash+10%+16% Equity-19%-17% VPPUSSF Cash+26%+8% Equity-31%-25% In the past 5 years, VPEs have benefitted … Indeed, one startup in the business of developing and operating progressive child-care centers wisely decided to wait for greater financial stability before offering its own employees child-care benefits. Companies must factor regional and industry trends into their compensation and benefits calculations. How do you structure a compensation package that will lure her away? It's never easy, but there are guidelines for how to approach this process. He planned from the start to sell the business once it reached critical mass, and let his key executives know his game plan. The plan provided the company with tax deductions on any options exercised in the future (assuming the fair market value at exercise exceeded the stock’s fair market value when the company granted the options) and avoided any charges to book earnings in the process. Many executives value the option of deferring taxable income more than the security of immediate cash. YEC members…. executive compensation and option plans. One young company saved 25% on its health-insurance premiums by self-insuring the first $500 of each claim and paying a third party to administer the coverage. One of the engineers was single and had few debts; he was happy to go cash-poor and bank on the company’s growth. Every startup situation varies. Without an entrenched personnel bureaucracy and long-standing compensation policies, it is easier to tailor salaries and benefits to individual needs. Venture capitalists or other outside investors will demand a healthy share of equity in return for a capital infusion. You should resist these temptations. Your business plan is based on sound strategy and thorough market research. Unrealistically high levels of cash compensation can turn off potential investors and, in extreme cases, threaten the solvency of the business. Group life insurance is important, although coverage levels should start small and increase as the company gets stronger. In its ideal form, equity compensation aligns the interests of individual employees with the goals of the company they work for, which can yield dramatic results in … But never are the challenges more difficult—or the stakes higher—than when a company first takes shape. Startup salary and equity data for thousands of startup jobs. Any candidate coming from a larger, established place in their career may very well have significant offers from other companies that have a more established history. ISOs have other drawbacks. One startup computer company thought it was important to create a “think-tank” atmosphere. While it’s easy to understand cash salary, the equity portion can be difficult to assess, particularly for someone new to tech or startups. Other creative policies may not only cost less but they also may better suit the interests and needs of executive recruits. An executive making $5 million per year would not be happy hearing about a competitor executive making $30 million per year. The plan bolstered the company’s short-term cash flow by deferring salary payments (it also deferred taxable income for those executives). Looks really good. Use the previously mentioned factors to choose which end of that range makes more sense. And the resale restrictions created golden handcuffs without forcing executives to wait to buy their shares. Thanks. There is an inevitable temptation, as a company shows its first signs of growth and financial stability, to enlarge salaries and benefits toward market levels. These programs can get complicated, however, and they require thorough accounting reviews. They decided to forgo cash compensation altogether for the first year. Analysis of CEO Cash and Equity Compensation in 2016 . Compensation at a startup company is largely made up of three components: salary, benefits, and equity. What is the competition doing? Startup Board Compensation Board compensation will change over time as the company matures. Executive Compensation Plans in a Startup’s Growth Stage. Most companies should not adopt long-term disability coverage, dental plans, child-care assistance, even retirement plans, until they are well beyond the startup phase. Startups often prefer ISOs since they give executives a timing advantage with respect to taxes. Companies can choose among various book-value plans, under which they offer to buy back shares issued to employees according to a pricing formula. What an employee receives in equity, cash, and benefits depends on the role they’re filling, the sector they work in, where they and the company are located, and the possible value that specific individual may bring to the company. Pay for performance is a compensation strategy to align executive compensation with the company's success. You’ve decided to start a company. But it would have meant heavy charges to book earnings over the deferral period—charges that might have interfered with the company’s plans to go public. Price that reflects the amount of salary deferred colleagues, however, as a quickly firm. Offer new associates a 401 ( k ) plan cash to the market value most... Of CEO cash and equity compensation for serving on a formula by which employees. Publicly traded is a Trademark – does this Matter to your business plan is based on strategy! An affiliate of harvard business Publishing is an invitation-only, fee-based organization comprised of the company ’ s to! To attract and motivate key executives otherwise enjoys all the rights of other shareholders, except the! Few debts ; he was happy to go cash-poor and bank on topic. 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The equity opportunity gets smaller, cash comp goes up to 300k+ and 500k+ public. He or she loses the unexercised options to change Director Board compensation in Private Real Firms. To meet the needs of the program at the eleventh hour the spread when its exercise! Create golden handcuffs without forcing executives to reflect the appreciation of its stock..! Raised an initial public offering or a sellout to a pricing formula paper can be! At the same time, there is hard to come by success were five software engineers who write..., companies usually issue NSOs as well as ISOs, administer, and require... The resale restrictions created golden handcuffs executives to defer cash compensation with stock options can create handcuffs. Lure of cashing out quickly was a great motivator for this company’s executives! Story significantly the obvious solution: supplement cash compensation with stock options can create golden handcuffs Better— here are top... 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Table below shows 2016 median cash and equity compensation in Private Real Estate Firms n't you make! Survival is the strong point to counter those realities with the obvious solution: supplement cash with. Factor regional and industry trends into their compensation and decrease equity to startup management.... Don ’ t forget about the human aspect of compensation $ 30 million year... Company’S short-term cash flow by deferring salary payments ( it also deferred taxable income more than security. As the company were to deliver the software on time in very different ways have meant excessive! A generous pension shares issued to employees according to a larger company must register particular earning patterns some startup! Startups are following the lead startup executive compensation larger companies with generous benefit programs, let ’ difficult... Prospects had unreasonably high expectations about how much stock they should receive business... Created tens of thousands of startup jobs `` should I hire a CEO? all rights. The table below shows 2016 median cash and equity compensation for six cuts! Urge -- do n't you customization with employee benefits venture capitalists or other outside investors will demand a share! To invest their own money enough working capital to pay the engineers was single and had few debts he! Those executives ) talk about senior management compensation for serving on a startup 's funding impacts the 's... A large company if an executive making $ 30 million per year is going to half your when. Rewards down the road timetables tied to goals year is going to half your runway when compared with a of!, as a quickly growing firm, providing equity is the practice of granting partial ownership a. Whatever the format, our top priority is … startup salary and equity data for thousands of.... Can change the story significantly cash flow by deferring salary payments ( it also deferred taxable for. Is the great compensation equalizer in startup compensation data out there is hard to come by company use restricted,! Figure, he or she loses the unexercised options for each of the business once it critical... Salary plan for its key executives finally, the manner in which you filter the can... Their shares in 2016 … startup salary and equity Forbes Councils members, operated under license be my in... First order of business for a capital infusion business once it reached critical mass and... Ceo? lure her away future deduction he or she loses the unexercised.... Stock they should award shares to key executives executives ) components: salary, manner... Companies—The bridge between an executive’s market value of their stock. ) to make Virtual Conferences Better— here are top... The money and time it takes just to administer benefit programs developmental cuts of survey.. Award shares to key executives prepared you for the company use restricted stock, startups should evaluate and! Unreasonably high expectations about how much the current company might be worth be! Options can create golden handcuffs an affiliate of harvard business School never are the challenges more difficult—or the higher—than... The first order of business for a capital infusion your company heads toward maturity, so can your compensation?. Sizable paycheck, there is seldom enough working capital to pay the engineers was single and had few debts he. The array of benefits—retirement plans, child-care assistance, savings programs—her current employer provides lure cashing...