Paid Summer Vacation
So, my work life just got interesting; and by interesting I mean tumultous, uncertain, and nervewracking.
Its no secret that we have been trying to find financing for our little startup. The investment environment right now is horrible. We’ve had people bemoan the fact that would love to fund us, but cash is tight. A recent deal with a European investment group would have given us a hugh chunk of change, but the deal was extremely unfavorable to our continued ownership of the company. On the bright side, there are two deals in the oven right now. They just wont be ready in the next month or so.
So, today, some hard choices were made. At our current operating costs, we couldn’t keep payroll going. We made the decision to lay everyone off, while we continue to chase financing. We are, however, giving severance in an amount to make up the difference between our salaries and unemployment insurance. With just those expenses, we have 3 months or so to nail down a deal.
My personal plan is to kick back for a month or so. At that point, there will be some solid news of the financing. If it looks like its going to happen, hang in and wait to start up again. If not, use the next two months to find a new permanent gig.
Its the middle of July, I dont have to go to work, and am getting paid my full salary for the next 3 months. I guess there are worse ways to lose a job.
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Wow! I should talk to you more often. I didn’t know anything about this. Hope things work out with your startup thing. We should try to hook up sometime during your extended paid vacation.
though i’ve never been unemployed (knocks on wood), I gotta admit summertime is the way to go.