HN Explorer

Ask HN: Advice on failing company

9 points by throwwaway ↗ HN
I'm an early engineer at a company that is on it's way down. I'm still getting paid, haven't lost any benefits, perks, or salary, am comfortable, and likely would be one of the last to be let go due to seniority, knowledge, and contribution ability. The company is in an interesting position where the tech is solid, there's good market traction, but it's unlikely a cash infusion will happen or the company will continue to exist on it's own.

I feel like I've hit a wall at this company in my personal growth and trying to figure out what to do. At this point I've vested over 3/4 of my options, it's unlikely I'll be getting a raise/promotion, and wondering if it's worth sticking it out to the end or moving on? I would assume it's likely the company will be purchased by someone else in the industry and either the products will get folded in or the company will continue operating under the ownership of the new company. I know that if a purchase happens my cut from the options probably wouldn't be that much but is there the possibility for handcuffs that would be worth it based on my position on the engineering team or other reasons to stick it out? I would estimate the timing to be 4-6 months max.

9 comments

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vladootz
You can ask yourself one question: Is there any chance you'll regret not having went on sooner? Forget the benefits for a moment and think hard at where you want to be in 4-6 months, would you rather continue your growth now or then?
throwwaway
Up until hitting the wall I've been pretty happy. I've worked on interesting problems, enjoyed the work, had good co-workers mostly, lot's of freedom, felt like I've had a positive impact, and grown a lot. I've been on the lookout for next opportunities essentially since I started but really haven't found something I've wanted to do more. It's just that at this point it's pretty clear there isn't a long future.
JSeymourATL
> wondering if it's worth sticking it out to the end or moving on?

Everything grows or it dies. If your personal growth is stifled move-on. Decide to end the suffering. End it now, that will give you freedom. The options were always lotto tickets.

nfriedly
Start getting prepared for something new, but don't quit just yet.

Try and find time for some side projects in areas that you're interested in working on for your next job, and post them to github. Write a blog post or two about the experience. Brush up your linkedin. Update or create a portfolio.

“Luck Is What Happens When Preparation Meets Opportunity" - the preparation part is your responsibility.

throwwaway
This is what I've been doing and trying to work on as much of my own stuff as I can while still meeting my work obligations. I spent the past 3 year sacrificing my own projects as well as a lot of my personal life to ensure the success of this company and it's nice to be able to get some of that back.
endswapper
It sounds like this has been a positive experience in general. You may want to consider how leaving would affect your personal and professional relationships. Sticking it out, and perhaps being a valuable member of a transition team, is good experience. Additionally, that narrative is great when interviewing for your next position.

4-6 months is not a long time.

For contrast, someone else asked something similar, but with a much different context. I commented here as well: Ask HN: "Should I leave my startup?" https://news.ycombinator.com/item?id=12382772

WheelsAtLarge
I've been where you are, at a failing company and not knowing what to do.

In my case the company failed, my options where worthless and I ended up moving to another company and that one failed with in a year and my severance pay was a company lunch. It all worked out. I got a new job and things are ok.

My advice, save as much money as you can and look for a new position. Don't be in a hurry to accept a new job without some research but don't wait. Try to make the new job a step up or something that gives you joy. Even if you have to take a small pay cut. Lateral moves won't cut it in IT. Eventually your age will show and tech companies don't want to hire old people unless they are in management or can guide the company into profit and growth. If you've been in tech for a while you've seen this. I don't have to prove it. It's all over the place. Look at your company which way does the average employee age skew? It's not toward the fifties.

Don't feel bad. Over the years I've learned a company is not a family. It's a TEAM and the company's needs comes first. You have to look at in similar terms so your needs come first.

Good Luck!

rxbudian
I've worked in 5 different companies that slowly winked out, liquidated and became a zombie, downsized (closed office), sold the product I was rebuilding, and bled people and funds. If you're thinking about the company in relation to you. My friend's wife was employee #3 and had shares in that company (it's more than 6 years old), when the company got bought out, she got less than a year's worth of salary. So having shares doesn't give that much benefit. You already have a stake in the company, if it got bought out, you get some money from it, but it's not as rosy as they want you to think. Consider that company shares are Hail Mary's, if it takes off, you're good, but don't count on it.

If you think they won't lay you off, Just think that it's a business, if it thinks that you cost more than it's worth in the long term (they might stop development and try to sell as is) they'll lay you off. There are many cheaper replacements in India vying for your job.

4-6 months is quite short (if you consider the standard 3 months to find another job), I would suggest that you start notifying your networks that you're looking because you don't want to be in the position of not having work while interviewing, it takes a toll on your morale and it'll show in the interview.

The purpose of your job search is to open your options and have a safety net. You don't have to accept offers, but if you do get an one, that's when you decide whether to cross the bridge or not.