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Re:Startups.co to Acquire Zirtual, Service to Resume by cl42 on Tuesday August 11, 2015 @10:29PM (#10045678)
Thank you for writing this. As a startup CEO with 12 employees, I have a daily reminder of how much cash is in the bank. It is absolutely unacceptable and ridiculous for a CEO to mismanage a company and then write a blog post saying "Oops, burn!"
Re:Startups.co to Acquire Zirtual, Service to Resume by pbreit on Tuesday August 11, 2015 @10:35PM (#10045694)
Also considering that "burn" is one of the very few things that is wholly within your control.
Re:Startups.co to Acquire Zirtual, Service to Resume by themartorana on Tuesday August 11, 2015 @11:07PM (#10045805)
At first I thought "this statement is madness!"

Then I thought about our burn, what the spreadsheets look like, how we estimate runway, and so on, and I realize this is uninformed madness.

If you believe this, then you understand that 400 people losing their jobs is the definition of the wholly controllable burn.

Re:Startups.co to Acquire Zirtual, Service to Resume by pbreit on Wednesday August 12, 2015 @02:04AM (#10046294)
I'm not sure I follow.
Re:Startups.co to Acquire Zirtual, Service to Resume by rokhayakebe on Tuesday August 11, 2015 @10:50PM (#10045752)
Let us wait until you have 400 employees.
Re:Startups.co to Acquire Zirtual, Service to Resume by cl42 on Tuesday August 11, 2015 @11:01PM (#10045784)
400 employees will mean I still have a spreadsheet that tracks my cashflows and ensures I run a regular town hall to inform employees where we are. At what point does one not have such a spreadsheet/dashboard/report?

Heck, a 400 you should have a part-time or full-time CFO who manages much of that for you to avoid such situations.

Re:Startups.co to Acquire Zirtual, Service to Resume by nedwin on Wednesday August 12, 2015 @12:17AM (#10045986)
Do you currently report how much cash is in the bank and your corresponding runway to your employees?

It is hard to do at the best of times, particularly hard when things are tight to balance transparency with not wanting your team to start looking for new opportunities when things are getting close to the wire. Add to this different people have different perspectives on what is "close to the wire". For me it's 6 months, for many it's 12 months, for some it's less than 30 days.

Re:Startups.co to Acquire Zirtual, Service to Resume by toomuchtodo on Wednesday August 12, 2015 @01:08AM (#10046118)
> Do you currently report how much cash is in the bank and your corresponding runway to your employees?

The startup I work for does, and other startups provide this level of transparency as well. It's not hard, unless you're incompetent at communication and finance (but you shouldn't, right? because you're a founder/co-founder/leadership who has peoples' financial lives in your hands, because this isn't a game for people who need to make rent/mortgage payments every month).

"We have X in the bank, this is our runway, we have this many more months to be profitable or raise another round."

Re:Startups.co to Acquire Zirtual, Service to Resume by rokhayakebe on Wednesday August 12, 2015 @01:10AM (#10046125)
You are possibly correct, but I have no insights into this company, hence I cannot come to conclusion as to what they have or should have. The situation may just be more complicated and complex than the spreadsheet theory.