We had new investor / board member who wasn’t happy with our profits and growth. So he had our CEO replaced with his hand picked protégé.
From day 1 the guy was a s-t show. He would yell at people and talk to them like they were idiots in front of others.
He spent millions on outside consultants, instead of listening to the people who have worked here for 10 years.
He systematically laid off anyone who challenged him to make way for “his people”. Only problem was his people were useless.
After only a year in his job, our Q2 earnings from this year were the worst they’d ever been. And our money in the bank was nearly depleted.
So there was no path left but to sell for 10% what the company was worth when he took the job. Now half of us will get let go by the new ownership.
These rich execs don’t actually know anything about running a business. We’re just toys to keep them occupied.
I have been with this company since it was a 20 person startup. Watching everything i worked so hard to build fall apart in a year is frustrating and devastating.
Netizens’ comments
- I cannot begin to tell you how many angel investors that I have been involved with that turned into demon investors. I call them the one-hit wonders who, somehow, got successful in a business enterprise giving them the money, but not the brains to be a quality investor.
Just because you sold a successful screw machine business does not mean that you have any clue as to how to grow a mobile app company, e.g. And don’t get me going on the VC’s (Vulture Capitalists…) as they are often worse. - This was a backroom deal between your “investor” and one of their buddies, to decimate (literally) the value of your company so it could be purchased by the outsider at a 90% discount. It happens all the time, and yes, we are all just playthings for the rich. Yay capitalism.