Can I turn down a job after signing a contract?

Originally Posted by Armageddon

Our business took off after 6 months and the founder and I (co-founder) were offered a large sum of money (in the millions) by an investment holding company in the US, so we sold off some shares in the company. I still have a 20% shares in the company, which is quite a lot of passive recurring monthly income, due to the revenue we generate from the business.

I'm trying to look for a job which can match or is higher than my last drawn salary which is why I posted this thread. Anyway let's not derail this thread.

Some things don't add up. You have a few millions in the bank yet you are harping over a couple of grand in your monthly salary?? True entrepreneurs are usually onto starting up the next big thing after cashing out, not look at a $8k per month job.

Next, if your startup goes through an acquisition process, won't you as co-founder have a very intimate grasp of the whole M&A process? This would include legal language and concepts.

Giving you the benefit of the doubt and assuming everything you said is true, you may be a tech whizz kid but you really need to brush up on the "business" side of things. Go take an MBA or something.

My best advise to you is to use some of your millions to engage professional legal advise as no anonymous person on the internet knows what you signed. It won't make a dent to your bank account.

Originally Posted by Unregistered

Some things don't add up. You have a few millions in the bank yet you are harping over a couple of grand in your monthly salary?? True entrepreneurs are usually onto starting up the next big thing after cashing out, not look at a $8k per month job.

Next, if your startup goes through an acquisition process, won't you as co-founder have a very intimate grasp of the whole M&A process? This would include legal language and concepts.

Giving you the benefit of the doubt and assuming everything you said is true, you may be a tech whizz kid but you really need to brush up on the "business" side of things. Go take an MBA or something.

My best advise to you is to use some of your millions to engage professional legal advise as no anonymous person on the internet knows what you signed. It won't make a dent to your bank account.

I second this.

I'm going to give this guy the benefit of the doubt that what he say is true. He does come off as a genius. I do believe there are such people out there. Maybe an extra bit of verification I would like to have is that this sort of story rarely happens and it usually gets featured in the news. Do you have a web link of your start up being bought out?

As for squibbling for thousands, while he has millions, I read of stories of millionaire founders obeying a strict money principle regardless of the size of their bank account. An extra $1,500 a month is a value proposition anyone will take.

Okay, back to his predicament. I say take the risk to get black listed and sign with the other company. Why? Employment practices in Singapore has grown to be very risk averse to the point where they forget companies rarely pursue action in such situations. Think about it from the company's angle. Will they want to devote time, money and resources to fight over you? For a guy who's getting $7k/month, regardless of whether that's your true value, I doubt so.

Your story does paint a unique picture of a millionaire genius start up founder being a victim of an inefficient labour market. If you are that capable, boasting sales by 150% within month, I think your ask should be at least $11,000. I can't think of any story of a new employee having that much an impact that quickly. In my field, NO trader comes in with a 150% return on assets within a year.

Story sounds fishy. But anyway let's say we believe you. The most damage the company can claim is the salary in lieu of the notice period you need to serve if you leave during probation. That's not 6-8 months like the other says.

Why? Because how is otherwise anyone measure the damage? You are going bring in 150% of sales? How do they prove that? It's all boasting or sales talk and very uncertain.

obviously just another troll. multi-millionaire cannot even afford proper lawyer advice for a few k come online forum tcss for legal advice. LOL this sort of bs also got ppl believe

Originally Posted by Unregistered

obviously just another troll. multi-millionaire cannot even afford proper lawyer advice for a few k come online forum tcss for legal advice. LOL this sort of bs also got ppl believe

Yea I don't buy the idea of the make it rich whiz kid story either. My take is the basic scenario of him wanting to get out of a contract because another better offer came along is true. So in a sense that's the question he wants to ask for advice.

All the other dubious stories like business sold for millions of dollars, 6 competing offers of high pay, working in agency for top Hollywood stars etc. are simply fantasies.