| 23-05-2016 12:23 AM |
| Unregistered |
Quote:
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
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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.
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| 22-05-2016 09:43 PM |
| 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
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| 22-05-2016 03:30 PM |
| Unregistered |
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.
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| 20-05-2016 09:31 AM |
| Unregistered |
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.
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| 20-05-2016 09:07 AM |
| Unregistered |
Quote:
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.
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I second this.
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| 20-05-2016 08:58 AM |
| Unregistered |
Quote:
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.
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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.
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| 20-05-2016 03:31 AM |
| Unregistered |
The company may choose to sue you and it will be up to the courts to decide on compensation. More importantly, your reputation will take a hit. I for one don't take kindly to people who renege on their word, especially for higher $$. Who is to say you won't sell me or my business out for more $$?
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| 20-05-2016 12:56 AM |
| Unregistered |
Quote:
Originally Posted by Armageddon
Yes, I'm in huge demand by many companies because of my ability to bring in innovation solutions and technology and most importantly, increasing traffic/sales to their brand or websites to get more business. Without wishing to brag, every companies I have worked for have a 150% increase in their sales within just the first two months.
I have read through my contract and it doesn't state anywhere about being liable to pay up to 6 to 8 months of my salary. It states that if I join and if i want to resign, I have to pay 1 month of notice or 1 month of salary in lieu. Maybe, what you mentioned is what is going to happen to me if they were to sue me. I honestly doubt they will sue me because I have a very good relationship with the key people in the company, I know them personally early on in my career. However, I risk burning bridges and being black-listed, which I think for just an increment of $1,500 a month, might not be a wise move because the IT start-up circle in Singapore is very connected to one another. But due to my credentials and my monthly passive income, I really don't have to short-change myself and take a lower pay now.
I have also made it clear to the hiring manager during my interview in the first company, that my salary expectation is to match last drawn or higher, which she told me they can't offer me that high. I just regret signing the contract as going back on a verbal agreement is still better than a written agreement.
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Yes I am coming from a legal perspective, i.e. if they sue you for breaking the contract. 6-8 months is just an estimate from my experience, such things will not be stated in your contract but it depends what the court thinks is the loss that the company suffers from your reneging on the contract. Of course, given your relationship with the key personnel the company may just decide not to sue you at all.
I guess your key consideration should be whether other companies in the IT start up circle would blacklist you because of this incident. I doubt it, since many of these companies are profit-driven and they are competing with each other anyway.
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| 20-05-2016 12:41 AM |
| Armageddon |
Quote:
Originally Posted by Unregistered
Good, I was doubtful when i saw this thread at first but you've cleared things up. Obviously someone like yourself would be in demand by companies but the expectations would be sky-high, i.e. they would expect you to continue contributing innovative solutions.
With regard to your question about reneging, you will be liable to pay compensation if they decide to sue you, legally speaking. Generally if an employer decides to sue you for not taking up the job, they would claim about 6-8 months worth of salary from you. Nothing is for sure since it is ultimately up to the courts to determine how much you have to pay. 8 months x $7,000 = $56,000. The company may or may not decide to sue you.
Blacklisting is a given.
Other than this, nothing stops you from leaving. Go ahead and take up the second job if you think it's worth it.
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Yes, I'm in huge demand by many companies because of my ability to bring in innovation solutions and technology and most importantly, increasing traffic/sales to their brand or websites to get more business. Without wishing to brag, every companies I have worked for have a 150% increase in their sales within just the first two months.
I have read through my contract and it doesn't state anywhere about being liable to pay up to 6 to 8 months of my salary. It states that if I join and if i want to resign, I have to pay 1 month of notice or 1 month of salary in lieu. Maybe, what you mentioned is what is going to happen to me if they were to sue me. I honestly doubt they will sue me because I have a very good relationship with the key people in the company, I know them personally early on in my career. However, I risk burning bridges and being black-listed, which I think for just an increment of $1,500 a month, might not be a wise move because the IT start-up circle in Singapore is very connected to one another. But due to my credentials and my monthly passive income, I really don't have to short-change myself and take a lower pay now.
I have also made it clear to the hiring manager during my interview in the first company, that my salary expectation is to match last drawn or higher, which she told me they can't offer me that high. I just regret signing the contract as going back on a verbal agreement is still better than a written agreement.
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| 20-05-2016 12:23 AM |
| Unregistered |
Quote:
Originally Posted by Armageddon
Yes, I have been programming since the age of 10 so I'm not a typical average Joe who goes through more than a decade of education, and only start working after graduating. I have been working since my secondary school days, programming and freelancing for a living. It's interesting you pointed out the last thread I posted 3 years ago, because it was A*STAR that provided me the trajectory in my career.
At A*STAR, my job was to build an IT start-up eCommerce company, (funded by A*STAR but I'm not actually working for A*STAR if this makes any sense) which is targeted to Hollywood celebrities. I built the website and the entire marketing infrastructure. 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.
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Good, I was doubtful when i saw this thread at first but you've cleared things up. Obviously someone like yourself would be in demand by companies but the expectations would be sky-high, i.e. they would expect you to continue contributing innovative solutions.
With regard to your question about reneging, you will be liable to pay compensation if they decide to sue you, legally speaking. Generally if an employer decides to sue you for not taking up the job, they would claim about 6-8 months worth of salary from you. Nothing is for sure since it is ultimately up to the courts to determine how much you have to pay. 8 months x $7,000 = $56,000. The company may or may not decide to sue you.
Blacklisting is a given.
Other than this, nothing stops you from leaving. Go ahead and take up the second job if you think it's worth it.
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