Andy Walsh bootstrapped his first company and told his team they had five or six months of cash left. The founders skipped their own pay to keep staff salaries intact. Everyone stayed anyway, and most remained through to an acquisition ten years later.
Chapters
bootstrapped my first company and there were sometimes months where we didn't pay ourselves, me and my other two co-founders, prioritizing staff to make sure that they got their monthly wage as well. And it's one of the things you just take on as a founder is that the trust that you build with the team, because you're not paying them much, as you said.
I, I, I was so nervous after that first conversation where I was like, look, I think we've only got about 5 or 6 months left in cash with the rate we're going and we need to turn it around. And, and I was like, If you, if you're gonna leave, I just wanna know, you know, so we can adapt. But they all stuck it through and a lot of them, some of them all the way through to acquisition, maybe 10 years later. So it was really proud of that.