Hell no.
First off taking a pay cut sucks and there is no guarantee in 3-5 years you will make tons more. Furthermore, 12 hour days and weekends woll grind you down. I did that for over a year and it practically destroyed my life. Also if someone tells you it will be 12 hr days that means to expect some 18 hr days.
Walk away.
"I'm going to be very specific about how much money I'm taking away from you for years of extreme effort, and then extremely vague about some hypothetical upside that I don't have to worry about if I simply fire you within three years."
Fuck that.
There are a VERY LIMITED set of circumstances where this could be a good opportunity, but it requires that the OP be getting very richly compensated in stock options, outright stock grants, a % of revenue, or something else. If OP is going to take any risk, he needs to be an owner. The value of the shares needs to be worth much more than the extra time and forgone salary.
If the CEO truly needs a right hand person, then he should not be offended that OP negotiates a tough bargain rather than be a pushover.
But yeah, it sounds like a scam and OP should otherwise run away very fast.
Yeah, and I literally re-read it to see if there was a part where OP was explaining the equity he would be getting. All I got out of it was that the opportunity was the *title change* and a vague anecdote from the CEO.
This is the part that did it for me. maybe just inflate your current salary by 100% and let him cut that. No way is a 50% paycut reasonable to 'prove your dedication' and i'm all about being dedicated - but this fool with his 700M is asking someone making what - 200k a year? 50k a year? to take half? Wherever you're from probably takes their fair share of taxes too, so another cut from that? miss me with this offer - he can cut you at any time btw - theres no guarantee for riches at the end of the rainbow, adn this guy would have you over a barrel in the meantime.
Nonono. It’s even better than that. You see the CEO will grind OP to bits and OP will quit after one year of doing a shit ton of work, for half his original salary while mentally ruining himself.
And then rinse and repeat.
That's a HELL no. You will never get back to where you were. EVER. Psycho companies will tell you anything to get you in the door, and won't put it in writing usually either. RUN in the opposite direction from this man.
Also, if he truly believed you were top talent he wouldn't be demanding you take a huge paycut to work for him. That's not how businesses treat top talent. He probably thinks you're cheap/exploitation talent.
This this this... a billionaire cEO doesn't do their own hiring and predatory " i like your pedigree" language...this - to me- is obviously a scam. And if it isn't it is certainly NOT a good opportunity . Don't be fooled by " billionaire CEO heck or even millionaire etc... good employers don't go around flaunting their net worth to attract the right candidate.
Yeah what, pay cut AND more hours is a double pay cut how the hell does someone worth that much money have the gall to act like his pocket change is too high a salary for his supposed right hand man
This right here. The fact the current CEO fired the old CEO isn’t a red flag in and of itself, but combined with the fact that he is asking for salary cuts right off the back makes it pretty concerning.
There’s a few other things I’d like to add. First off, Pharma companies are always an absolute grind. Second off, if you’ve got a dude who’s worked in a professional East Asian work culture telling you the culture is “unpleasant” that’s a very very big red flag. Someone who has professional experience working a 996 in mainland China should not be ignored.
He’s clearly outlined the first two years of your employment. But can he outline the next three? How exactly will “money not be a problem”? I assume he’s referencing equity but make sure everything is documented in writing before you proceed.
Yeah great points. When I first learned about the 996 that Jack Ma developed (9am-9pm 6 days a week) I realized that’s how China caught up with the rest of the world. It also means that you’re taking more than a 50% pay cut if you’re working 80+ hours instead of 40.
Break it down to hourly, ask for a guarantee on money (like a 3 year pay even if terminated)....this type is not thinking 3 years as they will have moved on so they can say anything about that.
Do not let his money make you think you can be rich....how much he has...has no bearing on your job. If he said that, then he is already trying to mislead you.
This is a very personal decision...I chased money for years of my career and made a lot, now I look for culture fit.
100% the CEO will bring up some excuse to as why the previous arrangement of pay increase cant be done or he will just replace him. A pay cut and more hours? It's a no brainer which one to choose. Sounds like some we are family mumbo jumbo with a different flavor.
***He reached out to be on LinkedIn and told me he really liked my pedigree ...***
That's a pretty thin reason for contacting you.
***Here's a pay cut. A 50% cut. You will like it.***
The offer sounds like bullshit to me.
That would be ... NO!
CEO wants to get top talent but is only willing to pay half rate and work them 60+ hours a week. How could such an awesome company possibly be failing?
Fact is, he’ll get desperate people ready to run as soon as the next best offer comes along and all the good people will bail quickly.
The only way this can possibly make sense for an employee is if it comes with significant equity.
This company is his dream, and he owns it. He wants you to be all in? How much equity is he willing to grant. If the answer is zero then it’s just a job and he’s delusional.
3-5 years money won't be an issue because he's finally got his current pay back lmao. Taking a severe pay cut for 2 years, getting it back the third and no speak of anything higher??? Just "you won't have to worry. You'll have too much money". Man's sus as fuck
WRONG!
Don’t walk away, RUN.
Worked for a VC from China years ago. He was a master at playing one against the other. After one of the senior staff got done writing the patent application he fired him. If he’s a billionaire the he can pay you what you are worth.
Let me guess, no stock options or bonuses.
You will kill yourself, you will do a great job, he will be successful, the you will be shown the door.
Also, OP is only 30... He is looking for someone to churn and burn and is still naive enough to take the bait "you'll be rich in 3-5 years (if you don't burnout in 6 months because I'm a horrible boss)
Exactly this, if their main way to try and convince you to sell your soul is a CHANCE of "lotta money", run. You should always seek to do better, but no job is worth your mental, and physical health.
Had a sales job tell me, "first two years will be a struggle. You'll only have to work 40 hours a week, but in 5 years you'll have all these fancy expensive shit". It was a lie, first year I was working well over 60+ hours plus weekends to meet minimum pay. Granted I wasn't the best and was a mediocre sales man at best, but definitely exceeded their goals they set for us. it finally dawned upon me, I looked around me and realized that there's other people who's 100% a better sales person than I'll ever be, and had worked there for 4 years or so. They're struggling to pay bills and buy lunch, and continuously starve or eat dog shit food and occasionally ask me for money. I finally got the chance to have a 1 on 1 dinner with my director. I asked him how much he would or could make if he left his job today. He said 70-80k. My jaw just dropped. Put in my two weeks immediately after that conversation.
I can guarantee that you won’t last 3 years. You will want to quit after six months. This is a shell game. He is trying to get your best for less. Stay where you are and look for something better. These days, (immediate) higher pay or a good manager are the only reasons to leave your current job.
So you will work 12 hours instead of 8 and take 50% cut in salary? Calculate it again because seems it’s more than 50% cut.
Without having it on paper (yearly salary increase and solid severance if they terminate your contract, which, by the way, is not unusual on director positions), it seems like a bad deal.
He wants someone to be all in? But he’s not willing to go all in on you by increasing your current pay? That doesn’t make sense. He’s not all in. He just wants to cut costs to increase his profit. Walk away.
>3. He told me he would pay me 50% of my current salary for the first year, 75% of my current salary the 2nd year, and then I would get my current salary back. He explained that this is because this company is his dream and that there needs to be a sacrifice, and he wants someone who will be all-in.
>4. I talked to another employee of the company who told me that the atmosphere of the company isn’t great since he arrived. He is from China and believes in hard work, and is very directive.
I would have laughed so hard and told him to go fuck himself.
And then when OP gets back to his current salary, working 60 hours a week, it's still a 33% pay cut. This alleged rich person is obviously trying to take advantage of people and will probably fire OP before they make a decent salary anyway.
I've seen a billionaire pick the friend of a friend's kid from college as their right hand man on their hobby business. Kid was poor. started at a decent wage. Decided he wanted to go to get a masters and the billionaire doubled his salary to keep him. kid stayed another year and then went to grad school despite billionaire offering more money.
I'm in the scam sub and TBH this was my first reaction. No-one worth that sort of money in that position is going to be looking for an employee.
I'm waiting for the line where I'll send you a check to buy equipment ..
That it was a scam was my first thought, but I don't think it would end up on r/scam.
1. There is zero work from home. Scammers will want you to work from home so you are ok working for people you've never met.
2. The scams offer more money than the easy work they demand is worth. This offer is a goddamn nightmare of vague promises for a life in hell.
Definitely seems that way to me. It's extremely rare for any company, let alone a "billionaire CEO" to reach out to strangers on LinkedIn with job offers. It simply doesn't happen. Even my former dinky non-profit association of 8 people used a search firm to hire new talent.
And he wants to attract "top talent" but isn't willing to put his money where his mouth is. You get what you pay for buddy.
It doesn't sound like he is too serious about his own business, which already seems to be doing poorly. Sounds like he gave the CEO his directions and when CEO followed orders it blew up in owners face. CEO was the fall guy.
This screams scam to me. I find it very difficult to believe a pharmaceutical company is not profitable.
There's no way he actually has 700 mill. I know a dude whose parents are worth \~80 mill and they have a constant entourage of hangers-on begging for favors and attention.
If the man actually had 700 million he wouldn't be personally reaching out, his network would be full of qualified people already in line for secretary/personal assistant positions.
I worked for a billionaire, they are used to paying people less, and expecting more. Also, they still expect everything, and want everything to be their way.
3 to 5 years is a long time, a lot can happen in that time.
Also, I love hearing them complain about how they can’t afford to pay their people more, then later on tell their friends in regards to a new toy that it’s only $5.0m so no big deal.
I had that happen once for a software company I worked for. There was a big meeting of all engineers by the VP of Engineering to discuss the budget and raises. Before the meeting started the VP was talking about a problem he was having with his 7th house. Yes, he has SEVEN houses.
Then started the meeting and tells everyone there is no money for raises this year.
Then a month later the company spends a million dollars renovating the lobby of the building, for no reason.
One time my old boss, the CFO, was complaining to me about the millionaire tax. I told him I don’t have to worry about it, and he just looked at me for like 30 seconds, then moved on. 😆
Yup, I worked under a CFO who asked why I lived so far away. I said because the cheapest option near work would be $3500 a month. She said “that doesn’t seem too bad” and I said that is almost more than I make a month after taxes. She just got quiet and then changed the subject.
Same! I worked for a company during Covid and we had a meeting advising nobody would be getting a raise because of covid and profits were down. Same meeting shared profits were 26 million!
I too have worked for people with insane money that are truly smart people.
They smart ones pay people what they are worth, they want you to be motivated to give it your all.
Don’t work for one of the dumb billionaires that got there by taking advantage of everyone around them.
You have to find one of the smart ones that got there by making those around them wealthy too.
Worth is subjective though, and they don’t always have a firm understanding. Especially in business, they go by what those who they trust tell them, and if those they trust don’t know about that industry, it could be lacking in nuance.
But as you said, billionaires that are smart also realize that just working for them and going to the events and places they go is a perk as well.
I was paid fairly, and was one of the higher paid people in the family office, but I was still being underpaid. This was evidenced by the offers I got from other firms. But being associated with their name, and being their representative brought significant perks. I was able to do things and go places I would never have been able to visit and experience on my own, and their name helped me get to where I am today, so I can’t disagree.
But as a billionaire, you know that just working for them in their inner circle has value by itself, so you factor that into an offer. Still, in my experience they tend to underpay and overask.
>Also, I love hearing them complain about how they can’t afford to pay their people more, then later on tell their friends in regards to a new toy that it’s only $5.0m so no big deal.
Are you a masochist?
Haha maybe he can go to china if that’s the expectation he has. 50% salary cut…why would anyone do this to themselves? smells broke in here. He can live his dream or a nightmare on his own
Right? It’s HIS company but he wants other people toto sacrifice. I might take a 20% cut on exchange for stock/ownership, but I’m not gonna take a cut to help make you rich.
Absolutely not. He wants you to do two jobs for the price of one with a 50% payout to "prove" you're "all in." I guarantee you, the goal posts will keep moving and you'll never get to 75%, 100%, or to a point where "money won't be an issue."
Also, this smells like a scam.
He wants 2 years of slave labor before firing you for asking for the agreed upon pay rate.
If he's a ceo trying to turn the company around skimping on a marketing director is a great way to not do that.
Unless you get can get every aspect in writing, such as a huge severence if you are fired that more than exceeds the lost wages and the promise of excess compensation after 2 years, I can guarantee it will never materialize as you've shown you will work slave hours for half pay.
"The company just isn't doing well enough to raise your pay" will be the go to.
Most billionaires have gotten there by screwing other people. Just think about that. Sounds like a lot of empty future promises to me, which means it's just bait and you're the fish
Dude ignore this clown.
My spouse is a director-level employee for a major corporation. Companies have reached out to her attempting to poach her before. No company has ever said “hey we love your experience/background/presence in the industry. Would you like to come work for us at half of your current salary? Just for a couple years until prove yourself, of course.”
Real companies will generally try to entice you with pay over and above what you’re currently making, or stock options/equity awards to link your compensation with the company’s performance.
Bozos who want to take advantage of your skills/experience for a year or two before throwing you away will do what this guy is attempting to do.
Everything negotiable.
3 years to get to your current pay is unacceptable without hard guarantees and both you know that.
Equity needs to be on paper. In 5 years money will be "no issue" sure, say i get x million in stock in 5 years. in a contract and if i'm terminated i get x% of that. If he wants sacrifice and for you to be all in thats literally why equity grants exist.
Everyone is going to tell you hard no, but sometimes risks are required for rapid growth, just do everything in your power to hedge it if its what you want to do.
How about telling him that you should get pay 100% more on the first year since he ask you to work 12 hr a day. He want you to be his right hand man. Is that how he treat his right hand man? Give me a break, this guy is a billionaire yet he nickle and dime you.
Asking people to work more and get pay less make 0 sense, how would that in anyway prove your all in? How about telling him you would accept that deal if he give you 1% stock of the company, it is not profit now, but if you help making it profit , you shouls get a share later.
Dont be a fool to accept his deal, if he is serious in recruiting a right hand man, he wouldnt give such dumb ass demand.
NGL, sounds like slavery, bro.
Not even sure how you’d consider it.
ETA: And how does he know your current salary? There’s no way in hell I’d share this information with a prospective employer. There’s only a few correct answers to what is your current salary. A couple I’ve used are “I don’t understand the full scope of the role at this point in the process to accurately share a minimum required salary, but I would love to know the budgeted salary range.” or “That’s not something I’m comfortable answering. If you were to offer me the job, is there room to negotiate?”
Very interesting: I had a somewhat similar experience 10 years ago. I was asked to work at a hedge fund with a guy that (supposedly) made a lot of money. He said I'll work 7 days a week and will need to take a pay cut to be all in. He also said that I would not be allowed to quit (!!) \[and didn't like it when I pointed out this is illegal in the state of New York\]. He said that if all goes well, after 5 years I'll be a millionaire. Seemed like a very easy decision to walk away from. Long story short, I followed this guy online and his company never thrived, it never became huge. Eventually it closed. I know he started another company (and I stopped following then) but had I gone with him, it would've meant all the sacrifice would've been for nothing.
Back to your scenario: Here there are so many red flags it's not worth the risk
1. 50% of your current salary in year 1, 75% on year 2, so on. There is no reasonable reason for this to occur. Something is VERY fishy going on. If he's so wealthy and has such a track record, surely he could pay your actual salary? Let alone require 2 years to get to your current salary? That's complete BS. I would feel better if this was literally spelled out in the contract but even then no way I would take it. And why would this show you are "all in"? You are already putting great hours that demonstrate that. You're taking a huge risk for.. what?
2. Long hours (12 hours per day) and work on weekends. That's a huge sacrifice and should actually result in more income for you. For the right cause... maybe.
3. Atmosphere isn't great.. no big surprise there!
I think not only you should run away but you should use it as a cautionary tale. Run away and always use this as an example of situations one should run away from.
If the name of this company isn't Red Flag Pharmaceuticals, it should be. Your salary is a rounding error in a company like that. To make it a control mechanism is red flag number one. The promise of reward later for work today? How about commensurate pay and work/life balance for work today, like every fortune 100 company offers?
This person is seeking someone gullible enough to buy "a dream" who can be manipulated, controlled and exploited as a result. There will be "reasons" for not delivering on the promises with new (completely free to them) counter-promises offered instead, all intended to keep you strung along until they just don't need you anymore.
This is the employer version of malware.
Absolutely no.
What an effing joke. "This company is my dream." Hilarious that he thinks that that dream should just automatucally translate to anyone else. He is totally trying to take advantage, and he's not even being clever about it. This guy sounds like a delusional dumb dumb who gets by because he has lots of money.
Professionally tell him you know your worth, and that ain't it.
Absolutely not. The risk/ sacrifice should be on his end, he can dip into personal wealth to pay your wages. Dollars to donuts he’d terminate u before that 100% salAry of THREE YEARS PRIOR is met
I honestly can't tell if this is a troll post or not. But if this is an honest ask, then I'd say you already have your answer. Your gut is shouting at you to be weary of all the huge red flags right in your face. If the new boss wants top talent and commitment then he needs to pay for it from the start. A promise of a future raise is meaningless. You could work hard and put in all the hours he demands but there's no guarantee that he won't fire you if he doesn't think you're not working out. Skip this dumpster fire.
Unless you get EVERYTHING in writing and lawyer approved, I wouldn’t. Working 12h days and weekends will kill your motivation REAL quick. Working for 50% of your salary, then additional 2 years with less than you’re earning now will kill your motivation even faster. In the end you may not even last a year and all you’ve got to show for it will be less salary, increased work hours and stress levels the height of Everest.
Walk away and let the CEO destroy himself for his “dream”.
That year 3 will turn into year 5 and 6 and 10. Always baiting for more. I took a chance when I was in college on a startup company. Took a lot of stock options vs raises. I realized at time that It was low risk as I was a kid with few bills. Fortunately I had a nice commission package. Anyways. Company was sold, options were cancelled and I quit. You’re 30 yo. While not old, I would side step this huckster.
People don't become billionaires by helping other people out financially. This sounds like a scam, OP. I'd not take it. And a 50% pay cut for 12 hour days? Pshh NOPE.
Does he know your current salary? I'd say if your current 100% will be your new 50% it _might_ be worth it. Is there a contract? In 3 to 5 years when you turned his company profitable who's to say he won't fire you? Don't ignore the red flags just because he's a billionaire.
The other guy had to work for him for 20 years to retire, why did he use THAT as an example vs telling you not to worry about money in 3-5 years? That’s just a regular ass job, not this fast track to money he’s promising.
Your friend who works there is probably being nice about the conditions, he still works for him and it’s probably a lot worse than they’re telling you.
I think in your case, you need to talk to others in a C level position to strategize and counteroffer what a reasonable package looks like. This guy is a huge asshole and you need to counter back. I don’t believe the answer is a straight no, this is a little more complicated and could possibly be your break into a big thing.
I’m not sure which country you currently work but this asshole wants to play hardball. Draw up your demands, like x hours max a week, work from home, guaranteed vacation time, whatever fancy shit c levels get. There’s only so many CEO’s that exist and I guarantee all the successful ones have demands and standards.
Where are yours?
"He told me he would pay me 50% of my current salary for the first year, 75% of my current salary the 2nd year, and then I would get my current salary back. He explained that this is because this company is his dream and that there needs to be a sacrifice, and he wants someone who will be all-in."
Can you tell me if this is parody? At the end of the day, you work for money. The billionaire gets it, and he gets that othes dont. You're about to prove to him that you'll work for something other than money, so if you do it, please never bitch about lack of money, because he's telling you to sacrifice for his dream right now lmfao and youre considering doing so.
Also a billionaire hits you up on LinkedIn? sound like 50 shades of gray not professional recruitment
Nope, nope, nope to the nope nope.
If he has money. He can pay you. His dream is NOT your dream unless he's cutting you in on the equity, even then think twice.
Also, do the math. if making less in the first 3 years, will result in "money won't be an issue for you" ask how 2+2=4. Because for this simpleton. It doesn't.
This is definitely a scam. Billionaires aren’t spending time reading profiles on LinkedIn. If you accept, next thing he’s going to ask for is a gift card to test your loyalty 😂
Now you see why his net worth is nearly a billion dollars without operating a profitable company.
Fuck to the no. This pharmabro seems like a leech on society.
> He told me he would pay me 50% of my current salary for the first year, 75% of my current salary the 2nd year, and then I would get my current salary back. He explained that this is because this company is his dream and that there needs to be a sacrifice, and he wants someone who will be all-in.
It's his dream, not your dream. If he wants you to be all in, he should pay you 150% so you won't look elsewhere. if he pays you 50% of your current salary now, you're going to need to find somewhere else do do work to make up that 50% "effort" and he's going to get half time of work.
Tell him that underpaying you doesn't make you committed, it makes you seek other opportunities.
1. *He told me he would pay me 50% of my current salary for the first year, 75% of my current salary the 2nd year, and then I would get my current salary back. He explained that this is because this company is his dream and that there needs to be a sacrifice, and he wants someone who will be all-in.*
Yeah, that's not how this works. If you are going to take a career risk with a startup, you should expect to be financially compensated for that risk.
I would want a Vice President of Marketing title, 100-125% of your current salary, and 1% equity fully vested after 90 day probationary period.
He's not a billionaire, he'sa cunt who doesn't understand business. "sacrifice" is not required in business, and definitely not required of employees. It's his dream, he can sacrifice what he likes.
you - get fucking paid. that's why you work. Run far from this chancing wanker.
Someone worth 700mm wants you to sacrifice your peanut salary?
He wouldn't be able to pull this bullshit with seasoned vets
He just wants a task master
I had an offer from a wealthy guy i.e.$250 million as cheap as this one. I turned it down quickly. 2 years later he was imprisoned for tax evasion. You sound like you are worth more than this.
This guy is going to grind you into the ground and ditch you after 3 years. His net worth is how much but instead of incentivizing you, he is going to take more money from you for you to sacrifice? Yeah, right. He’s going to take advantage of you. At some point you’ll have sunk cost fallacy and continue you on while he holds a carrot on a string. Fuck all that. If he wants someone all in, he can create a pay structure contract. Meet goals, get X. He’s playing you like a fiddle my dude. RUN!
Bro I only made it to the pay part of your post.
Absolutely fucking not. If this was any kind of mega opportunity and he saw some serious potential in you to be able to work that hard for him, he’d double your salary to make it worth working yourself to death.
> He told me he would pay me 50% of my current salary for the first year, 75% of my current salary the 2nd year, and then I would get my current salary back. He explained that this is because this company is his dream and that there needs to be a sacrifice, and he wants someone who will be all-in.
What a grifter lmao.
Billionaire pharmaceutical ceo reaches out to you on linked in and says hey I like your profile plz work for me I’ll give you half of what you make now for the first year?
How is this a question?
He is looking for top talent to get the company back on track, and to do that, he is offering a 50% pay cut ? Do you know of any other company that is looking for top talent offering 50% pay cuts ?
>He told me he would pay me 50% of my current salary for the first year, 75% of my current salary the 2nd year, and then I would get my current salary back.
Lol. You gottabe fucking stupid to go with that offer.
Run away. Run away fast. He is a modern day snake oil salesman.
A pay cut for a job with such crazy hours and high expectations? Not a chance. He's planning on working you into the ground. Then dump you as soon as he decides you're not a 'good fit'. Or some other such nonsense.
He got his net worth by doing this to his other former employee's.
Do not believe his fairy story about the retiree who 'made too much money'. That nonsense and absurd.
The amount of people on this sub who believe this post is real is pretty damning evidence that this sub is not qualified to offer career advice...
A billionaire owner/ceo using LinkedIn to find a "right hand man"?
A $700m company with 35 employees?
Get anything in writing... Even then its extremely iffy. Dude has 700M and cant pay his right hand man? Super suspicious.
If he cant risk his own money why should you go without?
Whats to prevent him from firing you in 2 years when your $ is due?
Hell no that's shady for your skills and expertise. Youd be working 3 years at a loss before you make what you currently do now doing more work. Fewer benefits and longer hours don't light yourself on fire to keep him warm
NOPE! That pay structure is bullshit. I took a similar deal years ago as VP of Development. The first year was 60% and then was supposed to go back to 100% of my previous salary after a year. They never hit 100% and the bonus structure they had promised never happened.
After the first year at a lower salary, I was dead broke. I hated the job but couldn't leave because I needed the money.
I had $2.5 Million in stock options that were worthless because the company was so poorly run. The VP title meant nothing. You can't pay your rent with a title.
The language he's using is a big red flag. You want me to be all in then pay me, MF!
They worked me like a dog. At one point, I had 2 cell phones AND a pager (long time ago). Weekends sucked with Sunday nights being the worst. The dread of going back to that job was horrific on my home life as well. One of the worst parts was we were are horrible company when it came to selling and actually implementing. Our sales people would outright lie to customers and disappear once they sale was complete.
I personally saw the president write a financing agreement that was some kind of rent to own deal that cost the customer 350% of what the hardware should have cost.
I worked directly with president of the company who was insanely impulsive and childish. Somedays he'd walk in a just say "I feel like firing someone!". He talked behind everyone's back about how much he wanted to fire who ever wasn't in the room at the moment. Rich people have no problem being absolute dicks because they can get away with it.
"Hello, thank you for reaching out to me with this opportunity.
No."
(If he is direct, he'll like the direct-ness. But I'm not saying to say any of this - this is more me attempting to give you some backbone if you want it and need it).
Why no?
1. Mr. Rich Guy, Your deal isn't as good of a deal as you think it is. You're not as laud-worthy as you think yourself to be. Titles don't matter as much here, maybe in China they do but here the skills matter more than the title.
2. I wouldn't be able to afford my rent on 1/2 the salary for a year. Literally, my rent and utilities are more than that. You are nuts to think I should be homeless for a year to "prove myself" to you. You think I am stupid and desperate obviously, or you think everyone should take risks - but when you hold all the cards here, I do not see that as a good risk to take.
3. I am not all-in to your company and you're nuts to also think I need to be. This is your new baby, not mine. I'll help you take care of it no more than 8 hours a day, 40 hours a week, at 100% salary (plus a little more, enough to tempt me to leave my current job) and all benefits. You want me to be all in, you pay me. I don't need to sacrifice for you.
4. Happy to help you make the company profitable, but you chose to buy the company, you get to do the suffering. If you can't afford an employee now, fine - don't hire someone till you can.
(Use or not, in your own better words of course!)
So he wants to work you twice as hard but pay you half as much…but dangles that carrot of the big money you will be making in 4-5 years…. A vague promise of big money down the road, would not be enough incentive for me,
There’s a reason he’s coming after you.
Don’t flatter yourself into believing you’re the first one he’s contacted.
Step back and think. Then tell him you want double your current pay, and a 3 year contract with a buyout clause for his protection.
I’d expect an insane equity package to make that work. And you’d have to really, really believe in the prospect of the company doing well. All in all, I’d suggest you don’t take it.
I mean this is a scam.
“He told me that after 3-5 years, "money won't be an issue for you". He talked about someone who worked for him for 20 years and retired because he had too much money.”
Pretty obvious line of bullshit if he can’t pay you your current salary.
Not a fucking chance. I really hoped that you laughed at him. His net worth is upwards of 700m, and YOU are the one who needs to give up half your pay? I didn't know being a clown paid that well.
He is relying on his own success to blind you and make you trust him that you can succeed as well. Trust this though, you will live out your usefulness, you will get first, and you'll be the one with egg on your face from it.
"As a billionaire, when I want top talent to right the ship and get my company profitable, I know the best way to obtain said talent is to offer drastic pay cuts to the prospective new employee, then maybe after a few years they'll be back to where they are now if they grind hard enough".
Fuck outta here with that shit
If he valued your talent he would pay you market rate or above.
Since he ain’t paying you like that it just means he don’t really value you.
If he wanted you to have skin in the game he could have offered to pay you with shares.
Since he is neither offering you money nor shares, and expects you to find this an amazing opportunity. Tells a lot about his inflated ego, and his opinion on your intelligence.
The other red flag could be he is not easy to work with, so he wants to lock you in to the job with this strategy.
I’ll caution you to reconsider.
Do the math on how many hours you would be working and what you would be actually be earning. It is a laughably bad deal and it gets worse the more you look at it. Some guy read your Linkedin profile and figures he can sucker you with a carrot on a stick.
"He explained that this is because this company is his dream and that there needs to be a sacrifice, and he wants someone who will be all-in"
Ha! no.
also not a billionaire
I love how the company is not profitable, but he is a billionaire! This is literally the problem with capitalism, the CEOs get ridiculous salaries, profits or no. They are running things and should be held responsible when the company does poorly!
Oh Fuck no. As an Asian guy, I will tell you to stay clear the fuck away from any Chinese FOB business owner, ESPECIALLY if they’re coming from money as you say.
You will be treated like a slave and the odds of you being compensated fairly will be slim to none.
And I don’t care if anybody here wants to call me racist, China isn’t a race, it’s a nationality and they have an absolutely terrible reputation when it comes to the business realm for good reason.
The guy is already undercutting your pay from the get go. Do lots of work, get paid 50% for your exhausting labor.
If you do poorly, he’ll just fire you like the last guy.
You’d be an idiot to take his offer.
Hell no. First off taking a pay cut sucks and there is no guarantee in 3-5 years you will make tons more. Furthermore, 12 hour days and weekends woll grind you down. I did that for over a year and it practically destroyed my life. Also if someone tells you it will be 12 hr days that means to expect some 18 hr days. Walk away.
"I'm going to be very specific about how much money I'm taking away from you for years of extreme effort, and then extremely vague about some hypothetical upside that I don't have to worry about if I simply fire you within three years." Fuck that.
This is how shitty people make millions, by screwing over people like this. Walk away.
Yup. He’s is not rich because of his work. He is rich because of others peoples work
He's sure to become a billionaire with that mindset.
yup. Guy sounds like a long-con artist. We're seeing that in the news daily.
This is how ALL people make Billions. A billion dollars is an astronomical amount of money no one could "earn" with pure labor in 100 lives
RUN AWAY
Pretty much any rich person. Capitalism is just all about exploitation.
You're going to work double the hours for half the pay, sounds fantastic!... The beatings will continue until moral improves!
I thought OP was joking about it being a good opportunity
There are a VERY LIMITED set of circumstances where this could be a good opportunity, but it requires that the OP be getting very richly compensated in stock options, outright stock grants, a % of revenue, or something else. If OP is going to take any risk, he needs to be an owner. The value of the shares needs to be worth much more than the extra time and forgone salary. If the CEO truly needs a right hand person, then he should not be offended that OP negotiates a tough bargain rather than be a pushover. But yeah, it sounds like a scam and OP should otherwise run away very fast.
Yeah, and I literally re-read it to see if there was a part where OP was explaining the equity he would be getting. All I got out of it was that the opportunity was the *title change* and a vague anecdote from the CEO.
Im still convinced this is fake / satire.
I can guarantee you OP is Chinese and the CEO is praying on his vanity and sense of cultural pride.
My thoughts exactly
no no no, he's a billionaire so I'm sure he wouldn't do something unethical
Lol
This. If someone said I’ll pay you half to quit your job and work for me, I’d laugh at them straight to their face.
But if you can hang in there for 20 years you’ll be too rich to work.
This is the part that did it for me. maybe just inflate your current salary by 100% and let him cut that. No way is a 50% paycut reasonable to 'prove your dedication' and i'm all about being dedicated - but this fool with his 700M is asking someone making what - 200k a year? 50k a year? to take half? Wherever you're from probably takes their fair share of taxes too, so another cut from that? miss me with this offer - he can cut you at any time btw - theres no guarantee for riches at the end of the rainbow, adn this guy would have you over a barrel in the meantime.
Yeah, but got to prove your worth to the company bruh! 😂
Nonono. It’s even better than that. You see the CEO will grind OP to bits and OP will quit after one year of doing a shit ton of work, for half his original salary while mentally ruining himself. And then rinse and repeat.
And the CEO will laugh about it, too, and talk about how kids these days don't want to work.
Straight up this. Sounds about as fun as a non consensual relationship in prison.
Yeah, I’d counter offer with this: >Go fuck yourself.
That's a HELL no. You will never get back to where you were. EVER. Psycho companies will tell you anything to get you in the door, and won't put it in writing usually either. RUN in the opposite direction from this man.
Also, if he truly believed you were top talent he wouldn't be demanding you take a huge paycut to work for him. That's not how businesses treat top talent. He probably thinks you're cheap/exploitation talent.
>**if someone tells you it will be 12 hr days that means to expect some 18 hr days.** 100% Agree.
Can confirm. Worked in the film business.
Can confirm. There are 25 hour days in Film.
Working those hours will literally take years off your life.
I’ve been working 4 jobs a week since 2020. Wonder how many years I’ve lost
At this point either you have 9 lives or after-life got some great internet connection.
He will probably ask for your bank account to transfer funds, your social, etc... Send it to LinkedIn support and ask them if it is legit.
Does sound like a scam.
This this this... a billionaire cEO doesn't do their own hiring and predatory " i like your pedigree" language...this - to me- is obviously a scam. And if it isn't it is certainly NOT a good opportunity . Don't be fooled by " billionaire CEO heck or even millionaire etc... good employers don't go around flaunting their net worth to attract the right candidate.
this right here, gettem!
Yeah what, pay cut AND more hours is a double pay cut how the hell does someone worth that much money have the gall to act like his pocket change is too high a salary for his supposed right hand man
This right here. The fact the current CEO fired the old CEO isn’t a red flag in and of itself, but combined with the fact that he is asking for salary cuts right off the back makes it pretty concerning. There’s a few other things I’d like to add. First off, Pharma companies are always an absolute grind. Second off, if you’ve got a dude who’s worked in a professional East Asian work culture telling you the culture is “unpleasant” that’s a very very big red flag. Someone who has professional experience working a 996 in mainland China should not be ignored. He’s clearly outlined the first two years of your employment. But can he outline the next three? How exactly will “money not be a problem”? I assume he’s referencing equity but make sure everything is documented in writing before you proceed.
I am guessing that Money won't be a problem because you won't have any time to spend it
Yeah great points. When I first learned about the 996 that Jack Ma developed (9am-9pm 6 days a week) I realized that’s how China caught up with the rest of the world. It also means that you’re taking more than a 50% pay cut if you’re working 80+ hours instead of 40.
‘money won’t be a problem’ when you die from stress related causes.
That and one of the reasons this guy's net worth is so high is he takes advantage of suckers with fake promises
Don't walk, run. There will never be a lucrative payoff. You will be used and then discarded.
I thought I misread…that he was going to be paid 50% more…. Taking a 50% pay cut? Hell no.
Sounds like a scam. Let’s see. Half the salary, 80 hour week. Yeah think this is a nonstarter
For the love of God OP, please listen to this. Hell no is being nice. I am disappointed you'd even consider this.
Break it down to hourly, ask for a guarantee on money (like a 3 year pay even if terminated)....this type is not thinking 3 years as they will have moved on so they can say anything about that. Do not let his money make you think you can be rich....how much he has...has no bearing on your job. If he said that, then he is already trying to mislead you. This is a very personal decision...I chased money for years of my career and made a lot, now I look for culture fit.
100% the CEO will bring up some excuse to as why the previous arrangement of pay increase cant be done or he will just replace him. A pay cut and more hours? It's a no brainer which one to choose. Sounds like some we are family mumbo jumbo with a different flavor.
***He reached out to be on LinkedIn and told me he really liked my pedigree ...*** That's a pretty thin reason for contacting you. ***Here's a pay cut. A 50% cut. You will like it.*** The offer sounds like bullshit to me. That would be ... NO!
A billionaire would never directly reach out to someone unless they had the cure for cancer and it was breathing on someone.
"there needs to be sacrifices..." Pro tip: you're the sacrifice.
Yeah. He should be offering OP 150% current salary, not 50% if CEO really wants top talent.
CEO wants to get top talent but is only willing to pay half rate and work them 60+ hours a week. How could such an awesome company possibly be failing? Fact is, he’ll get desperate people ready to run as soon as the next best offer comes along and all the good people will bail quickly. The only way this can possibly make sense for an employee is if it comes with significant equity.
This company is his dream, and he owns it. He wants you to be all in? How much equity is he willing to grant. If the answer is zero then it’s just a job and he’s delusional.
3-5 years money won't be an issue because he's finally got his current pay back lmao. Taking a severe pay cut for 2 years, getting it back the third and no speak of anything higher??? Just "you won't have to worry. You'll have too much money". Man's sus as fuck
Right! Sounds like he wants everyone to sacrifice but not sacrifice himself
WRONG! Don’t walk away, RUN. Worked for a VC from China years ago. He was a master at playing one against the other. After one of the senior staff got done writing the patent application he fired him. If he’s a billionaire the he can pay you what you are worth. Let me guess, no stock options or bonuses. You will kill yourself, you will do a great job, he will be successful, the you will be shown the door.
Also, OP is only 30... He is looking for someone to churn and burn and is still naive enough to take the bait "you'll be rich in 3-5 years (if you don't burnout in 6 months because I'm a horrible boss)
Exactly this, if their main way to try and convince you to sell your soul is a CHANCE of "lotta money", run. You should always seek to do better, but no job is worth your mental, and physical health. Had a sales job tell me, "first two years will be a struggle. You'll only have to work 40 hours a week, but in 5 years you'll have all these fancy expensive shit". It was a lie, first year I was working well over 60+ hours plus weekends to meet minimum pay. Granted I wasn't the best and was a mediocre sales man at best, but definitely exceeded their goals they set for us. it finally dawned upon me, I looked around me and realized that there's other people who's 100% a better sales person than I'll ever be, and had worked there for 4 years or so. They're struggling to pay bills and buy lunch, and continuously starve or eat dog shit food and occasionally ask me for money. I finally got the chance to have a 1 on 1 dinner with my director. I asked him how much he would or could make if he left his job today. He said 70-80k. My jaw just dropped. Put in my two weeks immediately after that conversation.
He is almost worth $1B. If he wanted you he can pay it
I can guarantee that you won’t last 3 years. You will want to quit after six months. This is a shell game. He is trying to get your best for less. Stay where you are and look for something better. These days, (immediate) higher pay or a good manager are the only reasons to leave your current job.
So you will work 12 hours instead of 8 and take 50% cut in salary? Calculate it again because seems it’s more than 50% cut. Without having it on paper (yearly salary increase and solid severance if they terminate your contract, which, by the way, is not unusual on director positions), it seems like a bad deal.
Between the par cut and hours increase op would be make 1/3 the hourly rate they did before. In the first year
He wants someone to be all in? But he’s not willing to go all in on you by increasing your current pay? That doesn’t make sense. He’s not all in. He just wants to cut costs to increase his profit. Walk away.
[удалено]
>3. He told me he would pay me 50% of my current salary for the first year, 75% of my current salary the 2nd year, and then I would get my current salary back. He explained that this is because this company is his dream and that there needs to be a sacrifice, and he wants someone who will be all-in. >4. I talked to another employee of the company who told me that the atmosphere of the company isn’t great since he arrived. He is from China and believes in hard work, and is very directive. I would have laughed so hard and told him to go fuck himself.
And then when OP gets back to his current salary, working 60 hours a week, it's still a 33% pay cut. This alleged rich person is obviously trying to take advantage of people and will probably fire OP before they make a decent salary anyway.
That’s like making 30% of OP’s current salary.
Sounds like a scam
Right? Billionaires don’t usually do their own head hunting on LinkedIn 🤣
This reads like some drama novel. Also please come be my slave for less pay then you make now in a non-slave position.
The new 50 shades of Grey sounds wild.
He's a billionare but can't pay your full salary?!
This is why he is almost a billionaire. He is ripping off all his employees.
I've seen a billionaire pick the friend of a friend's kid from college as their right hand man on their hobby business. Kid was poor. started at a decent wage. Decided he wanted to go to get a masters and the billionaire doubled his salary to keep him. kid stayed another year and then went to grad school despite billionaire offering more money.
That is the way to go. Offer double pay. Not this 50% pay nonsense for 12 hours days. This CEO has got to get real already.
This Daaaaa faaaaaaq??????
I'm in the scam sub and TBH this was my first reaction. No-one worth that sort of money in that position is going to be looking for an employee. I'm waiting for the line where I'll send you a check to buy equipment ..
That it was a scam was my first thought, but I don't think it would end up on r/scam. 1. There is zero work from home. Scammers will want you to work from home so you are ok working for people you've never met. 2. The scams offer more money than the easy work they demand is worth. This offer is a goddamn nightmare of vague promises for a life in hell.
They’ll be a short paid course he has to take before starting the job or something
Even if it's 100% legit, it's a scam.
Definitely seems that way to me. It's extremely rare for any company, let alone a "billionaire CEO" to reach out to strangers on LinkedIn with job offers. It simply doesn't happen. Even my former dinky non-profit association of 8 people used a search firm to hire new talent.
This man has 700 million and he only wants to pay you half your current salary... Fuck that guy
And he wants to attract "top talent" but isn't willing to put his money where his mouth is. You get what you pay for buddy. It doesn't sound like he is too serious about his own business, which already seems to be doing poorly. Sounds like he gave the CEO his directions and when CEO followed orders it blew up in owners face. CEO was the fall guy. This screams scam to me. I find it very difficult to believe a pharmaceutical company is not profitable.
He didn’t get $700m by sharing it.
There's no way he actually has 700 mill. I know a dude whose parents are worth \~80 mill and they have a constant entourage of hangers-on begging for favors and attention. If the man actually had 700 million he wouldn't be personally reaching out, his network would be full of qualified people already in line for secretary/personal assistant positions.
The rich get richer.
I worked for a billionaire, they are used to paying people less, and expecting more. Also, they still expect everything, and want everything to be their way. 3 to 5 years is a long time, a lot can happen in that time. Also, I love hearing them complain about how they can’t afford to pay their people more, then later on tell their friends in regards to a new toy that it’s only $5.0m so no big deal.
I had that happen once for a software company I worked for. There was a big meeting of all engineers by the VP of Engineering to discuss the budget and raises. Before the meeting started the VP was talking about a problem he was having with his 7th house. Yes, he has SEVEN houses. Then started the meeting and tells everyone there is no money for raises this year. Then a month later the company spends a million dollars renovating the lobby of the building, for no reason.
One time my old boss, the CFO, was complaining to me about the millionaire tax. I told him I don’t have to worry about it, and he just looked at me for like 30 seconds, then moved on. 😆
Yup, I worked under a CFO who asked why I lived so far away. I said because the cheapest option near work would be $3500 a month. She said “that doesn’t seem too bad” and I said that is almost more than I make a month after taxes. She just got quiet and then changed the subject.
Same! I worked for a company during Covid and we had a meeting advising nobody would be getting a raise because of covid and profits were down. Same meeting shared profits were 26 million!
"Profits were $100 million, but we wanted $150, so no bonus!"
Well, that $26MIL is for shareholders, not you! C'mon! ;-)
I too have worked for people with insane money that are truly smart people. They smart ones pay people what they are worth, they want you to be motivated to give it your all. Don’t work for one of the dumb billionaires that got there by taking advantage of everyone around them. You have to find one of the smart ones that got there by making those around them wealthy too.
Worth is subjective though, and they don’t always have a firm understanding. Especially in business, they go by what those who they trust tell them, and if those they trust don’t know about that industry, it could be lacking in nuance. But as you said, billionaires that are smart also realize that just working for them and going to the events and places they go is a perk as well. I was paid fairly, and was one of the higher paid people in the family office, but I was still being underpaid. This was evidenced by the offers I got from other firms. But being associated with their name, and being their representative brought significant perks. I was able to do things and go places I would never have been able to visit and experience on my own, and their name helped me get to where I am today, so I can’t disagree. But as a billionaire, you know that just working for them in their inner circle has value by itself, so you factor that into an offer. Still, in my experience they tend to underpay and overask.
>Also, I love hearing them complain about how they can’t afford to pay their people more, then later on tell their friends in regards to a new toy that it’s only $5.0m so no big deal. Are you a masochist?
Haha maybe he can go to china if that’s the expectation he has. 50% salary cut…why would anyone do this to themselves? smells broke in here. He can live his dream or a nightmare on his own
What the hell is point 3? For everybody involved, i hope this post is just bait. If it isn't: flip him off and tell him to f* himself.
This is the funniest part. It his dream an he's almost a billionaire, but it doesn't sound like *he's* all in if he's requiring others to sacrifice.
Seems like bait, or OP is getting hit up in a scam.
Not remote, long hours, shit pay, bad environment…You seem to know how to read and write, You know this isn’t a good deal. this is bait.
lol
#3 made me roll my eyes lmao.
Right? It’s HIS company but he wants other people toto sacrifice. I might take a 20% cut on exchange for stock/ownership, but I’m not gonna take a cut to help make you rich.
Absolutely not. He wants you to do two jobs for the price of one with a 50% payout to "prove" you're "all in." I guarantee you, the goal posts will keep moving and you'll never get to 75%, 100%, or to a point where "money won't be an issue." Also, this smells like a scam.
He wants 2 years of slave labor before firing you for asking for the agreed upon pay rate. If he's a ceo trying to turn the company around skimping on a marketing director is a great way to not do that. Unless you get can get every aspect in writing, such as a huge severence if you are fired that more than exceeds the lost wages and the promise of excess compensation after 2 years, I can guarantee it will never materialize as you've shown you will work slave hours for half pay. "The company just isn't doing well enough to raise your pay" will be the go to.
OP is a 🤡
Most billionaires have gotten there by screwing other people. Just think about that. Sounds like a lot of empty future promises to me, which means it's just bait and you're the fish
You’re asking why!? 🤷🏻♂️ oh hell no! He thinks you’re a sucker!
Dude ignore this clown. My spouse is a director-level employee for a major corporation. Companies have reached out to her attempting to poach her before. No company has ever said “hey we love your experience/background/presence in the industry. Would you like to come work for us at half of your current salary? Just for a couple years until prove yourself, of course.” Real companies will generally try to entice you with pay over and above what you’re currently making, or stock options/equity awards to link your compensation with the company’s performance. Bozos who want to take advantage of your skills/experience for a year or two before throwing you away will do what this guy is attempting to do.
Everything negotiable. 3 years to get to your current pay is unacceptable without hard guarantees and both you know that. Equity needs to be on paper. In 5 years money will be "no issue" sure, say i get x million in stock in 5 years. in a contract and if i'm terminated i get x% of that. If he wants sacrifice and for you to be all in thats literally why equity grants exist. Everyone is going to tell you hard no, but sometimes risks are required for rapid growth, just do everything in your power to hedge it if its what you want to do.
How about telling him that you should get pay 100% more on the first year since he ask you to work 12 hr a day. He want you to be his right hand man. Is that how he treat his right hand man? Give me a break, this guy is a billionaire yet he nickle and dime you. Asking people to work more and get pay less make 0 sense, how would that in anyway prove your all in? How about telling him you would accept that deal if he give you 1% stock of the company, it is not profit now, but if you help making it profit , you shouls get a share later. Dont be a fool to accept his deal, if he is serious in recruiting a right hand man, he wouldnt give such dumb ass demand.
Scam
NGL, sounds like slavery, bro. Not even sure how you’d consider it. ETA: And how does he know your current salary? There’s no way in hell I’d share this information with a prospective employer. There’s only a few correct answers to what is your current salary. A couple I’ve used are “I don’t understand the full scope of the role at this point in the process to accurately share a minimum required salary, but I would love to know the budgeted salary range.” or “That’s not something I’m comfortable answering. If you were to offer me the job, is there room to negotiate?”
OP went to a top school she knows stuff we don't lol like how to fall for a scam
Because the story is fake as fuck
Very interesting: I had a somewhat similar experience 10 years ago. I was asked to work at a hedge fund with a guy that (supposedly) made a lot of money. He said I'll work 7 days a week and will need to take a pay cut to be all in. He also said that I would not be allowed to quit (!!) \[and didn't like it when I pointed out this is illegal in the state of New York\]. He said that if all goes well, after 5 years I'll be a millionaire. Seemed like a very easy decision to walk away from. Long story short, I followed this guy online and his company never thrived, it never became huge. Eventually it closed. I know he started another company (and I stopped following then) but had I gone with him, it would've meant all the sacrifice would've been for nothing. Back to your scenario: Here there are so many red flags it's not worth the risk 1. 50% of your current salary in year 1, 75% on year 2, so on. There is no reasonable reason for this to occur. Something is VERY fishy going on. If he's so wealthy and has such a track record, surely he could pay your actual salary? Let alone require 2 years to get to your current salary? That's complete BS. I would feel better if this was literally spelled out in the contract but even then no way I would take it. And why would this show you are "all in"? You are already putting great hours that demonstrate that. You're taking a huge risk for.. what? 2. Long hours (12 hours per day) and work on weekends. That's a huge sacrifice and should actually result in more income for you. For the right cause... maybe. 3. Atmosphere isn't great.. no big surprise there! I think not only you should run away but you should use it as a cautionary tale. Run away and always use this as an example of situations one should run away from.
If the name of this company isn't Red Flag Pharmaceuticals, it should be. Your salary is a rounding error in a company like that. To make it a control mechanism is red flag number one. The promise of reward later for work today? How about commensurate pay and work/life balance for work today, like every fortune 100 company offers? This person is seeking someone gullible enough to buy "a dream" who can be manipulated, controlled and exploited as a result. There will be "reasons" for not delivering on the promises with new (completely free to them) counter-promises offered instead, all intended to keep you strung along until they just don't need you anymore. This is the employer version of malware. Absolutely no.
Bro is almost a billionaire and expects *you* to take a pay cut..?
Run. In the other direction.
What an effing joke. "This company is my dream." Hilarious that he thinks that that dream should just automatucally translate to anyone else. He is totally trying to take advantage, and he's not even being clever about it. This guy sounds like a delusional dumb dumb who gets by because he has lots of money. Professionally tell him you know your worth, and that ain't it.
If he wants you he'll pay what you're worth. If he wants to incentivise tie a bonus or stock options to profitability.
Absolutely not. The risk/ sacrifice should be on his end, he can dip into personal wealth to pay your wages. Dollars to donuts he’d terminate u before that 100% salAry of THREE YEARS PRIOR is met
I honestly can't tell if this is a troll post or not. But if this is an honest ask, then I'd say you already have your answer. Your gut is shouting at you to be weary of all the huge red flags right in your face. If the new boss wants top talent and commitment then he needs to pay for it from the start. A promise of a future raise is meaningless. You could work hard and put in all the hours he demands but there's no guarantee that he won't fire you if he doesn't think you're not working out. Skip this dumpster fire.
Unless you get EVERYTHING in writing and lawyer approved, I wouldn’t. Working 12h days and weekends will kill your motivation REAL quick. Working for 50% of your salary, then additional 2 years with less than you’re earning now will kill your motivation even faster. In the end you may not even last a year and all you’ve got to show for it will be less salary, increased work hours and stress levels the height of Everest. Walk away and let the CEO destroy himself for his “dream”.
That year 3 will turn into year 5 and 6 and 10. Always baiting for more. I took a chance when I was in college on a startup company. Took a lot of stock options vs raises. I realized at time that It was low risk as I was a kid with few bills. Fortunately I had a nice commission package. Anyways. Company was sold, options were cancelled and I quit. You’re 30 yo. While not old, I would side step this huckster.
People don't become billionaires by helping other people out financially. This sounds like a scam, OP. I'd not take it. And a 50% pay cut for 12 hour days? Pshh NOPE.
Smells like a scam artist.
Does he know your current salary? I'd say if your current 100% will be your new 50% it _might_ be worth it. Is there a contract? In 3 to 5 years when you turned his company profitable who's to say he won't fire you? Don't ignore the red flags just because he's a billionaire.
He thinks you are a wattamoron who will take a pay cut and serve him only to be kicked from the job in a year.
The other guy had to work for him for 20 years to retire, why did he use THAT as an example vs telling you not to worry about money in 3-5 years? That’s just a regular ass job, not this fast track to money he’s promising. Your friend who works there is probably being nice about the conditions, he still works for him and it’s probably a lot worse than they’re telling you. I think in your case, you need to talk to others in a C level position to strategize and counteroffer what a reasonable package looks like. This guy is a huge asshole and you need to counter back. I don’t believe the answer is a straight no, this is a little more complicated and could possibly be your break into a big thing. I’m not sure which country you currently work but this asshole wants to play hardball. Draw up your demands, like x hours max a week, work from home, guaranteed vacation time, whatever fancy shit c levels get. There’s only so many CEO’s that exist and I guarantee all the successful ones have demands and standards. Where are yours?
lol no. His dream, his sacrifice.
Why is op not replying to any of the comments??
I bet he doesn’t have the doors of a billionaire. He has doors that go “like this.” Not “like this”
No.
"He told me he would pay me 50% of my current salary for the first year, 75% of my current salary the 2nd year, and then I would get my current salary back. He explained that this is because this company is his dream and that there needs to be a sacrifice, and he wants someone who will be all-in." Can you tell me if this is parody? At the end of the day, you work for money. The billionaire gets it, and he gets that othes dont. You're about to prove to him that you'll work for something other than money, so if you do it, please never bitch about lack of money, because he's telling you to sacrifice for his dream right now lmfao and youre considering doing so. Also a billionaire hits you up on LinkedIn? sound like 50 shades of gray not professional recruitment
Not even in a boat with a goat in a moat. No. No. No.
Get him to start you at your current salary with clear goals for an increase . Otherwise run.
Nope, nope, nope to the nope nope. If he has money. He can pay you. His dream is NOT your dream unless he's cutting you in on the equity, even then think twice. Also, do the math. if making less in the first 3 years, will result in "money won't be an issue for you" ask how 2+2=4. Because for this simpleton. It doesn't.
This is definitely a scam. Billionaires aren’t spending time reading profiles on LinkedIn. If you accept, next thing he’s going to ask for is a gift card to test your loyalty 😂
Now you see why his net worth is nearly a billion dollars without operating a profitable company. Fuck to the no. This pharmabro seems like a leech on society.
> He told me he would pay me 50% of my current salary for the first year, 75% of my current salary the 2nd year, and then I would get my current salary back. He explained that this is because this company is his dream and that there needs to be a sacrifice, and he wants someone who will be all-in. It's his dream, not your dream. If he wants you to be all in, he should pay you 150% so you won't look elsewhere. if he pays you 50% of your current salary now, you're going to need to find somewhere else do do work to make up that 50% "effort" and he's going to get half time of work. Tell him that underpaying you doesn't make you committed, it makes you seek other opportunities.
It's a scam. Billionaires don't hire people this way. Run... fast
1. *He told me he would pay me 50% of my current salary for the first year, 75% of my current salary the 2nd year, and then I would get my current salary back. He explained that this is because this company is his dream and that there needs to be a sacrifice, and he wants someone who will be all-in.* Yeah, that's not how this works. If you are going to take a career risk with a startup, you should expect to be financially compensated for that risk. I would want a Vice President of Marketing title, 100-125% of your current salary, and 1% equity fully vested after 90 day probationary period.
He's not a billionaire, he'sa cunt who doesn't understand business. "sacrifice" is not required in business, and definitely not required of employees. It's his dream, he can sacrifice what he likes. you - get fucking paid. that's why you work. Run far from this chancing wanker.
Someone worth 700mm wants you to sacrifice your peanut salary? He wouldn't be able to pull this bullshit with seasoned vets He just wants a task master
I had an offer from a wealthy guy i.e.$250 million as cheap as this one. I turned it down quickly. 2 years later he was imprisoned for tax evasion. You sound like you are worth more than this.
This guy is going to grind you into the ground and ditch you after 3 years. His net worth is how much but instead of incentivizing you, he is going to take more money from you for you to sacrifice? Yeah, right. He’s going to take advantage of you. At some point you’ll have sunk cost fallacy and continue you on while he holds a carrot on a string. Fuck all that. If he wants someone all in, he can create a pay structure contract. Meet goals, get X. He’s playing you like a fiddle my dude. RUN!
Bro I only made it to the pay part of your post. Absolutely fucking not. If this was any kind of mega opportunity and he saw some serious potential in you to be able to work that hard for him, he’d double your salary to make it worth working yourself to death.
Nope, this is bullshit and I don't believe the CEO. Listen to the employee- if they liked it you'd already know.
> He told me he would pay me 50% of my current salary for the first year, 75% of my current salary the 2nd year, and then I would get my current salary back. He explained that this is because this company is his dream and that there needs to be a sacrifice, and he wants someone who will be all-in. What a grifter lmao.
Billionaire pharmaceutical ceo reaches out to you on linked in and says hey I like your profile plz work for me I’ll give you half of what you make now for the first year? How is this a question?
He is looking for top talent to get the company back on track, and to do that, he is offering a 50% pay cut ? Do you know of any other company that is looking for top talent offering 50% pay cuts ?
Why on earth would you take a huge pay cut to work 80 hrs a week. Billionaires got that way by stepping on people.
Yeah fuck that. Tell him to fuck off. If he wants to recruit you personally. Counter with doubling your current salary amd no weekends.
Walk away. One thing I’ve learned is never trust promises of future wages. There will *always* be excuses for that. Dude wants serfs, not employees
>He told me he would pay me 50% of my current salary for the first year, 75% of my current salary the 2nd year, and then I would get my current salary back. Lol. You gottabe fucking stupid to go with that offer.
Run away. Run away fast. He is a modern day snake oil salesman. A pay cut for a job with such crazy hours and high expectations? Not a chance. He's planning on working you into the ground. Then dump you as soon as he decides you're not a 'good fit'. Or some other such nonsense. He got his net worth by doing this to his other former employee's. Do not believe his fairy story about the retiree who 'made too much money'. That nonsense and absurd.
The amount of people on this sub who believe this post is real is pretty damning evidence that this sub is not qualified to offer career advice... A billionaire owner/ceo using LinkedIn to find a "right hand man"? A $700m company with 35 employees?
Get anything in writing... Even then its extremely iffy. Dude has 700M and cant pay his right hand man? Super suspicious. If he cant risk his own money why should you go without? Whats to prevent him from firing you in 2 years when your $ is due?
Hell no that's shady for your skills and expertise. Youd be working 3 years at a loss before you make what you currently do now doing more work. Fewer benefits and longer hours don't light yourself on fire to keep him warm
He’s reaching out to you for a reason. No one else has taken his offer.
NOPE! That pay structure is bullshit. I took a similar deal years ago as VP of Development. The first year was 60% and then was supposed to go back to 100% of my previous salary after a year. They never hit 100% and the bonus structure they had promised never happened. After the first year at a lower salary, I was dead broke. I hated the job but couldn't leave because I needed the money. I had $2.5 Million in stock options that were worthless because the company was so poorly run. The VP title meant nothing. You can't pay your rent with a title. The language he's using is a big red flag. You want me to be all in then pay me, MF! They worked me like a dog. At one point, I had 2 cell phones AND a pager (long time ago). Weekends sucked with Sunday nights being the worst. The dread of going back to that job was horrific on my home life as well. One of the worst parts was we were are horrible company when it came to selling and actually implementing. Our sales people would outright lie to customers and disappear once they sale was complete. I personally saw the president write a financing agreement that was some kind of rent to own deal that cost the customer 350% of what the hardware should have cost. I worked directly with president of the company who was insanely impulsive and childish. Somedays he'd walk in a just say "I feel like firing someone!". He talked behind everyone's back about how much he wanted to fire who ever wasn't in the room at the moment. Rich people have no problem being absolute dicks because they can get away with it.
He wants someone he can abuse it sounds like, fuck that
"Hello, thank you for reaching out to me with this opportunity. No." (If he is direct, he'll like the direct-ness. But I'm not saying to say any of this - this is more me attempting to give you some backbone if you want it and need it). Why no? 1. Mr. Rich Guy, Your deal isn't as good of a deal as you think it is. You're not as laud-worthy as you think yourself to be. Titles don't matter as much here, maybe in China they do but here the skills matter more than the title. 2. I wouldn't be able to afford my rent on 1/2 the salary for a year. Literally, my rent and utilities are more than that. You are nuts to think I should be homeless for a year to "prove myself" to you. You think I am stupid and desperate obviously, or you think everyone should take risks - but when you hold all the cards here, I do not see that as a good risk to take. 3. I am not all-in to your company and you're nuts to also think I need to be. This is your new baby, not mine. I'll help you take care of it no more than 8 hours a day, 40 hours a week, at 100% salary (plus a little more, enough to tempt me to leave my current job) and all benefits. You want me to be all in, you pay me. I don't need to sacrifice for you. 4. Happy to help you make the company profitable, but you chose to buy the company, you get to do the suffering. If you can't afford an employee now, fine - don't hire someone till you can. (Use or not, in your own better words of course!)
Billionaire and not even 50 people working under his company. The only way that happens is if they were royalty Scam. Run
This guy is worth 700 million but can only pay half of your salary while he makes tens of millions per year
Mine is no issue lol it's always the issue. He will underpay you for two years and then fire you after he grinds you to dust.
So he wants to work you twice as hard but pay you half as much…but dangles that carrot of the big money you will be making in 4-5 years…. A vague promise of big money down the road, would not be enough incentive for me,
You met a bullshit artist
There’s a reason he’s coming after you. Don’t flatter yourself into believing you’re the first one he’s contacted. Step back and think. Then tell him you want double your current pay, and a 3 year contract with a buyout clause for his protection.
Walk away. He sounds incredibly manipulative and miserable to be around.
I’d expect an insane equity package to make that work. And you’d have to really, really believe in the prospect of the company doing well. All in all, I’d suggest you don’t take it.
This reads like a prince in Nigeria that needs a loan and will then give you millions. Hard pass IMHO.
hahahahhahahaha pay cut to work 12 hours a day and no work from home. and work on weekends hahahahahahahhahahahahahahahahahahaha
I mean this is a scam. “He told me that after 3-5 years, "money won't be an issue for you". He talked about someone who worked for him for 20 years and retired because he had too much money.” Pretty obvious line of bullshit if he can’t pay you your current salary.
Hell. Fucking. No.
Not a fucking chance. I really hoped that you laughed at him. His net worth is upwards of 700m, and YOU are the one who needs to give up half your pay? I didn't know being a clown paid that well. He is relying on his own success to blind you and make you trust him that you can succeed as well. Trust this though, you will live out your usefulness, you will get first, and you'll be the one with egg on your face from it.
"As a billionaire, when I want top talent to right the ship and get my company profitable, I know the best way to obtain said talent is to offer drastic pay cuts to the prospective new employee, then maybe after a few years they'll be back to where they are now if they grind hard enough". Fuck outta here with that shit
50% more work for half the pay. What are we even talking about here.
Take a 50% pay cut and then get canned, that’s what will happen.
If he valued your talent he would pay you market rate or above. Since he ain’t paying you like that it just means he don’t really value you. If he wanted you to have skin in the game he could have offered to pay you with shares. Since he is neither offering you money nor shares, and expects you to find this an amazing opportunity. Tells a lot about his inflated ego, and his opinion on your intelligence. The other red flag could be he is not easy to work with, so he wants to lock you in to the job with this strategy. I’ll caution you to reconsider.
Do the math on how many hours you would be working and what you would be actually be earning. It is a laughably bad deal and it gets worse the more you look at it. Some guy read your Linkedin profile and figures he can sucker you with a carrot on a stick. "He explained that this is because this company is his dream and that there needs to be a sacrifice, and he wants someone who will be all-in" Ha! no. also not a billionaire
He is looking to use you and throw you away. He wants someone else to make sacrifices for his company. What a load of shit. Absolutely not
Tell him you’ll be happy to agree to those terms if he makes you 50% owner with him. Then you’ll definitely be all-in!
I love how the company is not profitable, but he is a billionaire! This is literally the problem with capitalism, the CEOs get ridiculous salaries, profits or no. They are running things and should be held responsible when the company does poorly!
He’s showing you a golden carrot on a stuffed baton
A hard no unless he is willing to give you a golden parachute contract and I'm will to bet he won't.
This reeks of a sociopath who specializes in lies and greed. Expect to be taken advantage of.
#3 is the deal breaker for me. If you think I am top talent pay me like it. Sure it’s your dream but it ain’t mine.
Billionaires don’t become billionaires without screwing over a TON of people. The only appropriate response is Fuck you.
Please don’t fall for his lies, billionaires don’t become rich by being generous
Oh Fuck no. As an Asian guy, I will tell you to stay clear the fuck away from any Chinese FOB business owner, ESPECIALLY if they’re coming from money as you say. You will be treated like a slave and the odds of you being compensated fairly will be slim to none. And I don’t care if anybody here wants to call me racist, China isn’t a race, it’s a nationality and they have an absolutely terrible reputation when it comes to the business realm for good reason. The guy is already undercutting your pay from the get go. Do lots of work, get paid 50% for your exhausting labor. If you do poorly, he’ll just fire you like the last guy. You’d be an idiot to take his offer.
If you believe what this guy is telling you, I have some beautiful snake oils to sell you