Questions I am getting lately from my Airbnb clients “ where is this place, hope it’s not flooded”. Location is everything in business. Really pitying people in flooded areas running businesses
Wondering 🤔 , Shortlet businesses in Ikate and flooded areas in lekki, how are you surviving & explaining this to international guests who don’t reside in Lagos that this is a norm. I predict that a lot of properties will short down because no English can explain this one.
I watched this happen out of the blue, a painful and life changing experience. It’s easy to miss the signs when you’re pushing every day with a singular focus on growth and progress, believing everyone is getting along.
This kind of talk is exactly why founder agreements should be signed when everybody still likes each other.
Not when the company has raised money.
Not when egos have entered the room.
Not when “negative energy” has started flying around.
At the beginning !!
What Iyin described is very common in startups. One founder is driving execution. Another founder believes the company is ultimately his vision.
Then the company starts growing and the real question shows up…
Who actually has the final say?
Who controls hiring?
Who controls product decisions?
Who controls the money?
What happens if one founder wants to leave?
The interesting part is not that he left. Founders leave companies all the time.
The interesting part is that the exit appears to have happened without the kind of public warfare that destroys companies.
That usually means there was some workable framework for separation, whether through vesting, share transfers, buy-back rights, negotiated exits, or a combination of them.
That usually does not happen by accident.
It often means there was some workable framework for separation, whether through vesting arrangements, share transfers, buy-back rights, negotiated exits, or some combination of them.
Many startups never put these things in place.
Then the relationship breaks down and everyone starts searching for documents that should have been signed on day one.
A few lessons for founders:
• Founder agreements should address what happens if the relationship breaks down long before it actually does.
• Decision-making authority should be clear. A surprising number of founder disputes are really arguments about who was supposed to be in charge.
• Shareholders’ agreements should deal with exits, board seats, voting rights, and what influence a departing founder retains after leaving.
The best time to plan for a founder exit is when nobody thinks one will ever happen.
That is usually when everyone is still getting along.
“I want to appreciate Lagos State Governor, Babajide Sanwo-Olu, for inviting us. It takes a lot of selflessness to invite other states to take advantage of a platform to market themselves, and I assure you I will not demarket you as I market myself. Lagos is a mega city. If you ask me, I would say it is overpopulated, and that is why it is good for other states to begin to grow. We cannot all be mega cities like Lagos, but there are things we can take from Lagos.”
— Abia State Governor, Alex Otti, speaking today at Invest Lagos 3.0
“Paid 10,000 BTC for pizza 🍕”
On this day in 2010, the first Bitcoin transaction changed finance forever.
Happy Bitcoin Pizza Day to everyone building, trading, holding, and spending crypto 💸