jackofallsales

Remote Closer + Entrepreneur

What Do You Wish You Knew Before Joining a Series A?

Hey savages,

I'm at a bit of a crossroads.

I've got a company in the Web3 space that a friend/former colleague is consulting for that has offered me a Head of Sales position. For privacy, I'll keep the details to a minimum but basically they've completed their Series A and are ready to bring on new customers.

They have a working product, and now it's just about going out and getting the business. I do actually believe their product is pretty slick and is very much needed and in-demand in their industry.

They have an industry event next week that they'd like to fly me out for and cover all my expenses to meet the team, guage the industry/opportunity and basically give things a trial run.

I've been presented the compensation plan, which I have yet to give any feedback or adjustments to. It'd be largely commission-based which is what I'm used to. There is an equity portion but it would be only 10% of OTE.

I've dealt with some small companies before but this would be the smallest. I've had leadership positions so I've got experiencing managing people.

If I go to this event next week, what should I be looking for and what questions should I be asking before committing to the role?

TIA!

TLDR: Opportunity at a Series A company, what do you wish someone had told you before joining?

15

24 comments

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braintank

Politicker

5

Enterprise Account Executive

Series A, web3, no customers, low base... Tell me more 🙄

ADudeBeingAGuy

Politicker

2

Account Executive

Don’t worry it’s a rocketship 🚀🚀🚀🚀

cashmachine

Politicker

1

AE (Account Executive)

knew i’d see you here

braintank

Politicker

3

Enterprise Account Executive

It's like a bat signal

jackofallsales

Contributor

0

Remote Closer + Entrepreneur

They do have customers already. Compensation is very negotiable still.

Any insight on what to ask for in terms of pay?

UrAssIsSaaS

Arsonist

4

SaaS Eater

My thoughts on this type of move are -
here: https://bravado.co/war-room/posts/why-joining-that-series-a-is-a-bad-idea

and here: https://bravado.co/war-room/posts/comprehensive-guide-for-moving-to-a-startup

I also wrote an academy article on a similar topic if you want to check it out but its basically just summarized the two links above.

Beyond what @braintank alludes to, do you have any experience being the first salesperson at a company?

braintank

Politicker

5

Enterprise Account Executive

I have my own post on this topic too: https://bravado.co/war-room/posts/somewhat-comprehensive-guide-to-avoiding-a-toxic-startup

jackofallsales

Contributor

0

Remote Closer + Entrepreneur

I wouldn't be the first sales person, they have a couple already but they need leadership and someone to take the reigns.

But no, I don't have experience being the first.

TennisandSales

Politicker

1

Head Of Sales

this is a key piece of info! if they have reps that are closing deals that is super important.

CatMom

Politicker

4

Account Executive

Wish I would’ve known more about the sale before accepting the comp plan. They basically googled sales comp plans and copied and pasted and I didn’t ask enough questions about the contracts I would be selling to know that the comp plan had some decent flaws with multi-year contracts and renewals. I wish I would’ve asked more questions about what’s not working well and had a better understanding of some of the short term goals. Honestly it’s super risky going to a series A right now so I say just negotiate that comp and get your base as high as you can. Everything else I feel like they’ll sugar coat so much anyway it won’t matter what questions you ask.

TennisandSales

Politicker

1

Head Of Sales

I would talk to as many people as possible and found out if they think the problem that your product solves.....is actually a problem.

my biggest fear is that there is a product that is awesome, but no one wants it.

even if it makes sense, there is a risk its too early and no one will want it.

I would also be 100% making sure the comp plan is NOT majority commission based.

For a series A in the Web3 space, i would want a 70/30 base/ commission split.

jackofallsales

Contributor

1

Remote Closer + Entrepreneur

Good advice.

I'm going to go to the industry event. Should be a fun time and if they're paying, I don't have much to lose as I was waiting for another company to onboard me anyway.

That's good advice on the 70/30 base. Very different than my 100% commission track record though, haha!

braintank

Politicker

3

Enterprise Account Executive

I'd take everything you see at a web3 industry event with a grain of salt. Likely a massive circle jerk. And looking at the web3/crypto space, many of the companies in attendance may not exist next week.

A top VC who spoke at our SKO had great advice for uncertain times: If it's not one of these, it's fluff: Drives revenue growth Saves money (Strong ROI) Reduces risk

jackofallsales

Contributor

2

Remote Closer + Entrepreneur

Forgive the ignorance, I'm not following your second statement.

Could you restate that like I'm a golden retriever?

braintank

Politicker

4

Enterprise Account Executive

Sorry, formatting got whacky.

A Series A is not going to survive this climate unless it:
1) Drives revenue growth
2) Saves money
3) Reduces risk

This isn't coming from me, it's what the lead at one of silicon valley's biggest firms told our entire company a few weeks ago.

My take, no web3 company does any of those 3.

TennisandSales

Politicker

0

Head Of Sales

oh damn. yeah you need to get out of that 100% commission role like ASAP. check with RepVue on what AEs make right now so you know what you ar doing and dont sell your self short.

Remember this is still a big risk so protect yourself as best you can (Solid base, and direction on how to make the biggest impact)

Pachacuti

Politicker

0

They call me Daddy, Sales Daddy

What do I wish I knew? Its more high risk than high reward.

Gasty

Notable Contributor

0

War Room Community Manager

Maybe look for Offer B too?

jackofallsales

Contributor

0

Remote Closer + Entrepreneur

Haha, yeah I'm going to go to the event for my own personal networking as much as it is to determine the fit for the company.

jefe

Arsonist

0

🍁

I'd be worried about the no/low base.

cornerback16

Valued Contributor

0

Strategic Accounts

Are current clients beyond Proof of Concept stage? My place listed loads of clients that weren’t ‘really’ paying to me. I’d really dig here. Contract lengths etc.

Who are your competitors? More so for the answer. I know our founders told our Account Director we had none which isn’t true or even that good.

KingofGIF

Politicker

0

AE

I wish I knew how to say no thanks faster.
Listen, former first sales hire at Series A company that laid off 60% of their staff at the start of the month:
-Vet the founders as you would your future spouse. No exits? Unclear exit strategy? Micromanaging? and most importantly, the state of founding sales.

666ABC

Good Citizen

0

RM (Relationship Manager) Director of Sales

If I were to join a Series A in high level management capacity, I would understand it is a big gamble. Big gambles need to pay off or they are not worth it. Ask yourself if it is to work out, what do you need to make it happen. Demand both the resources you need, and some measure of control when it comes to the overall decisions being made. It sounds like they could just want someone to point their fingers at when it doesn’t succeed. Remember what they are asking you to dl for them, they are putting you in charge of bringing in the money. You need to be sure you will have the power and resources you know you will need in order to satisfy their targets. Develop a clear idea of how that would have to play out, and possibly give yourself an out, or w parachute if you can negotiate it. You are treading in uncertain waters, and that means you better have everything you need to survive doing so.. There should be a massive potential upside.

Xampling

Old School Bravo

0

Business Development Manager

I am not sure if this will still be relevant to you seeing that today is already Friday. However, from my experience as someone leaving a Series A, I will advice you find a way to know their burn rate.

Often times, Series As are quick to scale leading to huge overhead that competes with revenue.

Their burn rate and revenue is a window to how much gas is left in the tank for a long journey.

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