Podknife - If a Startup Sinks, Founders Go Down With It by Startup Therapy

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If a Startup Sinks, Founders Go Down With It

Podcast |: Startup Therapy
Publisher |: Startups.com
Media Type |: audio
Podknife tags |: Business,; Entrepreneurship,; Health,; Mental Health,; Startups
Categories Via RSS |: Business
Publication Date |: Nov 21, 2022
Episode Duration |: 00:46:09

Description
iTunes Summary

In today’s Startup Therapy Podcast, Wil and Ryan discuss what will happen to the founder when the Startup company goes down. When a company starts to wind down, you might be shocked how everything maps back to the founder, from office leases to subscriptions, and now all of a sudden these company liabilities become your personal liabilities. How can you avoid this from happening to you?

Sign up for the Startups Newsletter

https://www.startups.com/newsletter

Resources:

Startup Therapy Podcast
https://www.startups.com/begin
Join our Network of Top Founders
Check in with us on LinkedIn | Wil Schroter | Ryan Rutan

What to Listen For

00:00 Intro
02:50 You’re stuck with the liabilities
08:27 Who pays the wind-down entity?
10:58 Filing for personal bankruptcy
14:14 Everything maps back to you
16:48 Adding more liabilities
19:37 Creditors will follow you
21:18 Can you sign under the company’s name?
23:59 How safe are you inside the corporate veil?
28:52 Buying the good stuff only
32:15 Typical timeframe for winding down a company
33:42 The personal liability is the scariest part
36:32 Be mindful of what you sign and don’t keep adding liabilities
38:09 Treat those liabilities as your own
40:05 You can renegotiate
41:36 No long term agreements

Sign up for the Startups Newsletter

https://www.startups.com/newsletter

Resources:

Startup Therapy Podcast
https://www.startups.com/begin
Join our Network of Top Founders
Check in with us on LinkedIn | Wil Schroter | Ryan Rutan

What to Listen For

00:00 Intro
02:50 You’re stuck with the liabilities
08:27 Who pays the wind-down entity?
10:58 Filing for personal bankruptcy
14:14 Everything maps back to you
16:48 Adding more liabilities
19:37 Creditors will follow you
21:18 Can you sign under the company’s name?
23:59 How safe are you inside the corporate veil?
28:52 Buying the good stuff only
32:15 Typical timeframe for winding down a company
33:42 The personal liability is the scariest part
36:32 Be mindful of what you sign and don’t keep adding liabilities
38:09 Treat those liabilities as your own
40:05 You can renegotiate
41:36 No long term agreements

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