- Fave founder Joel Neoh discusses startup exits.
- Acquisition challenges include goal misalignment.
- Founders should plan carefully, know when to leave.
Joel Neoh, former CEO of Fave, recently opened up about his experiences with startup exits.
His most challenging? Selling Fave to Pine Labs for over $45 million in 2021. Neoh emphasized the importance of discussing future plans during acquisitions, not just past performance.
ESOPs and cultural shifts
Post-acquisition, Neoh faced unexpected challenges. Different vesting schedules for founders and employees created misaligned goals.
The shift from “basketball to football” left some team members struggling to adapt. Neoh now advises putting all founding members on the same vesting schedule.
New horizons
After 15 years of entrepreneurship, Neoh decided to step down as Fave’s CEO in 2023. Despite leaving millions on the table, he felt it was time to move on.
Neoh views companies as entities with their own lives, seeing founders as temporary guardians rather than permanent fixtures.
To read the original article: https://www.techinasia.com/fave-founder-opens-challenging-exit-left
