Ask HN: Cofounder signed off on Sales Agreement and has disapeared. What now?
I was involved in a prior start up over a year ago, which to make a long story short, I sold my interest in to the founder. Now, the founder (who relocated overseas) has become non-responsive and unreachable by any means of communication, and has yet to fulfill the obligation of the sales agreement.<p>1) Has anyone else been in a similar situation?
2) What are my options?<p>Any and all advice is welcomed, thank you for taking the time to read my post.
2 comments
How much is involved? Is it worth to pursue it? Have you tried sending him a registered mail? So he just disappeared when it's his time to pay? I guess to him it is probably a calculated decision if the money he owes you is more than the money he could get from owning the extra shares.
Fortunately, it's not much money - Unfortunately, I don't know where exactly he went. His move was part of the reason myself and the others involved decided to sell our interests. The main thing I'm disappointed about was the time and effort I spent devoted to the project is nowhere near the compensation we decided upon in the contract. Thanks for taking the time to respond to my post.
Tough one. I've now had similar collections struggle experience with two months of my labor performed on credit terms, now 3 months late to be paid. Lesson: payment uncertainty must not be discounted.
Thank you for your reply g2bsocial. What avenues are you considering going through to collect on your accounts receivable?