I am in the process of being courted by a former employer to head up the finance function of a new company. The role would be a mix between controller and
Looking for suggestions on negotiating Compensation/Benefit package for new opportunity
Answers
Congratulations. You are in a great spot. I recently was in the same situation about a year ago. One of the primary paths to financial success is ownership. If you can negotiate a piece of ownership in lieu of a higher wage and bonus, I think you will be far better off in 10 years. You will probably have to sacrifice something now, but far better to give up $10,000 - $20,000 in wages for a 5% or 10% piece of the pie later on.
Good luck
One added option.... make sure that your performance (increases, bonuses, etc) is tied to specific and measureable goals. Also make sure that growth OF the company is tied to YOUR growth (financially). If you can negotiate for stock options...the better.
Hubris can get you in trouble. Fast.
Don't assume you have leverage. You have little idea what options they may be considering should things not work out with you. If they are as seasoned as you indicate, believe me, they have alternatives in mind.
Figure out your own needs. Negotiate from there while taking their needs into account as well. Win-win is a good approach.
I have seen people negotiate sign on bonuses, 20+ days of PTO, car allowance if there is a lot of travel required, cell phone plans.. I agree with others, I would ask what their plans specifically for you and your growth in the company are as well. Make sure whatever the final outcome is that you are happy, comfortable and everything is in writing.
Sounds like an awesome opportunity! Good luck!