I hired Mitchell when he was still young and inexperienced, but I took a chance on him
I'm in a collar shirt, hair trimmed that week, in some cafe in Santa Monica. It's the first time we've met in person and he's offering me co-founder equity and a generous salary.
Mitchell volunteered to cut his own salary by 50%
"We have two months runway and we need to make payroll cuts. Now's your out."
I chuckle. "What's another two months?"
A few months after the cuts, we're looking at the sales numbers on Stripe.
"You seeing this, chief?" I ask in the call. The product launch brought us back from the brink.
Mitchell was the frontrunner in my mind to replace me as CEO
"I'm honored to be appointed as CEO." I look at my notes, then crumple them. "I, I… didn't think we'd make it. Not this far. We did. And we have a lot more work to do."
The company hit new all-time highs in profitability, headcount, and readership under his leadership
"We've been crushing it. So I'm happy to announce a benefits and profit-sharing program." Clapping fills the all-hands.
Then the markets soured again. A mediocre plan executed at the ideal time is better than a perfect plan executed too late. Mitchell likes perfect plans… he opted to reduce his own salary and that of the executive team, all while trying to retain as many employees as possible
"I'm sorry. At the end of today half of you won't be here anymore."
The call erupts into goodbyes. Many talk about how much they loved working here.
Over the course of three quarters, he had to lay off around 15 people, 75% of the company. He almost resigned
I turn off my camera because my face is damp.
"I don't know if I can do this anymore," I tell him.
"There isn't anybody else."
I hang up. He calls again.
I had to give him quite a bit of reassurance to set his head straight. He let necessary decisions get to him
I stick a piece of the sushi in my mouth and gag, spitting it back into the plastic tray. I haven't eaten in two days. Today is the third round of layoffs.
Mitchell flew out to meet with me and we worked together for several months to turn the company around
There's a knock at the door. "You okay in there buddy?"
It's almost 1:00 PM. I'm staying in his guest room. It's lined with mirrors. When I sit up, I see hair to my shoulders for the first time.
"Yeah," I shout. "I'll be downstairs in ten."
Over the course of four months of painful cuts, we put things back on course
I'm hunched over in a lawn chair next to a few beer cans.
"I know how things are going but you should still take a salary," he says.
I dig around in the near-empty carton and pull out two cigarettes and hand him one. When I flick the sparkwheel the lighter tumbles to the ground.
After having worked with Mitchell for four years he has my highest recommendation for your MBA program
It finally lights, and I take a long drag.
"No, I've taken enough."