The founder of a startup bought by WeWork describes how he almost destroyed his 7-year-old company in the span of 24 hours over one simple mistake
Adam Neumann, CEO of WeWork, one of the big, private companies held by mutual funds at different valuations.On Twitter, Fano said the acquisition process moved quickly, closing in just 25 days.
"We spent 7 years building an amazing culture of trust and transparency, and in a span of 24 hours, almost lost it all," Fano wrote."Caught up in trying to get the deal done, we lost sight of how this process would make everyone feel." Fano said CASE told its workers of the WeWork acquisition and asked them to return signed documents within 24 hours. The entire process took less than a month from when a verbal agreement was reached to when the deal officially closed.
The transaction put many of the firm's employees in a tailspin, Fano said. CASE was given less than two weeks after the letter of intent was signed to officially close the deal by informing employees and getting the workers to review WeWork's employment agreement.
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