Take the Money and Run

Take the Money and Run

Lot18 Is Straight-Up Paying Unhappy Employees to Quit

(Photo: Foursquare)

On Thursday night, Philip James, the oenophilic founder and CEO of the well-funded wine and artisanal sales startup Lot18, was confident, bordering on blustery. The wine market is bigger than the entertainment market, Mr. James told an audience that had gathered at the Seamless office for an Internet Week panel, adding that Lot18 rejects 93 percent of vendors who apply to sell there.

Some of that braggadocio came through last week  in a company-wide meeting, where Mr. James announced an offer to buy out some of his own employees.

If you’re unhappy at Lot18, he told employees, I will pay you a month’s salary to leave now.

So far, six seven people have accepted the buyout. Read More