“This will be our best chapter yet.” These were the words spoken by the CEO on our 5/10 All Hands call. Keep in mind, this was said amidst another round of layoffs where Luke Schoenfelder promised more to come. There were people who jumped on board with LATCH only to be fired weeks/months later. This is icing on the cake, however…
The cake: as of 4/8, the entire sales team’s comp plan was gutted. Keep in mind, the deal cycles in the b2b space are long but when you pair that with an 18-24 month build time (since LATCH’s products are primarily coveted for new construction) you realize that you won’t be getting paid for a long time. And even when you do get paid, it won’t matter because you’re never hitting multipliers here since the quotas are outrageously high.
And about those quotas… they were based on numbers that the company had admitted were completely off. So I’m reality, when you think about, LATCH is just not trying to pay their sales reps.
Don’t get me started on lack of a tech roadmap and no real future vision. LATCH 2.0 the company’s newest endeavor is interesting, but doesn’t look like it will be enough to save the company.
RSU grants are a joke since the CEO thinks he’s Steve Jobs but can’t run the company accordingly. Theranos comes to mind here… run, don’t walk, from this place. It’s a sinking ship.
