Washington State At-Will Employment: What You Need to Know
Washington State is an At-Will Employment State. That means that employers do not need to provide cause or give notice before firing an employee....
– Mike Anderson, Founder & CEO
One of the less visible, but most impactful, shapers of PayNW is our adherence to the concepts of being an evergreen company. It’s not about our deep Pacific Northwest roots (which we have), or that we actively recycle (which we do), but instead, it’s about our core ambition to build a company that endures and thrives for the long haul.
Traditionally, there were two paths for a company: either become a small business that makes a nice living for the owner, or take on a lot of outside money to fuel to a major, lucrative exit (be bought, go public). Neither one of these paths felt particularly satisfying to me, the founder, and certainly didn’t match my overall vision when I founded PayNW in 2007. If I had a dollar for every person who asked me “So, you’re trying to build this company to flip it to a larger company?” and combined that with a dollar for every private equity fund or individual investor who “wants to have a conversation” about providing us more capital, well, I’d have a lot of dollars and could exit! Instead, I’ve chosen a third path – that of the evergreen company.
From the time I was first exposed to the principles of evergreen companies as espoused by the The Tugboat Institute, I knew I had found a set of beliefs and a framework to match my vision. According to Tugboat, evergreen companies are defined by the 7Ps (7 principles). It is these 7Ps that guide us every day, drive the decisions we make, and help PayNW live out its purpose and reason for being. By living these principles we are better able to attract and retain top talent and leaders, better able to attract customers looking for a longtime partner, better able to assure our vendors and suppliers that we’re here for the long haul, and better able to connect with our local community. Following the 7Ps makes us a better company.
So, briefly, what are these 7Ps? Here is a quick rundown of how these principles drive our business for enduring, sustainable value creation for our customers and company. For a deeper dive, check out The Tugboat Institute’s website.
PayNW intends to be around for a very long time. Far longer than me, the founder. Longer, actually, than anyone currently working here. To do that, we need to continue building and developing based on a set of principles that serves our customers and our larger purpose.
Washington State is an At-Will Employment State. That means that employers do not need to provide cause or give notice before firing an employee....
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