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E121: Liquidation Preferences and Vesting are your Ticket to Ride
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E121: Fundraising terms are critical to successful startup growth and to successful exits for Founders and Investors.
Arguably the most important term for Founders may be the Vesting terms that determine their take at exit. For Investors, it's the Liquidation Preference that determines their position in the line to get money after a liquidity event (and even which line(s) they are are in).
With such critical downstream effects, these terms warrant awareness and careful scrutiny. David and Paul discuss the principles and precedence that guide these terms and explain how they can work for or against Founders and Investors. We review some of the pitfalls are illustrated in The FanDuel Exit Fiasco as explained in detail by Chris Harvey, Emerging Fund Lawyer. Have a question or comment? (Recorded 5/28/24.)
Follow David on LinkedIn or reach out to David on Twitter/X @DGRollingSouth for comments.
Follow Paul on LinkedIn or reach out to Paul on Twitter/X @PalmettoAngel
We invite your feedback and suggestions at www.ventureinthesouth.com or email david@ventureinthesouth.com. Learn more about RollingSouth at rollingsouth.vc or email david@rollingsouth.vc.
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