Equity & Fundraising

Real decisions. Real numbers.

Equity, cap tables, fundraising, and exits.

Topics

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Scenarios

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Equity Basics

Vesting, cliffs, strike prices, and offer letters

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SAFEs

How early-stage funding instruments work

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Liquidation Preferences

Who gets paid first when a company exits

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Tax

AMT, 83(b), NSOs, ISOs, and disqualifying dispositions

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Founder Equity

Co-founder splits, vesting, and the option pool shuffle

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409A Valuations

How common stock is valued and why it matters

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RSUs vs. Options

Which equity type fits your situation

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Cap Table Basics

Reading ownership, dilution, and red flags

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QSBS

The tax exclusion that could save you millions

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Equity Incentive Plans

Option pools, grant agreements, refresh grants, and exercise windows

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Profits Interests & PIUs

LLC equity, hurdle rates, K-1s, and the W-2 to partner transition

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Exits & Liquidity

IPOs, acquisitions, lock-ups, tender offers, and acquihires

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Pre-Seed Benchmarks

What does a normal deal actually look like in 2025?

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