Waterfall Mechanics in Exits: Liquidation Preference Stacking
Every exit whether a strategic sale, a secondary transaction, or an IPO-linked liquidity event, All comes down to a single question that founders and board members consistently think or underestimate: who gets paid, in what order, and how much. The answer is rarely “everyone shares proceeds proportionate to ownership.” It is determined by liquidation preference […]
Waterfall Mechanics in Exits: Liquidation Preference Stacking Read More »