In this episode of Fireside with a VC, Andrew Romans explains how VC secondaries really work in large private companies — and how buyers and sellers can avoid common mistakes.

We cover:

· Secondaries vs. primaries

· Stock transfer permissions and why deals get blocked

· ROFRs and the ROFR price

· Direct to cap table vs. layered SPV structures

· How to calculate the all-in cost (with or without carry)

· Fake brokers, daisy chains, and wasted time

· Liquidity post-investment

This episode draws on 20 years of experience, 70 SPVs, and five pooled VC funds.

🎙️ More episodes: https://www.7bc.vc/podcast

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📩 Contact Andrew: [email protected]

Important: This content is for informational and relationship management purposes only. It is not an offer to sell or a solicitation of an offer to buy any security. Any offering will be made only to eligible investors, through private communications, pursuant to applicable offering documents, and only where permitted by law.