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Understanding Secondary Market Transactions with Becki DeGraw | Wilson Sonsini Startup Legal Basics
Today’s show:
Wilson Sonsini Partner Becki DeGraw joins Jason to kick off another series of Startup Legal Basics! In this episode, they break down secondary market transactions, including the evolution of secondaries (00:50), trends in the industry (3:16), critical aspects of Qualified Small Business (QSBS) stock(20:06), and much more!
*
Time stamps:
(00:00) Wilson Sonsini Partner Becki DeGraw joins Jason
(00:50) The increased use of secondary markets
(3:16) How companies staying private longer influenced the rise in secondaries
(4:25) Determining how much founders should be allowed to sell
(6:21) Spending more than a company is worth
(9:26) The Pari-Passu concept explained and how it applies to early investors, founders, and employees
(10:38) Who gets to sell pre-IPO
(12:44) Off the cap table transactions and hypothetical scenarios
(18:26) Tender offers and the NASDAQ secondary market
(20:06) The critical aspects of qualified small business (QSBS) stock
*
Check Out Wilson Sonsini: https://www.wsgr.com/en/
*
Read LAUNCH Fund 4 Deal Memo: https://www.launch.co/four
Apply for Funding: https://www.launch.co/apply
Buy ANGEL: https://www.angelthebook.com
Great recent interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland, PrayingForExits, Jenny Lefcourt
Check out Jason’s suite of newsletters: https://substack.com/@calacanis
*
Follow Jason:
Twitter: https://twitter.com/jason
Instagram: https://www.instagram.com/jason
LinkedIn: https://www.linkedin.com/in/jasoncalacanis
*
Follow TWiST:
Substack: https://twistartups.substack.com
Twitter: https://twitter.com/TWiStartups
YouTube: https://www.youtube.com/thisweekin
*
Subscribe to the Founder University Podcast: https://www.founder.university/podcast
View all episodes
By Jason Calacanis
4.2
12441,244 ratings
Today’s show:
Wilson Sonsini Partner Becki DeGraw joins Jason to kick off another series of Startup Legal Basics! In this episode, they break down secondary market transactions, including the evolution of secondaries (00:50), trends in the industry (3:16), critical aspects of Qualified Small Business (QSBS) stock(20:06), and much more!
*
Time stamps:
(00:00) Wilson Sonsini Partner Becki DeGraw joins Jason
(00:50) The increased use of secondary markets
(3:16) How companies staying private longer influenced the rise in secondaries
(4:25) Determining how much founders should be allowed to sell
(6:21) Spending more than a company is worth
(9:26) The Pari-Passu concept explained and how it applies to early investors, founders, and employees
(10:38) Who gets to sell pre-IPO
(12:44) Off the cap table transactions and hypothetical scenarios
(18:26) Tender offers and the NASDAQ secondary market
(20:06) The critical aspects of qualified small business (QSBS) stock
*
Check Out Wilson Sonsini: https://www.wsgr.com/en/
*
Read LAUNCH Fund 4 Deal Memo: https://www.launch.co/four
Apply for Funding: https://www.launch.co/apply
Buy ANGEL: https://www.angelthebook.com
Great recent interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland, PrayingForExits, Jenny Lefcourt
Check out Jason’s suite of newsletters: https://substack.com/@calacanis
*
Follow Jason:
Twitter: https://twitter.com/jason
Instagram: https://www.instagram.com/jason
LinkedIn: https://www.linkedin.com/in/jasoncalacanis
*
Follow TWiST:
Substack: https://twistartups.substack.com
Twitter: https://twitter.com/TWiStartups
YouTube: https://www.youtube.com/thisweekin
*
Subscribe to the Founder University Podcast: https://www.founder.university/podcast
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