The short answer: 30 to 90 days from your first conversation with Earlyasset Capital to cash in your account. Most transactions close within that window. Some take longer depending on the company's processes and your documentation. Some move faster.
Understanding what drives the timeline is important because it helps you know what to expect and where delays can happen. Let's walk through the phases.
The Four Phases of a Secondary Transaction
Every secondary transaction has roughly the same workflow. Breaking it down into phases makes the timeline concrete.
Phase 1: ROFR Period (typically 30 days)
Once Earlyasset Capital makes you an offer to buy your shares, the company is legally notified of the transaction. Under most shareholder agreements, the company has a right of first refusal (ROFR) - meaning the company gets a window to step in and buy the shares itself at the same price Earlyasset is offering.
That ROFR window is typically 30 days. The company uses that time to review the transaction, consult with its lawyers and board, and decide whether to exercise (buy the shares itself) or waive (let the transaction proceed with Earlyasset Capital). Sometimes companies waive ROFR in days. Sometimes they take the full 30-day window.
If the company exercises ROFR, the transaction is off - the company is now the buyer instead of Earlyasset. If the company waives, you move to phase 2.
Key Concept
Right of first refusal (ROFR) is the company's contractual right to buy shares before a third party. It's a standard protection for companies in shareholder agreements. Earlyasset respects this fully - the company always gets proper notice and a full ROFR window.
Phase 2: Due Diligence (typically 1-2 weeks)
Once ROFR is waived, Earlyasset Capital conducts due diligence on the transaction. This means verifying the details of your equity grant, your vesting schedule, any restrictions on transfer, and confirming that the share class and grant agreement match what you've told us.
This phase typically takes 1 to 2 weeks. It's usually straightforward - Earlyasset reviews your grant documents and any transfer restrictions in the shareholder agreement. If something doesn't match or if there are unusual restrictions, this phase can extend longer as we clarify details with you or the company.
Phase 3: Documentation (typically 1-2 weeks)
Once due diligence is complete, the legal documents are prepared. This includes the stock purchase agreement (the actual transaction), representations and warranties, closing conditions, and any ancillary documents. Earlyasset's counsel prepares these, and they're sent to you and the company for review.
You review and sign. The company reviews and signs. If anyone has questions or requests changes, this phase can extend. Most transactions don't require major changes - standard forms and straightforward terms move quickly. Unusual structures or special conditions can slow this down.
Example
You get the stock purchase agreement on a Monday. You review it Tuesday, have questions Wednesday, Earlyasset's counsel responds Thursday, you sign Friday. The company receives it the same Friday, reviews over the weekend and Monday, and signs by Wednesday. Total: 10 days in documentation. That's typical.
Phase 4: Settlement (typically 3-5 days)
Once all documents are signed, settlement is the final step. Your shares are transferred to Earlyasset Capital. The company updates its cap table and shareholder register. The transfer agent (if one is used) records the transfer. Earlyasset Capital sends you payment for the shares.
Settlement typically happens within 3 to 5 days of the last signature. In practice, it often happens the same day or the next day once all parties have signed - there's no benefit to waiting.
What Can Slow Things Down
That 30-90 day window assumes a straightforward transaction with solid documentation. Here are common delays:
Incomplete shareholder documentation: If you don't have copies of your equity grant agreement or shareholder agreement, or if the company's records don't match what you have, this can cause delay. The company might need to go back and find the original documents. Earlyasset encourages you to organize your documents up front - it dramatically speeds this phase.
Cap table issues: If the company's cap table is disorganized or outdated, verifying your position can take longer. If the company has poor record-keeping, ROFR notification and response might be slower.
Company responsiveness: Some companies move slowly on ROFR decisions or document review. A company with a decisive process can waive ROFR in days. A company that requires multiple layers of board approval might take the full 30-day window. This is outside Earlyasset's control.
Unusual transfer restrictions: If your shareholder agreement has special restrictions on transfers - beyond the standard ROFR - those might require additional legal review or company approval, extending the timeline.
Tax or legal questions: If questions arise about how the transaction affects your tax situation or if you need time to consult advisors, that can extend timelines. Earlyasset doesn't pressure you - if you need time, take it.
How Earlyasset Keeps Things Fast
Earlyasset's model is designed to be faster than marketplace alternatives. With a marketplace, you list your shares and wait for buyer interest - that alone can take weeks or months. With Earlyasset Capital as a direct buyer, there's no "finding a buyer" phase. If you qualify, Earlyasset makes an offer immediately. You accept or decline. From there, it's the standard four phases above.
Earlyasset also uses streamlined documentation - standard forms, clear terms, no unnecessary complexity. Earlyasset's legal team has processed hundreds of transactions, so they move efficiently without sacrificing rigor.
SecondaryOS, Earlyasset's company-facing product, also accelerates timelines. It automates ROFR notifications, tracks deadlines, and streamlines the company's review process. Companies using SecondaryOS often waive ROFR faster because they have visibility and structure around the process.
Important: The 30-90 day timeline assumes you're transacting with Earlyasset Capital, a direct buyer. If you're going through a secondary marketplace, timelines can be longer because the marketplace has to find a buyer, match you, and negotiate terms. Direct buyers like Earlyasset Capital are inherently faster.
How to Help Move Your Transaction Faster
You can influence the timeline on your end. Have your equity grant agreement and shareholder agreement ready from the start. Know your cost basis, your vesting schedule, and any transfer restrictions. Respond quickly to Earlyasset's due diligence questions. Review and sign documents promptly when they come to you.
These steps don't just help Earlyasset - they help the entire process. Quick responsiveness from you means phase 2 and 3 move faster. From there, it depends on the company, and that's outside your direct control.
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Price estimates are provided for informational purposes only and do not constitute financial, investment, or legal advice. All transactions respect the company's right of first refusal (ROFR) and any transfer restrictions in your equity agreements. Direct liquidity is provided by Earlyasset Capital, LLC, a separate entity from Earlyasset, Inc.