Private shares are complex. Most shareholders are underinformed. This is the guide we wish existed — plain-English education for every stage of your equity journey.
Your Shareholder IQ
GrowingTrack what you know. Fill in the gaps.
Shareholder IQ content is provided for general education only. Nothing on this site constitutes investment, legal, tax, or financial advice. Private securities are illiquid and involve risk. Earlyasset, Inc. is not a registered investment adviser or broker-dealer. Any liquidity solutions discussed are provided by Earlyasset Capital and subject to qualification and applicable law.
Choose your path
Every shareholder is different. Pick the track that matches where you are right now — you can explore the others any time.
New to equity or want to fill the gaps? Start here.
8 articles
Your shares have a real price. Here's how it's actually calculated.
7 articles
Thinking about liquidity? Understand every path before you act.
9 articles
How growth-stage companies facilitate secondary transactions.
5 articles
Track 1
The fundamentals — what you own, how it works, and what the terms actually mean.
What Is Startup Equity — and Why Does It Matter?
The starting point. What equity means, why companies grant it, and what you actually own.
Common Stock vs. Preferred Stock: The Difference That Changes Everything
Why VCs hold different shares than you — and what that means for your payout.
How to Read a Cap Table (And Why It Affects Your Share Price)
The cap table shows who owns what — and who gets paid first.
Stock Options vs. RSUs vs. Actual Shares: What You Have and What It Means
Options, RSUs, ISOs, NSOs — in plain English, with no jargon.
What Happens to Your Equity If Your Company Never IPOs?
Most startups don't go public. Here's what that actually means for your shares.
Vesting, Cliff, and Acceleration: What Your Grant Agreement Actually Says
A plain-English breakdown of the terms that govern when your equity becomes yours.
Private Market Glossary: 30 Terms Every Shareholder Should Know
ROFR, cap stack, waterfall, preference multiple — defined simply and completely.
What Is a 409A Valuation? (And Why It's Not What Your Shares Are Worth)
The 409A is used for tax purposes. It is not a price. Here's the important difference.
Track 2
Understand how private shares are priced — and what your real number actually is.
How Are Private Company Shares Actually Priced?
The methodology behind real private share valuations — and why last-round doesn't cut it.
What Is a Liquidation Preference — and What Does It Take From You?
Liquidation preferences protect VCs first. Here's how to calculate their impact on your payout.
409A Valuation vs. Secondary Market Price: What's the Difference?
Two very different numbers. Only one tells you what someone will actually pay.
Why Your Company's Last Valuation Doesn't Tell You What Your Shares Are Worth
The headline number you've been given is a preferred-stock price. Yours is different.
The Secondary Discount: Why Private Shares Trade Below Valuation
Illiquidity, uncertainty, and preference stacks all create a discount. Here's how large it typically is.
Why Share Class Matters More Than Company Valuation
Series A preferred and Series C preferred can trade at very different prices. Your class determines your price.
How to Track the Value of Your Private Shares Over Time
Equity that's never priced is equity that can't be managed. Here's how to stay informed.
Ready to see your real number?
Free price estimates by share class. Takes 2 minutes.
Track 3
If you're thinking about liquidity, know every path before you take any of them.
Your Startup Equity Liquidity Options: A Complete Guide
Every path from equity to cash — hold, sell, tender offer, secondary, and more.
What Is a Secondary Transaction? A Start-to-Finish Guide
How secondary share sales work — from first conversation to completed transfer.
Should You Sell Your Startup Shares? A Decision Framework
Five questions that help you decide if now is the right time — for you specifically.
Your Company Has ROFR Rights. Here's What That Means for You.
The right of first refusal is standard in most equity agreements. It doesn't stop a sale — but it shapes it.
What Is a Tender Offer — and Should You Participate?
When your company runs a tender offer, you have choices. Here's how to evaluate them.
Secondary Marketplace vs. Direct Buyer: What's the Difference for Sellers?
Not all secondary paths are equal. Understanding the difference protects your outcome.
How Long Does a Secondary Transaction Take?
A realistic timeline from first expression of interest to closed transaction — with typical delays.
Can I Sell My RSUs at a Private Company?
RSUs at a private company work differently than at a public one. Here's what your options are.
Tax Considerations When Selling Private Shares
Secondary transactions have tax implications. Here's what to know before you decide. (Always consult a tax professional.)
Ready to explore what's possible?
Find out what your shares are worth before you decide anything.
Track 4
How growth-stage companies can facilitate secondary transactions without the distraction.
Why Growth-Stage Companies Are Embracing Secondary Transactions
Secondary transactions used to be a headache. Here's why more companies are actively facilitating them.
How to Run a Company-Friendly Secondary Transaction
A framework for founders and CFOs navigating the secondary process with minimal distraction.
Tender Offer vs. Direct Secondary: What's Right for Your Company?
Two very different approaches to providing shareholder liquidity. Here's how to choose.
Managing ROFR: A Practical Guide for General Counsel and CFOs
The ROFR process is often where secondary transactions get delayed. Here's how to streamline it.
How Secondary Transactions Affect Your Cap Table
Secondary sales change ownership without issuing new shares. Here's what that means for your cap table.
Start here
If you only read six articles, make it these.
Why VCs hold different shares than you — and what that means for your actual payout when the company exits or you sell.
The last funding round is a starting point, not the answer. Here's the methodology behind real secondary pricing.
Five questions that help you decide if now is the right time — for your specific situation, not everyone else's.
Two very different numbers. One is for tax compliance. Only one tells you what someone will actually pay today.
The right of first refusal is in most equity agreements. It doesn't prevent a sale — but here's how it shapes one.
Most startups don't go public. That's not necessarily a problem — but it changes what your equity options look like.
Common questions
No jargon. No hedging. Just the straightforward answers.
The value of your private company shares depends on your specific share class (common vs. preferred), the company's cap stack, current secondary market conditions, and how many preference dollars sit above you. Earlyasset provides free, data-driven price estimates by share class — which is typically lower than the last funding round headline valuation for common shareholders. You can get a free estimate at earlyasset.com.
Common stock sits below preferred shareholders in the cap stack. When a company is acquired or secondary shares are transacted, preferred shareholders — typically VCs and institutional investors — receive their full preference amount first. What remains is split among common shareholders. This means common stock in most venture-backed companies is worth meaningfully less per share than the implied price from the last funding round. The more preference dollars stacked above you, the larger the gap.
Browsing Shareholder IQ and getting a price estimate on Earlyasset is completely private — Earlyasset does not notify your employer. Your employer is only involved if you choose to pursue a secondary transaction, which requires company consent and ROFR notification as part of the standard process. You can learn everything here, get a price estimate, and decide what you want to do — all without your employer knowing.
A right of first refusal (ROFR) is a contractual provision that gives your company — and sometimes its investors — the right to purchase your shares before you sell them to a third party. If you initiate a secondary transaction, you must notify the company, which then has a set period (typically 30 days) to match the offer. If they decline, the sale can proceed with the third-party buyer. ROFR doesn't block a sale — it gives the company an option to participate. Earlyasset's process is ROFR-compliant by design.
A secondary share sale through Earlyasset typically takes 4 to 8 weeks from initial expression of interest to completed transaction. This timeline includes due diligence, the ROFR notification period (usually 30 days as required by most equity agreements), legal documentation, and share transfer. Timelines vary based on company responsiveness, transaction complexity, and how quickly legal paperwork can be processed. Earlyasset guides you through every step.
Earlyasset Capital provides direct liquidity for qualifying positions — typically in Series B or later companies with $30M or more in ARR and strong growth metrics. Anyone can use Earlyasset to get a free price estimate regardless of position size. Whether your position qualifies for direct liquidity depends on the company and transaction specifics. Getting a price estimate costs nothing and tells you where you stand.
Earlyasset prices your shares by share class — not just the last round. It takes two minutes and it's free. No commitment, no broker, no surprises.
Get my free price estimatePrice estimates are for informational purposes only and do not constitute financial advice. Direct liquidity is provided by Earlyasset Capital, LLC. Subject to qualification, ROFR, and applicable securities laws.