Mapping the Secondary Market for Startup Employee Equity

New
·

5 Days

·

Cohort-based Course

Explore paths to early liquidity including the legal, tax and pricing dynamics of sales, loans and forward contracts.

Previously at

Wilson Sonsini

Course overview

Course overview


Why a course? The secondary market for startup stock, offering early cash-out opportunities for startup employees, is often called the "Gray Market for Startup Stock." Why? It sometimes acts as a black market, and even legitimate sales are rarely shared publicly.


The buyers and lenders in this space are often called the "Loan Sharks of the Startup World." Why? The market dynamics within the "Gray Market" do not inspire fair dealing.


This course will illuminate for employees, executives and founders of startups (and their advisors) the most important aspects of this market that has not been designed for public view. We will address - with a nuanced view of the complexities and a confident, clear view of these paths - the dynamics between sellers, buyers and startups, as well as the legal, tax and pricing dynamics of sales, loans and forward contracts.


This course is based on the successes, challenges, and paths forged in this dynamic space over the past decade. Students will come away with a clear view of the market and possible next steps based on others’ successful paths in this space.


Who is this course for

01

Those who are exploring possible paths to cash out their startup equity.

02

Current and former employees and executives of venture capital backed startups.

03

Advisors to individual startup equity holders.

What you’ll get out of this course

Survey the legal, market and tax landscapes of the secondary market for startup stock.


Navigate pricing, transfer restrictions and other dynamics among sellers, buyers and startups.


Weigh the pros and cons of various deal structures including sales, loans and forward contracts.


Identify possible next steps using examples of successful paths to early liquidity for startup stock.


Maven Satisfaction Guarantee

This course is backed by Maven’s guarantee. You can receive a full refund within 14 days after the course ends, provided you meet the completion criteria in our refund policy.

Course syllabus

Week 1

Nov 4—Nov 8

    Nov

    4

    Day 1: Deal structures / transfer restrictions / company dynamics

    Mon 11/48:00 PM—9:00 PM (UTC)

    Nov

    6

    Day 2: Pricing / market players / current market dynamics

    Wed 11/68:00 PM—9:00 PM (UTC)

    Nov

    8

    Day 3: Tax structuring / tax planning / negotiation dynamics

    Fri 11/88:00 PM—9:00 PM (UTC)

What people are saying

        I can't possibly thank Mary enough for the knowledge and confidence she has given me to navigate the world of startup equity. Better understanding early liquidity options has given me and my family financial security years sooner than we ever expected.
James Messinger

James Messinger

Engineer
        Mary Russell’s breadth and depth of knowledge of the intricacies of startup equity is truly astounding. I shudder to imagine how different my outcome as a startup employee may have turned out without her counsel.
Ryan Tomayko

Ryan Tomayko

GitHub CTO
        This is a great opportunity for all who are interested in the Secondary Market. Mary Russell is a fantastic resource and a real subject matter expert in this area.
Igor Lotsvin

Igor Lotsvin

Managing Partner, Sage Rhino Capital LLC

Meet your instructor

Mary Russell

Mary Russell

Attorney Mary Russell advises individuals on their equity compensation. She started her legal career in Palo Alto, California advising startup companies and investors on stock matters. She uses this experience to empower individuals to make the most of their equity compensation opportunities.


Mary has seen many varied paths through the dynamics and challenges of the secondary market to successfully cash out their startup stock. She has also been quoted in on the topic in the national news over the past decade. She is offering this course to open up the space to those curious to explore the possible paths to early liquidity for startup equity.


Attorney-as-educator disclaimer: Prior results do not guarantee a similar outcome. This website and course contain general information and are not intended to serve as a source of legal advice for any purpose. Neither receipt of information presented on this site or course nor any email or other electronic communication sent to Stock Option Counsel, P.C. or its lawyers will create an attorney-client relationship, and no such email or communication will be treated as confidential. No user of this site or course should act or refrain from acting on the basis of information therein without seeking legal advice from counsel in the relevant jurisdiction. Stock Option Counsel, P.C. and Mary Russell, Esq. expressly disclaim liability with respect to actions taken or not taken based on the contents of this site or course. Stock Option Counsel, P.C. and Mary Russell, Esq. are licensed to practice law only in the State of California and the State of Iowa. Neither Mary Russell, Esq. nor Stock Option Counsel, P.C. are in the business of dealing in securities, and nothing on this site shall be read to cause them to be in, or hold themselves out as being in the business of dealing in securities. Stock Option Counsel, P.C. claims a copyright to the material on this website and in the course. You may use this material only for personal informational purposes. If you wish to use the material for any other purposes, you must have the express consent of Stock Option Counsel, P.C. to do so. All rights reserved.

Course schedule

One week course

  • November 4 - 8, 2024

    Targeted, one-week course

    Focus on the essentials with a targeted one-week course taught by seasoned professionals with expert knowledge of the space.

  • Monday, Wednesday and Friday

    12:00pm - 1:00pm PST

    Three live sessions with time for Q&A on the course topics. The sessions are recorded and available in Maven for 12 months.

  • Guided Reflection

    For each session

    Guided reflection to apply learnings as you consider your possible next steps to early liquidity for startup stock.

Frequently Asked Questions

I work full-time, what is the expected time commitment?

What happens if I can’t make a live session?

What’s the refund policy?

Will this course teach me to DIY a secondary sale or other early liquidity deal?

Can the course provide advice about my situation or documents?

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Mapping the Secondary Market for Startup Employee Equity

November 2024

$1,000

Dates

Nov 4—8, 2024

Payment Deadline

Nov 4, 2024

$1,000

5 Days