Liquidity without losing leverage.
Category: Secondaries
Read Time: 4 minutes
Selling early can be smart — but it’s never simple. Founders often approach secondaries as a quick win, only to realize how much leverage and narrative can be lost if terms aren’t strategic.
Here’s the key: secondaries aren’t just about liquidity. They’re about control.
Key Considerations:
- Who’s buying? Are they aligned with your long-term vision?
- What are you giving up? Voting rights, board seats, or control preferences can all shift in a secondary.
- What message does it send? To investors, employees, and the market.
Done right, a secondary gives you breathing room without signaling you’re stepping back. At HVA, we help founders structure secondaries that protect both their cap table and their story.
