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.