The $60M Exit Where Founders Got $0

This white paper, The $60M Exit Where Founders Got $0, shows how a company can sell for real money and still leave common shareholders with nothing. Using a real, anonymized case, it breaks down the exit waterfall and explains how liquidation preferences, dilution, and stacked investor protections can redirect proceeds long before the headline price hits the cap table. You will learn how to spot the terms that matter, model outcomes before you sign, and negotiate a clean, ethical protection strategy so ownership and payout stay aligned.