Latest / The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Second-Lien Loans for Pre-Exit Liquidity
Lucas and Luna explore how founders are increasingly using second-lien loans to access cash before selling their companies, without triggering a taxable event or diluting their equity. They walk through a real-world scenario: a SaaS founder with $50 million in revenue, a $400 million valuation, and a $10 million loan secured against the company's future exit proceeds. They discuss the risks—personal recourse, acceleration clauses, and what happens if the exit falls through—and compare this strategy to tender offers and secondary sales. Along the way, they tie in recent market data: the…
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