Shows / The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
Lucas and Luna examine the mechanics of startup liquidity events—IPOs, SPAC mergers, direct listings, and acquisitions—through the lens of recent filings, valuation history, and founder outcomes. Each episode starts with a specific deal: the pricing decision at an IPO roadshow, the negotiation dynamics of a term sheet, or the lockup expiration that defines a founder's final payout. They track the numbers that matter: share dilution, insider participation, valuation step-ups, and the real…
Episodes
The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity EventsHow Founders Use Earnout Insurance to Bridge Valuation Gaps
In this episode of The Startup Exit Podcast, Lucas and Luna explore the rising use of representation and warranty insurance — and its newer cousin, earnout…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Pre-IPO Tender Offers for Liquidity
In this episode of The Startup Exit Podcast, Lucas and Luna explore pre-IPO tender offers—a tool that lets founders and early employees sell shares to private…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Directed Share Programs to Reward Early Believers
In this episode of The Startup Exit Podcast, Lucas and Luna explore directed share programs (DSPs) — a quiet but powerful tool that lets founders allocate IPO…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use IPO Lockup Lending for Early Liquidity
In this episode, Lucas and Luna explore a niche but powerful liquidity tool: stock lending against locked-up shares. Anchored by the recent rally in Coinbase —…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Stock Lending to Monetize Locked-Up Shares
In this episode of The Startup Exit Podcast, hosts Lucas and Luna explore the often-overlooked strategy of stock lending before an IPO lockup expires. Using…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Put Options to Hedge Their IPO Windfall
On this episode of The Startup Exit Podcast, Lucas and Luna unpack a quiet but powerful tool founders are using to protect their post-IPO wealth: put options…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Tender Offers for Pre-Exit Liquidity
On this episode of The Startup Exit Podcast, Lucas and Luna dive into the mechanics of tender offers — how founders and early employees can sell shares before…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
SPAC Warrants as a Second Liquidity Window
When a startup goes public via a SPAC, founders often get warrants that can be exercised after the merger. In episode 163 of The Startup Exit Podcast, Lucas…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Earnout Caps to Avoid Leaving Money on the Table
In episode 162 of The Startup Exit Podcast, Lucas and Luna dive into the mechanics of earnout caps — the often-overlooked clauses that can quietly cap how much…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Convertible Notes in Exits
On this episode of The Startup Exit Podcast, Lucas and Luna dig into the mechanics of convertible notes at exit time. They break down how founder-friendly…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Pre-IPO Lockups to Signal Confidence
In episode 160 of The Startup Exit Podcast, Lucas and Luna dig into a strategy founders often overlook when preparing for an IPO: voluntarily extending their…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Earnout Escrow to Bridge Valuation Gaps
When a buyer won't meet your price and you won't budge, earnout escrow can bridge the gap — but it's loaded with traps. In Episode 159 of The…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Directed Share Programs in IPOs
In Episode 158 of The Startup Exit Podcast, Lucas and Luna explore directed share programs (DSPs) — the often-overlooked IPO tool that lets founders allocate…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use SPAC Warrants as a Second Liquidity Window
On this episode of The Startup Exit Podcast, Lucas and Luna dig into a niche but powerful liquidity tool: SPAC warrants. When a startup goes public via a SPAC…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Pre-Exit Secondary Sales to Lock In Liquidity
Founders often wait for the big IPO or acquisition to access liquidity, but a growing number are using secondary sales before the exit event. In this episode…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
Earnout Accounting Traps That Sink Founder Payouts
On this episode of The Startup Exit Podcast, Lucas and Luna dig into the accounting rules that quietly change how much founders actually get from earnout…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
Secondary Sales Give Founders Early Liquidity
Before an IPO or acquisition, many startup founders quietly sell a slice of their stock to outside investors. It's called a secondary sale, and it's…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founder Sales of Stock Signal a Startup's Exit Path
This episode of The Startup Exit Podcast examines how founders selling their own company stock can signal the true state of a startup's exit path. Using…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Handle Post-Exit Lockup Expiry
In this episode of The Startup Exit Podcast, Lucas and Luna explore a rarely discussed but critical moment in a founder's exit journey: the end of the IPO…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
Why Some Startups Choose a Direct Listing Over an IPO
In this episode of The Startup Exit Podcast, Lucas and Luna explore the direct listing as an alternative to a traditional IPO, using Spotify's 2018 direct…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Milestone-Driven Earnouts to Protect Exit Value
In this milestone 150th episode of The Startup Exit Podcast, Lucas and Luna dive into a fresh angle on exit negotiations: milestone-driven earnouts. They…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Navigate Shareholder Approval in Exits
In episode 149 of The Startup Exit Podcast, Lucas and Luna dive into a part of the exit process founders often underestimate: the shareholder vote. Using the…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
Why Founder Liquidity Events Spark a Second Act
Episode 148 of The Startup Exit Podcast digs into the overlooked second act of an exit: what founders actually do after the deal closes. Lucas walks through…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Listing Day Trading to Avoid Underselling
Lucas and Luna explore a counterintuitive angle on startup exits: how some founders are quietly using their own listing-day trading desks—or hiring specialist…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Time Their Exit Around the Lockup Expiry
In this episode of The Startup Exit Podcast, Lucas and Luna dig into a decision many founders get wrong: when to sell stock after their company goes public…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Aftermarket Share Purchases to Defend Their Stock
When a founder's stock drops 25% in a week, some buy it back. This episode of The Startup Exit Podcast looks at the rare but revealing tactic of…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Structured Equity Swaps to Hedge Exit Risk
On this episode of The Startup Exit Podcast, Lucas and Luna explore how founders can use structured equity swaps to hedge their exposure during the long window…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Earnout Milestones to Avoid Post-Deal Value Pitfalls
In this episode of The Startup Exit Podcast, Lucas and Luna break down why earnouts are both a founder's best friend and worst enemy in acquisitions…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Collar Agreements Protect Founders in Stock M&A Deals
Lucas and Luna explain collar agreements—a tool founders use to protect the value of stock consideration when an acquirer pays in shares. Drawing on recent…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Negotiate Retention Packages in Acqui-Hire Exits
With big tech companies locked in an AI talent war—Microsoft competing directly with OpenAI and Anthropic, Meta predicting billions of personal AI…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How the US Ban on Foreign Humanoids Reshapes Robotics Startup Exits
The US government's ban on new foreign-made humanoids, robot dogs, and solar inverters is disrupting the robotics startup landscape. Founders who relied…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Negotiate Breakup Fees and No-Shop Clauses
When a deal falls apart, founders can lose months of work and face legal exposure. In this episode, Lucas and Luna break down the mechanics of breakup fees and…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Negotiate IPO Lockup Agreements to Manage Post-IPO Price Risk
In this episode of The Startup Exit Podcast, Lucas and Luna explore the strategic art of IPO lockup negotiations—how founders are using flexible lockup terms…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use QSBS for Tax-Free Exits
In this episode of The Startup Exit Podcast, Lucas and Luna break down Qualified Small Business Stock (QSBS) under Section 1202—a powerful tax exemption that…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Market Volatility Reshapes Founder Exit Timing
Tesla's 19 percent weekly drop sends a shockwave through private company valuations. Lucas and Luna explore how the current tech sell-off — with Meta down…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Dual-Track Processes for Exit Flexibility
A cybersecurity startup with $50 million in ARR quietly ran a dual-track process last quarter, marketing both an IPO and a strategic sale simultaneously. The…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Earnout Agreements Bridge Valuation Gaps in Acquisitions
In this episode, Lucas and Luna dive into the mechanics of earnout agreements—a tool used in nearly 40% of private tech acquisitions to bridge the gap between…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Contingent Value Rights to Bridge Acquisition Gaps
Contingent value rights (CVRs) are an underused tool that lets founders bridge valuation gaps when selling their company. Unlike earnouts, CVRs are tradable…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Rollover Equity in Acquisitions
When a founder sells their company, cashing out isn't the only option. Rolling equity into the acquirer's stock can defer taxes, align incentives…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Structured Secondaries for Pre-Exit Liquidity
In Episode 131 of The Startup Exit Podcast, Lucas and Luna explore how founders are using structured secondary sales to get early liquidity without triggering…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Private Tender Offers Before an IPO
Most founders think their only liquidity event is the IPO itself. But a growing number are using private tender offers — structured processes where employees…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use IPO Price Negotiation Leverage
When a startup goes public, the final IPO price is not just set by bankers—founders have more leverage than they think. In this episode, Lucas and Luna break…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Private Secondary Sales Before an Exit
In this episode of The Startup Exit Podcast, Lucas and Luna explore how founders are using private secondary sales to get liquidity years before an M&A or IPO…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Structured Secondaries for Liquidity Before Exits
In this episode of The Startup Exit Podcast, Lucas and Luna break down how founders and early employees access liquidity before an IPO or acquisition using…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use SPACs for Public Exits in a Cooling Market
In this episode of The Startup Exit Podcast, Lucas and Luna explore the mechanics of SPAC exits for founders, using the recent Sila $300 million raise and…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Structured Secondaries for Pre-IPO Liquidity
In this episode, Lucas and Luna explore how founders are using structured secondary sales to get liquidity before an IPO without sending a negative signal to…
- 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…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Netflix Paid 587 Million for an AI Filmmaking Startup
Lucas and Luna break down Netflix's $587 million acquisition of AI filmmaking startup founded by Ben Affleck. They explore why Netflix paid a premium for…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Tender Offers for Pre-IPO Liquidity
In this episode of The Startup Exit Podcast, Lucas and Luna explore tender offers as a liquidity tool for pre-IPO founders and employees. They examine a recent…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Secondary Direct Listings for Liquidity
In this episode of The Startup Exit Podcast, Lucas and Luna explore a creative liquidity strategy that’s gaining traction among late-stage founders: the…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Phantom Stock for Pre-IPO Liquidity
In this episode of The Startup Exit Podcast, Lucas and Luna explore the creative use of phantom stock to provide pre-IPO liquidity for employees without…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Databricks 188 Billion Valuation Rewrites Founder Exit Math
Databricks just hit a $188 billion valuation — and that single number is reshaping how founders of capital-intensive AI startups think about their exit…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Tender Offers for Pre-IPO Liquidity
Episode 118 of The Startup Exit Podcast explores how founders use tender offers to cash out before an IPO, without waiting for lockup expirations. Lucas and…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Structured Secondaries Before an IPO
In this episode of The Startup Exit Podcast, Lucas and Luna explore how founders are using structured secondary sales before an IPO to lock in early liquidity…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How the Uber-Delivery Hero Deal Reshapes Exit Strategy
Uber's $14.8B acquisition of Delivery Hero is the biggest platform M&A this year, but for founders watching from the sidelines, the real lesson is in the…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Reverse Mergers for Public Exits
In this episode of The Startup Exit Podcast, Lucas and Luna explore the reverse merger as an alternative path to going public. They break down how a private…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Acquisition Integration Escrows to Protect Deal Value
When a startup gets acquired, a chunk of the purchase price usually goes into an escrow account to cover any post-closing liabilities. But founders have more…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Structured Earnouts to Close Valuation Gaps
In episode 113 of The Startup Exit Podcast, Lucas and Luna dive into the world of structured earnouts—a mechanism that bridges valuation gaps between buyers…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Contingent Value Rights to Bridge Valuation Gaps
On this episode of The Startup Exit Podcast, Lucas and Luna explore contingent value rights (CVRs) — a little-known but powerful tool for bridging valuation…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Structured Earnouts to Close Valuation Gaps
In this episode of The Startup Exit Podcast, Lucas and Luna explore how earnout clauses can bridge the gap between buyer and seller valuations in M&A. They…