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 Tax-Deferred Exchanges in M&A
Episode 110 of The Startup Exit Podcast dives into a lesser-known but powerful tool for founders facing a big exit: the tax-deferred exchange under Section…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Structured Tax Receivables in Exits
In this episode of The Startup Exit Podcast, Lucas and Luna explore how founders can use Structured Tax Receivables (STRs) to monetize future tax benefits at…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Tax-Free Rollover in M&A Deals
Episode 108 of The Startup Exit Podcast — Lucas and Luna unpack a powerful but underused exit mechanism: tax-free rollover under Section 721 of the tax code…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Rollover Equity to Defer Tax in Exits
In this episode of The Startup Exit Podcast, Lucas and Luna unpack rollover equity — a structure that lets founders defer capital gains taxes by swapping their…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Structured Exits to Avoid Tax Shock
In this episode of The Startup Exit Podcast, Lucas and Luna explore how founders can structure their exits to minimize tax surprises, using the recent IPO of…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use SPAC Earnout Structures to Bridge Valuation Gaps
In this episode, Lucas and Luna unpack the specific earnout mechanisms that founders use in SPAC mergers to secure a higher valuation when the market…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How SK Hynix Structured Its Record-Breaking US IPO
This episode of The Startup Exit Podcast breaks down SK Hynix's record-shattering $26.5 billion US IPO—the largest foreign IPO in American history. Lucas…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use SPACs as a Liquidity Shortcut
Lucas and Luna explore the specific role of SPACs as a liquidity event for founders, using the July 2026 announcement of a de-SPAC merger between a…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Direct Listings Instead of IPOs
In this episode of The Startup Exit Podcast, Lucas and Luna explore direct listings as an alternative to traditional IPOs, using Spotify's 2018 direct…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Lockup Agreements to Time Their IPO Exit
Episode 101 of The Startup Exit Podcast. Lucas and Luna explore how founders use lockup agreements to strategically time their IPO exits. Using the recent…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use IPO Over-Allotment Options for Price Stability
In episode 100 of The Startup Exit Podcast, Lucas and Luna dive into the IPO over-allotment option, or greenshoe, a clause that lets underwriters sell extra…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Structured Liquidity Tiers to Price IPO
In this episode, Lucas and Luna explore how founders of high-growth startups use structured liquidity tiers — letting different classes of investors cash out…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Structured Secondary Sales to Price IPOs
In this episode of The Startup Exit Podcast, Lucas and Luna dive into how founders are increasingly using structured secondary sales — like the one Palantir…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Earnout Acceleration Clauses to Unlock Cash
In Episode 97 of The Startup Exit Podcast, Lucas and Luna dive into earnout acceleration clauses — the contractual triggers that let founders unlock future…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Structured Rolling Equity to Navigate Delayed Exits
This episode of The Startup Exit Podcast dives into a lesser-known but increasingly relevant strategy: structured rolling equity. When an exit is delayed by…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Option Pool Shuffles to Control Exit Dilution
When a company gets acquired or goes public, the option pool can quietly erode a founder's payout by 5 to 15 percent. In this episode, Lucas and Luna…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Structured Liquidity Ladders for Exit Control
In this episode of The Startup Exit Podcast, hosts Lucas and Luna explore how founders use structured liquidity ladders to control the timing and pricing of…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Reverse Vesting to Unlock Exit Proceeds
Episode 93 of The Startup Exit Podcast explores reverse vesting — a little-known structure that lets founders unlock a portion of their exit proceeds early…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Synthetic Equity to Simulate Ownership in Exits
On this episode of The Startup Exit Podcast, Lucas and Luna unpack the mechanics of synthetic equity—phantom stock, stock appreciation rights, and notional…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Structured Liquidation Preferences in Acquisitions
In this episode of The Startup Exit Podcast, hosts Lucas and Luna dive into a less-discussed but crucial exit mechanic: structured liquidation preferences in…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Earnout Escrows to Protect Payouts
In episode 90 of The Startup Exit Podcast, Lucas and Luna drill into a specific, high-stakes clause in acquisition deals: the earnout escrow. When a founder…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Liquidity Ladders to Control Exit Timing
Most founders think selling their company means picking a single moment to cash out. But a growing number of late-stage founders are using a strategy called a…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Pre-Exit Dividend Recapitalizations for Liquidity
Episode 88 of The Startup Exit Podcast dives into a powerful but often overlooked pre-exit liquidity tool: dividend recapitalizations. Lucas and Luna examine…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Bending Spoons Founders Structured Their 18 Billion IPO Exit
In this episode of The Startup Exit Podcast, Lucas and Luna dissect the Bending Spoons IPO — the Italian app-maker that surged 40% on its first trading day…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Pre-Exit Structured Liquidity to Retain Control
In this episode of The Startup Exit Podcast, Lucas and Luna explore how founders can access liquidity before an exit without losing voting control or signaling…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Tender Offers for Pre-Exit Liquidity
In this episode, Lucas and Luna explore the mechanics of tender offers as a liquidity tool for founders and employees before an exit. Using the recent Wayve…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Structured Exit Bonuses to Retain Key Talent
When a founder walks away from their company with a nine-figure payout, the team that helped build it often gets nothing — and competitors know it. In this…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Secondary Sales for Pre-IPO Liquidity
In Episode 83 of The Startup Exit Podcast, Lucas and Luna explore the mechanics of secondary stock sales — how founders and early employees sell shares to…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Put Options to Lock in Exit Price
Episode 82 of The Startup Exit Podcast. Lucas and Luna explore how founders of late-stage startups are using put options—not just collar trades—to lock in a…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Late-Stage Founders Use SPAC Pipe Financing for Exit Liquidity
On this episode of The Startup Exit Podcast, Lucas and Luna examine how late-stage founders are turning to SPAC pipe financing as a liquidity tool ahead of…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Pre-Exit Gifting to Reduce Tax Bills
Episode 80 of The Startup Exit Podcast dives into a quiet but powerful liquidity strategy: pre-IPO gifting. Lucas and Luna explore how founders transfer shares…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Structured Payouts to Turn Earnouts into Real Money
In episode 79 of The Startup Exit Podcast, Lucas and Luna examine how founders can structure earnout payouts to actually collect what they negotiated. Using…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Tax Receivable Agreements for Exit Liquidity
Episode 78 of The Startup Exit Podcast explores Tax Receivable Agreements, a financial innovation that lets founders monetize tax benefits post-exit without…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
Why Founders Use Structured Liquidity Tiers for Exit Flexibility
In Episode 77 of The Startup Exit Podcast, Lucas and Luna dive into how founders are using structured liquidity tiers to maintain control and flexibility…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Structured Liquidity Tiers for Exit Flexibility
In Episode 76 of The Startup Exit Podcast, Lucas and Luna explore how founders are increasingly structuring liquidity tiers—using a mix of secondary sales…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
The Earnout Trap What Every Founder Needs to Know Before Signing
In this episode of The Startup Exit Podcast, Lucas and Luna dissect the earnout clause—a deal mechanism meant to bridge valuation gaps that often leaves…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Rollover Equity to Delay Taxes in Exits
Episode 74 of The Startup Exit Podcast explores rollover equity as a tax-deferral strategy for founders exiting via acquisition. Lucas and Luna break down how…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Stock Pledges for Pre-IPO Liquidity
Episode 73 of The Startup Exit Podcast explores a quiet but powerful liquidity tool: pledging shares as collateral for loans before an IPO. Lucas and Luna…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Agility Robotics SPAC Deal Shapes Founder Liquidity
In this episode of The Startup Exit Podcast, Lucas and Luna dig into the $2.5 billion SPAC deal announced by Agility Robotics on June 24, 2026. They explore…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Pre-IPO Stock Lending to Avoid Selling
Episode 71 of The Startup Exit Podcast. Lucas and Luna explore how founders are turning to pre-IPO stock lending as an alternative to selling shares for…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use SPAC Earnouts to Recoup Lost IPO Upside
In Episode 70, Lucas and Luna break down how founders of SPAC-merger companies are using earnout provisions to recoup value when their stock trades below the…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Are Using Tax Receivable Agreement Monetization for Pre-Exit Liquidity
In Episode 69, Lucas and Luna explore how a small but growing cohort of late-stage founders are unlocking pre-IPO liquidity by monetizing their company's…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Tender Offers for Pre-IPO Liquidity
Episode 68 of The Startup Exit Podcast explores how founders are using company-run tender offers to cash out pre-IPO without selling in the secondary market…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use The IPO Pop To Structure Post-Exit Wealth
In episode 67 of The Startup Exit Podcast, Lucas and Luna drill into one of the most consequential moments for any founder going public: the hours and days…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Earnouts to Bridge Valuation Gaps in Exits
Episode 66 of The Startup Exit Podcast dives into earnouts—the contingent payment structure that acquirers and founders use to bridge valuation gaps. Lucas and…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use IPO Pop to Structure Post-Exit Wealth
In this episode, Lucas and Luna dive into how founders are using the 'IPO pop' — the first-day stock surge — to structure their post-exit wealth…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Are Using IPO Margin Loans for Pre-Exit Cash
Episode 64 of The Startup Exit Podcast. Lucas and Luna explore the rising trend of founders using margin loans secured against their pre-IPO shares to access…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use IPO Pop to Structure Post-Exit Wealth
Episode 63 of The Startup Exit Podcast explores a counterintuitive move: founders who sell more shares into the IPO pop rather than waiting. Lucas and Luna…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Build Liquidity Into Their Capital Stack Before an Exit
Episode 62 of The Startup Exit Podcast dives into a strategy that's quietly reshaping how founders and early employees access cash before a formal exit…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Pre-IPO Loans Against Their Shares
Episode 61 of The Startup Exit Podcast digs into the growing trend of founders taking out loans secured against their own pre-IPO shares — a way to get…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Secondary Sales Became the Standard Pre-IPO Exit
Episode 60 of The Startup Exit Podcast explores how secondary stock sales have evolved from an emergency liquidity option into the standard pre-IPO exit for…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Pre-IPO Liquidity Without Selling Shares
In this episode Lucas and Luna look at how founders are using pre-IPO loans and collar structures to unlock cash without triggering a taxable sale. They point…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
The Secondary Block Trade Boom Reshaping Founder Liquidity
In this episode of The Startup Exit Podcast, Lucas and Luna break down the surge in secondary block trades—large pre-IPO share sales that let founders cash out…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Structure Pre-IPO Loans Against Their Shares
Lucas and Luna explore the growing trend of founders taking personal loans collateralized by their pre-IPO shares, using companies like SpaceX—now valued at…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Liquidity Event Etiquette to Maximize Net Proceeds
Episode 56 of The Startup Exit Podcast dives into the overlooked art of liquidity event etiquette — how founders who behave generously and strategically during…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Pre-IPO Secondary Sales for Early Liquidity
In this episode of The Startup Exit Podcast, Lucas and Luna explore the growing trend of pre-IPO secondary sales, where founders sell existing shares to…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founder Liquidity Pools Are Reshaping Pre-IPO Exits
In this episode of The Startup Exit Podcast, Lucas and Luna explore the rise of founder liquidity pools — secondary market facilities that let pre-IPO founders…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How AI Companies Are Using Direct Listings to IPO
As AI companies race to go public, direct listings are emerging as a powerful alternative to traditional IPOs. Lucas and Luna explore why founders like those…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Rule 144 Holds to Free Up IPO Cash
Lucas and Luna dive into a little-known SEC rule that lets founders and early investors sell shares without waiting for the standard lockup to expire. Using…
- The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Lockup Derivatives to Hedge IPO Windfalls
Episode 51 of The Startup Exit Podcast explores a sophisticated tool that founders are quietly using to manage post-IPO risk: lockup derivatives. Lucas and…