Eisenberg: Selling VC Secondary Shares Without the Founder Harms Reputation
Michael Eisenberg · 20VC: Bill Gurley and Michael Eisenberg on The First Signs of an Impending Bust, What Happens with a Market Crash, How Do Public Markets Impact Private Valuations & The Biggest Lessons from 20 Years Investing in Venture · Dec 6, 2021 · at 25:18
Michael Eisenberg of Aleph warns against venture capitalists taking early secondary liquidity unless the startup founder is also taking money off the table.
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“Founders talk to each other, and unless it's really obvious you're taking money off with the founder, and it's probably a small amount if you're a large stakeholder, I think that's reputation negative over the long term and not consistent with playing the long game alongside founders”
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