liquidation-preference
2 free lessons tagged liquidation-preference across Business. Each one is a short sequence of focused steps with narration and a five-question quiz at the end — take them in any order, no signup required.
Exit waterfalls: who gets paid what at a sale
How the proceeds of an acquisition or IPO are distributed across the cap table — the liquidation-preference stack from senior preferred to common, the participating-vs-non-participating choice, worked examples with multiple preferred classes, and why the same headline exit value can produce very different per-share outcomes.
Term-sheet anatomy: preferences, board, and control
What the specific clauses in a venture term sheet actually do — liquidation preferences and participation, board composition, protective provisions, pro-rata, drag-along, registration rights — and the difference between standard market terms and the 'dirty' terms that signal a stressed deal.