Secret aside, if you think "Founders took money off the table and then company crashed!" is a WTF, let me explain the deal VCs get.
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Management fees are negotiated between sophisticated adults who understand the risks. Only new thing about cashouts is founder now at table.
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@patio11 this is fascinating. am I reading this right? I can raise money and negotiate my own management fee that provides me a safety net? - 5 more replies
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