The stock plan is something that all employees sign but barely any read. What took so long? The devil is in the stock plan The buyer and seller never changed their mind on the price. Six months after the buyer and seller were committed. A month is on the high end of getting a fully executed share purchase agreement (SPA). Once the buyer and seller are committed at a price, the process is usually pretty quick with only one or two contracts (depending on company process) needed to move forward. Secondary sale transactions are sometimes signed the same day and close the next day… but they can also be very long. Additionally, we couldn’t imagine our clients being happy about others knowing what stocks they are buying or selling. I didn’t talk details about our previous deals as we usually signed NDAs, and there are regulatory rules around what can be considered marketing. The work I did at Fideras tended to be discreet. We were simply brokering some employees and ex-employees common shares who after years, wanted some liquidity. Introduced via our friend, we had conversations with numerous employees/ex-employees who wanted to sell small stakes. Most institutional investors have minimum check sizes, and this investor needed more shares to acquire a “meaningful position”. The rest of the process is generally pretty simple, so little did I know what was lay ahead of me. I found an investor looking to acquire a position in Sprinklr. The founder wanted liquidity and asked for our help. After a couple years, the founder of the acquired company decided to leave. Sprinklr acquired a company we invested in a few years back.
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