Why bigger exits don’t always mean more money

A $40M exit can pay founders more than a $200M one. Why? Liquidation preferences. Investors get paid first, sometimes 2x or more. Stack multiple rounds, and founders may get nothing. The real trap is over raising. High valuations set expectations. Miss them, and you trigger dilution and down rounds. Even successful companies can leave founders with a small share. Valuation isn’t validation. It’s a liability if you don’t manage it. 👉 Check out our free cap table template: slidebean.com/tools/cap-table-template-for-startups