Venture capital investments rarely follow a straight, predictable path. Instead, they move through distinct phases—moments where a company’s trajectory, risk profile, and market context shift in ways that require us to rethink fair value. Each stage demands a different lens, because what a market participant would pay (or expect) evolves as uncertainty unfolds. In this series, I’ll explore these valuation moments through the frameworks that guide our industry: IPEV , ASC 820

Founders often view >1x liquidation preferences as aggressive, but from a VC’s perspective, they’re simply a tool — and one that’s used sparingly. Most deals clear at a clean 1x. But in the moments when structure does  appear, it’s there for a reason: to balance expected risk when valuation and conviction aren’t perfectly aligned. And here’s the part founders rarely internalize: A 1x return is not a win for a VC. It’s not even neutral. It’s a loss. Returning capital with no u

In startup land, few terms trigger founders more than “multiple liquidation preference.”  The moment a VC asks for anything above 1x, the reflexive reaction is often: “They’re being greedy.” But like most things in venture, the reality is more nuanced — and, frankly, more interesting. I want to offer a different lens. Not to defend every term sheet ever written, but to broaden the conversation. Because sometimes a >1x preference isn’t greed at all. It’s information. 🧩 1. A H

It’s one of the most common shortcuts in venture. And one of the most misleading. In this carousel, we break down why that logic doesn’t hold in VC-backed companies and how value actually emerges through share class structure, breakpoints, and optionality. If you work with cap tables, fair value, or venture economics, this is worth a closer look. 👉 Swipe through to explore the evolution: #VentureCapital #FairValue #IPEV #Valuation #ASC820 #VCInsights #VCAccountingBestPracti

In public markets, valuing a company is straightforward: take the latest share price, multiply it by the number of shares, and you’ve got the market cap. That works because every share is economically identical and the market is continuously pricing the business based on real fundamentals. In venture-backed startups, that logic collapses almost instantly. Yet many founders, employees, and even some investors still fall into the trap of thinking: “Our last round was at $X per

One of the things I love about life, especially life with five kids, is how ordinary moments can teach us extraordinary lessons. Sometimes the simplest experiences help us understand concepts that, on paper, look complex or abstract. Valuation. Enterprise value. Optionality. Probability. All of it can feel technical… until you see it play out in real life. And nothing captures it better than a family road trip. Stage 1 — Packing the car Excitement. Optimism. Snacks. In start