Chapter 9. Liquidity versus Liquidation: Cashing Out of the SEU

Harvest Without Selling

For many business owners and other stakeholders, nothing is more important than the harvest. A harvest means that owners cash out of their venture. This is where equity holders sell their businesses or go public through an IPO after many years of hard labor and personal sacrifice. For some owners and stakeholders a good harvest is not just the most important thing—it is the only thing. The harvest becomes all-encompassing, all-consuming. It drives daily human behavior toward a common purpose culminating in a financial windfall.

The reason for individual focus should be clear: the harvest is usually the biggest part of an individual’s lifetime compensation. In ...

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