Exits & M&A

How startups end (and what determines who gets what). This cluster covers the major exit paths (IPO, acquisition, SPAC, direct listing), deal structures and terms (LOI, definitive agreement, earnout, holdback, reps and warranties), the rights that affect exit outcomes (drag-along, tag-along, ROFR, lockup), and the mechanics specific to exits (liquidation waterfall, exit multiples, QSBS). 26 entries.

Exits are the moment when years of equity decisions become real money. Founders should know this vocabulary years before they need it.

Exit paths

• [Exit Strategy], the framing question.
• [IPO], going public on a major exchange.
• [Direct Listing], public without raising new capital.
• [SPAC], Special Purpose Acquisition Company.
• [Acquisit...