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1/ I've met so many founders in the last 6 mo who confidentially told me their recent war stories with many top-tier VC firms & their treatment. Two sides to every story but holy moley does it make me sad. I hope the GPs understand that we all talk too. Examples...
2/ Firms (an previous investor) playing hard ball & issuing 3x liquidation preference at tough moments.
3/ Pitting founders against each other during a conflict.
4/ GPs undermining the CEO with their executive team.
5/ Flying secretly to a potential acquirer to blow up an M&A deal.
6/ Accepting onerous terms at acquisition that primarily financially reward themselves & the brand-new executives. Founders & employees get next to nothing.
7/ Limiting founder rights significantly after the founder gracefully steps down.
8/ Last minute dark & silent exist from the board.
9/ It all makes me appreciative of my board. 🙏
10/ We all did this long, arduous, & painful journey together. Sometimes it works out, sometimes it doesn't. Be nice!
