Step by step, for your side of the table
The Seller's and Buyer's Playbooks
Two ordered tracks — five stages each — that walk through exactly what to do, and in what order, whether you're selling an existing angel stake or buying one.
Selling — 5 stages
- 1Deciding Whether to SellThe questions worth answering before you start looking for a buyer at all.
- 2Confirming Your PaperworkWhat you actually hold, and what it lets you do, before you go looking for a buyer.
- 3Finding a Buyer and Setting a PriceMarketplace, broker, or your own network — and how to anchor a price that a buyer will actually take seriously.
- 4Clearing ROFR and ConsentThe step that determines whether the buyer you found actually gets to buy.
- 5Closing and AfterWhat actually happens once the ROFR window clears, and what to do with the proceeds.
Buying — 5 stages
- 1Deciding Whether to Buy an Existing StakeWhat buying secondary is actually trading off against a primary investment.
- 2Sourcing a DealMarketplace listings, direct relationships, or a broker — where actual inventory comes from.
- 3Diligence on an Illiquid PositionWhat you can actually verify before buying — and what you're taking on faith.
- 4Negotiating Price and StructureThe price is only half the negotiation — structure changes what you actually end up owning.
- 5Closing and HoldingWhat happens right after you own the position, and what to expect while you hold it.
For the math behind any specific step, see deal mechanics deep-dives. For real scenarios these playbooks play out in, see deal stories. None of this is investment, tax, or legal advice.
Frequently asked questions
Should I read the Seller's or Buyer's Playbook first?
Whichever matches what you're actually doing right now — the two tracks are independent and don't need to be read in order relative to each other, only within their own 5 stages.
How is this different from the guide and the mechanics deep-dives?
The guide gives the overall shape of a sale; the mechanics deep-dives go deep on individual structures and rules with worked numbers. These playbooks are the ordered, step-by-step checklist for your specific side of the transaction — what to actually do, in sequence.