Finding a Buyer and Setting a Price

Once you know what you hold and what restrictions apply, the next step is finding someone to sell to and agreeing a price. Three channels handle most of this: an open marketplace, a broker who works deals directly, or your own network (other investors, or reaching back to the company for a possible buyback).

Price-setting should start from the same anchor a buyer will use — the last priced round (or 409A, if you're selling common stock), adjusted for a discount. Coming in with a number well above what any informed buyer would reasonably pay just slows the process down without changing the outcome.

Checklist for this stage

• Decide which channel fits your position: marketplaces work well for well-known companies with existing buyer interest; a broker or your own network may work better for a less well-known company or a larger check.
• Ground your asking price using the same logic in valuing an illiquid stake — last round (or 409A) minus a reasonable discount, not a number you'd simply prefer.
• If selling common stock, check the 409A vs. last-round pricing gap before setting expectations — asking at the last-round headline price for common stock is a common, avoidable mismatch.
• Decide in advance whether you're open to a partial sale if a buyer wants a smaller check than your full position (see structuring a partial sale).

Common pitfalls

• Anchoring your ask to the last preferred-round headline price when you're selling common stock, which overstates what an informed buyer will actually offer.
• Only sourcing one potential buyer and losing negotiating leverage — even informally comparing two paths (e.g., a marketplace listing and a direct conversation) tends to produce a better outcome.
• Spending significant time negotiating with a buyer before confirming your paperwork even allows the sale.