E130: VC Secondaries — ROFRs, SPVs, Fees, and How Not to Get Blocked

In this episode of Fireside with a VC , Andrew Romans explains how VC secondaries really work in large private companies — and how buyers and sellers can avoid common mistakes. We cover: · Secondaries vs. primaries · Stock transfer permissions and why deals get blocked · ROFRs and the ROFR price · Direct to cap table vs. layered SPV structures · How to calculate the all-in cost (with or without…