Glossary

Second bite

The founder's proceeds from the sale of rollover equity when the buyer exits.

In a sale

What it changes in a sale

The second bite is paid when the buyer sells the business again, on the stake the founder kept. With a capable buyer it can exceed the first sale; with the wrong one it can be worth nothing. That range is why the size of the roll, and the choice of buyer, matter more than the promise of a second sale.

See the terms with your own numbers

The Go-To-Market Analysis (GTMA) builds the file a buyer would build on your business, before a buyer does.