Our curated collection for late-stage founders

Get inspired and level up with articles, guides, and tools to help you prepare for an exit, IPO, or acquisition.
Our curated collection for late-stage founders. Get inspired and level up with articles, guides, and tools to help you prepare for an exit, IPO, or acquisition.

Exit preparation

Carta logo
Author: The Carta Team
Date: December 2023
featured article
The Carta Handbook for Late-Stage Private Companies
Leaders at mature private companies have plenty to navigate on their way to an eventual exit. This handbook lays out key steps and provides tips.
Business exit strategies
Founder Education
December 2023
Business exit strategies
An exit strategy outlines how and when a founder, CEO, or investor plans to liquidate a company. Learn more about IPOs, M&As, liquidations, and buyouts.
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How to close a business
Founder Education
May 2024
How to close a business
Learn how to close a business with actionable steps to help you navigate every phase of the company dissolution process. For more information, download our "Dissolutions eBook," a free checklist and guide for founders.
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Liquidity events
Liquidity
December 2023
Liquidity events
Liquidity events allow shareholders to turn illiquid equity into cash. Learn more about IPOs, M&As, tender offers, and other secondary transactions.
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trusted law firm partners
FAQs: How does Carta help with M&As?
Get the guide

Going public

Carta logo
Author: The Carta Team
Date: March 2023
featured article
Initial public offerings (IPO)
An IPO is when a private company trades shares on a public stock exchange for the first time. Learn more about the IPO process & alternative exit options.
IPO readiness
Initial Public Offerings
July 2025
IPO readiness
Preparing for an IPO can feel like stepping into the unknown. This article covers everything you need to know before, during, and after an IPO—so you can go public with confidence.
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Special purpose acquisition company (SPAC)
Liquidity
June 2023
Special purpose acquisition company (SPAC)
Learn what a SPAC is, how the deal process works, and how a special purpose acquisition company merger differs from a traditional IPO.
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Direct listings
Equity Education
April 2025
Direct listings
Direct listings offer companies a way to provide liquidity to shareholders without diluting shares or spending a ton of money on underwriters. Learn more about direct listings vs. IPOs when going public.
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[Reusable Media] | Equity Management | Banner Option 3
From private to public, we’ve got you covered
Streamline your transition from private to public equity management with Carta and Morgan Stanley at Work.
Learn more

Mergers and acquisitions

Carta logo
Author: The Carta Team
Date: March 2023
featured article
Mergers and acquisitions (M&A)
Learn the basics of M&A transactions and how to navigate support, tools and other helpful solutions in this complete guide.
The M&A process
Founder Education
April 2023
The M&A process
Navigating the decision requires founders to understand the dynamics of the most common M&A deal structures and evaluate personal and professional goals.
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Asset sale vs. stock sale
Late-Stage Private Companies
June 2024
Asset sale vs. stock sale
Explore the differences between two types of M&A deal structures: asset sales and stock sales. Learn the tax implications for each type of sale to see whether an asset or stock sale is right for your company.
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Leveraged buyout (LBO)
Liquidity
July 2025
Leveraged buyout (LBO)
In this guide, learn how leveraged buyouts work and the steps required to complete these complex financial transactions.
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State of Private Markets

State of Private Markets Q3 2025

The industry continued to grow, marked by key trends: Early-stage valuations keep rising, down rounds are growing less frequent, and the Bay Area still reigns supreme. See all the best data in our latest report.

State of Private Markets: Q2 2025

A picture is emerging in the early days of the AI age: Investors have grown more selective, but rising valuations show that VCs believe many of these young, lean startups are poised for explosive growth in the years to come.

State of Private Markets: Q1 2025

Competition among VCs for high-end deals is one factor that’s driving up pre-money valuations across the breadth of the venture landscape, even as deal counts dwindle.

State of Private Markets: 2025 in review

It was a strong year overall for venture fundraising on Carta, with startups bringing in nearly $120 billion over the course of 2025. As the market adjusts to the omnipresence of AI, a new type of normal has emerged.

State of Private Markets Q3 2025

State of Private Markets: Q2 2025

State of Private Markets: Q1 2025

View all reports

Financial modeling

Kristoffer Warren
Author: Kristoffer Warren
Date: February 2026
featured article
Waterfall modeling:
A complete guide
Learn the ins and outs of simple and complex waterfall modeling with Carta's free, comprehensive resource.
Waterfall analysis
Founder Education
May 2024
Waterfall analysis
Learn how to model exit scenarios using waterfall analysis. Waterfalls help investors predict how shareholders would be paid out at a future liquidity event.
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Pro forma financial statements
Founder Education
June 2025
Pro forma financial statements
A pro forma financial statement predicts the outcome of a business decision, investment, or deal. Learn when to use a pro forma for your company and what to include.
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Liquidation preferences
Liquidity
August 2023
Liquidation preferences
We cover both standard and non-standard terms for each of the various rights and liquidation preferences, and how they can affect stockholder payouts.
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Equity

Carta logo
Author: The Carta Team
Date: June 2025
featured article
Tender offers
Learn about tender offers, the tendering process, and how tenders work for private companies. Get all the answers to your tender offer questions.
The secondary market, explained
Liquidity
April 2026
The secondary market, explained
Understand the function of the private secondary market and how companies can benefit from secondary liquidity and secondary market transactions.
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Capital gains
Employee Resource Center
July 2025
Capital gains
Capital gains are profits you make from selling a capital asset. Learn the difference between short-term and long-term capital gains and how taxes work for each.
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Post-termination exercise period (PTEP)
Equity Education
April 2023
Post-termination exercise period (PTEP)
Employees usually have 90 days to buy their options when they leave a job. Learn about the 90-day post-termination exercise period window and why it's changing.
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Pari-passu
Investors
March 2023
Pari-passu
Pari-passu is a type of investor preference where all preferred shareholders in a company have equal distribution rights during a liquidation event.
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Single-trigger vs. double-trigger RSUs
Liquidity
April 2025
Single-trigger vs. double-trigger RSUs
A double-trigger RSU structure is common, but single-trigger RSUs can have more benefits for employees of late-stage private companies. Learn more.
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How to sell private company stocks
Employee Resource Center
July 2022
How to sell private company stocks
If your company isn’t public, selling shares can be complicated. Learn how to sell stocks in a private company through tender offers and secondary transactions.
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Latest articles

How to leverage ZEPOs as part of your ESS
Employee Equity
June 2026
How to leverage ZEPOs as part of your ESS
Everything you need to know about zero exercise price options, including how ZEPOs work, tax benefits, and how you can leverage it as part of your ESS.
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How to prepare for investor due diligence: A guide for Australian founders
FUNDRAISING
June 2026
How to prepare for investor due diligence: A guide for Australian founders
When institutional investors enter the conversation, the diligence bar is materially higher than most founders expect. Here’s what they scrutinize across your financials, cap table, and R&D claims—and how to stay ahead before that first conversation.
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The Change Agents Briefing
Product Updates
May 2026
The Change Agents Briefing
Carta's AI release briefing: Rearchitecting private capital operations. Discover new LLM Plugins and AI tools for data automation.
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Pay transparency and what it means for modern startups
Compensation
April 2026
Pay transparency and what it means for modern startups
More cities and states are addressing pay discrimination by requiring pay transparency in job postings. Learn how to navigate pay transparency laws and build a compliant compensation strategy to help you attract and retain top talent.
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Carta Cap Table Plugin
Equity
April 2026
Carta Cap Table Plugin
Get instant, grounded answers to complex cap table questions. Connect Claude to your live data for rapid ownership, 409A valuations, and exit waterfall analysis.
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How AI is changing the compensation game for VC-backed startups
Data & Research
April 2026
How AI is changing the compensation game for VC-backed startups
The startup compensation market is bifurcating between companies that are AI-native and those that aren’t. For both groups, however, AI is changing the way executives think about how many people they need to hire, who they need to hire, and how those hires should be compensated.
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New tools for UK, European, and Australian equity management
Equity
April 2026
New tools for UK, European, and Australian equity management
Simplify filings and manage localized awards.
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Management buyouts: Planning a successful MBO strategy
Mergers & Acquisitions
March 2026
Management buyouts: Planning a successful MBO strategy
Learn about the management buyout (MBO) process, including the steps for selling the company to your leadership team and managing the final ownership transition.
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Compensation philosophy: Creating a framework for compensation
Compensation
March 2026
Compensation philosophy: Creating a framework for compensation
Learn how to create your first compensation philosophy, a clear framework that will help you make consistent decisions regarding compensation as you build your team.
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