How Founders Lose a Company in Three Years
A realistic cap table scenario: SAFEs, option pool shuffle, bridge notes, and a down round with full ratchet. How six sensible decisions transfer a company.
The Diligence Library
Ownership & Cap Table
Who owns what, and what that ownership survives. Vesting, ESOP and phantom equity, SAFEs and convertible notes, dilution mechanics, down rounds. The section of the diligence report founders read last and pay for first.
Phantom Equity Is Not ESOP
Why UAE mainland companies cannot issue real share options, what ADGM and DIFC actually allow, and how phantom equity fails at exit.