In this episode, we break down how founders and early employees can get liquidity before an IPO—without selling shares, triggering taxes, or relying on a shaky secondary market.

Our guest is Greg Brogger, founder of SharesPost (sold to Forge Global for $160M, later taken public and acquired) and now CEO of Collective Liquidity.Greg is one of the earliest architects of the private stock market, with over $10B+ in transactions.

He covers:

• Why founders often wait too long for personal liquidity
• The hidden risks of SPVs and secondary marketplacesHow to diversify equity without paying capital gains
• Ways to create a “financial floor” while still building
• How exchange funds work—and why top founders use them

If you’re a founder, operator, or employee with meaningful equity, this episode shows how to unlock liquidity and reduce personal risk well before an exit.

Raising capital?

Get a vetted list of VCs: ⁠https://web.thunder.vc/list-of-investors-vcs-for-founders?utm_source=Youtube&utm_medium=EP+99&utm_campaign=%24100M+Exits

Fundraising insights: ⁠https://blog.thunder.vc/funding-101?utm_source=Youtube&utm_medium=EP+99&utm_campaign=%24100M+Exits

Episode Guide:

00:00 - Selling SharesPost

01:04 - COVID-19 challenges

01:51 - Broker dealer model shift

03:45 - Merger vs acquisition

07:04 - Fundraising dynamics

11:14 - Building SharesPost

16:54 - Employee liquidity pushback

19:28 - SPVs & market health

23:13 - Nasdaq joint venture

29:47 - Strategic moves

31:11 - JV dynamics

32:32 - Growth & COVID impact

34:53 - Timing in venture

37:07 - Founding Collective

40:04 - Exchange funds

46:21 - Liquidity strategies

50:50 - Advice for founders

57:43 - Key takeaways

About Greg Brogger

Greg Brogger pioneered private-market trading as the founder of SharesPost, later merging with Forge. Before that, he helped build the Nasdaq Private Market and co-founded TrueCar and Internet Brands.

He began his career as a securities attorney at Wilson Sonsini and holds degrees from UC Berkeley, UPenn Law, and Wharton. He currently serves on the board of Ownera.

LinkedIn: ⁠https://www.linkedin.com/in/gregbrogger/⁠

Website: ⁠https://www.collectiveliquidity.com/⁠

About Jason Kirby

Jason Kirby is the co-founder of Thunder, a tech-enabled investment bank helping founders navigate fundraising and M&A. He’s a serial entrepreneur with four exits and over $135M in transactions.

Email: ⁠jason@thunder.vc⁠

LinkedIn: ⁠https://www.linkedin.com/in/jasonrkirby/⁠

About $100M Exits

This podcast helps founders navigate capital strategy, funding, and M&A through conversations with those who’ve done it. Best suited for founders doing $5M+ in revenue. Subscribe and share who you’d like to hear next.