I think the key to this business is getting both employees and founders&#x2F;board&#x2F;investors to like you. In practice, the board will prefer some secondary markets and that will drive most of your business. Boards care about the stock not getting into the wrong hands, such as activist investors or hostile acquirers. So being able to offer the board &quot;we&#x27;ll give employees liquidity, hold your stock without voting it, and not sell till N months after the IPO&quot; would make the difference.