What Is a Secondary Transaction

CJ defines secondaries, contrasts them with primaries, and explains company perspective and administrative burden.

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Secondaries aren’t a niche anymore — they’re the main event. In 2025, the secondary market hit $233B, outpacing IPOs 5:1. This episode breaks down how we got here, why companies stay private longer, and how employees, investors, and CFOs actually navigate liquidity. From Facebook’s wild west to structured tenders and continuation vehicles — this is the new playbook.

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SPONSORS:

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LINKS:

Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsN

CJ: https://www.linkedin.com/in/cj-gustafson-13140948/

Mostly metrics: https://www.mostlymetrics.com

Ben on LinkedIn: https://www.linkedin.com/in/slackerstuff/

Slacker Stuff: https://www.slackerstuff.com/

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