Michel Del Buono

speaker

515 appearances 1 recordings 1 series first heard May 2026 last heard 22 May

Michel Del Buono’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in May 2026 with 1.

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Sourcery · Inside Marc Andreessen & Ben Horowitz's Multi-Family Office (Part II) · 22 May 2026 podcast

Some have left the company and they're working somewhere else, so they don't feel that attached to it.

Yeah, I mean, there are many personal reasons, but if 100% of your worth is in there, you can understand how people, even if it might make mathematical sense to hold on to the stock, might want to sell before because all their wealth is there.

So really try to be in a structure where you're only one step removed from the shares.

Ideally, you're straight on the cap table.

That's really hard to do.

But whenever I advise clients, I try really hard to get them straight on the cap table.

If you are going to go through a vehicle and it's just L1, to use the industry term, make sure that

You diligence who that is that's giving the shares.

Is it a reputable law firm that set the thing up?

Are there safeguards in the documents around how the shares are going to be?

Are they going to be placed in escrow?

Or does the original owner have the right to pledge them, to borrow money against them?

There are all these things.

Because each one of these contracts is a custom contract, you need to get into the details.

So the legal diligence is actually very hard.

And if you don't know ahead of time, like I'd say a lot of people don't realize, for example, people take loans out against their private stocks.

Just because you put it into a vehicle doesn't mean you don't have the right to take a loan out against it.

Right.

So there are things like that.

You have to sort of think of all these eventualities.

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