> If you can demonstrate two cap sheets with the typical scenario and the feel-good scenario and it can be shown that founders loose control at about the same s

> If you can demonstrate two cap sheets with the typical scenario and the feel-good scenario and it can be shown that founders loose control at about the same stage, this would probably be more digestable. You're assuming that employees are willing to take less money to help the founders retain control. Maybe, but I doubt it. If control is worth so much, perhaps founders should be willing to pay for it. One way to do so is to give liquidation preferences to employees.