Some scenarios: 1) If there has been one in the past, you may reasonably expect another one in the future. They may even reveal that they have secondary sales

Some scenarios: 1) If there has been one in the past, you may reasonably expect another one in the future. They may even reveal that they have secondary sales at regular intervals. This derisks your equity illiquidity somewhat. 2) If there was a secondary sale where only part of the "leadership" participated, then that's at least a yellow flag for management's attitudes towards its workforce.