A minority shareholder can force a liquidity event. For example, the founder gives 5% to a valued employee who after vesting and several years of company growth

A minority shareholder can force a liquidity event. For example, the founder gives 5% to a valued employee who after vesting and several years of company growth gets a divorce. Husband wants his 50% community property interest in those shares and the employee minority shareholder doesn't have enough cash. Court forces a sale. Alternatively, employee pledges the shares as security for a loan and then defaults. Lender forecloses. My point is this: there are ways for a minority shareholder to force a liquidity over the objections of the majority shareholders. Therefore those shares have value.