There are a bunch of hurdles to clear: the ROFR, usually a co-sale agreement, there may even just be outright restrictions on transfer. But these can usually be

There are a bunch of hurdles to clear: the ROFR, usually a co-sale agreement, there may even just be outright restrictions on transfer. But these can usually be worked through by simply talking to the company. If they want to exercise their ROFR, cool, the employee still gets liquidity. If others want to co-sell, I might buy more or you might have to prorate. Transfer restrictions are usually just about the company not wanting a ton of randos on their cap table they don't know, and can often be talked through.