Liquidity preference is the oft-overlooked feature here. People commonly think that because they have 1% of the shares, they will get 1% of the sales price, and

Liquidity preference is the oft-overlooked feature here. People commonly think that because they have 1% of the shares, they will get 1% of the sales price, and that's rarely the case. Even if the company shares with you the liquidity preference of all of their current investors, future investors may negotiate for a favorable one, sometimes making your shares basically useless.