This is the second in a series of posts about VC term sheets. After valuation, Liquidation Preferences can be very dilutive. Liquidation Preferences sound lik

This is the second in a series of posts about VC term sheets. After valuation, Liquidation Preferences can be very dilutive. Liquidation Preferences sound like a preference for who has the right to drink from the water cooler first. And metaphorically, that is correct. They say who drinks from the proceeds from the sale of a company first.