+1 on starting with your old friends. The one time I was in this position I called the founder and quickly learned it wasn't going to be worth the effort. Saved

+1 on starting with your old friends. The one time I was in this position I called the founder and quickly learned it wasn't going to be worth the effort. Saved them an unnecessary distraction and saved me from counting money I didn't have. If the company is doing well though, they'd be decently motivated to get some shares out of the hands of a former employee and into the hands of an insider (namely, their VCs).