I don't think it's possible for a candidate to properly value the options part of an offer. Not only is too much information withheld in the beginning, but the

I don't think it's possible for a candidate to properly value the options part of an offer. Not only is too much information withheld in the beginning, but the picture changes several times through the life of the startup, and employees are generally not informed. There was a good thread or subthread on this recently - can't find it. The company has a large bag of tricks to dilute your options, if desired. I had this discussion in depth with a Valley CEO a few years back. The best indicator you get as a candidate is that the CEO has rewarded employees in past exits. Now focusing on the numbers could theoretically prove you're getting a bad deal, but it can never prove you're getting a good deal. (I'm guessing the "hard questions" start with total shares/options outstanding, valuation, and liquidation preferences).