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← Glossary
Cap Table & Equity

Common shares

Also: Ordinary shares

The plain shares founders and employees hold, last in line behind preferred in a payout.

Why it matters

Because common sits behind preferences, the headline valuation rarely equals what common holders actually receive in a modest exit.

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Get the real-world version of "Common shares" drawn from hundreds of conversations with founders and investors.

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Episodes on Venture Capital

Trust Over Likability: How Charles Hudson Built a 450-Company Portfolio

First Cheque with Cheryl Mack & Maxine Minter · 31 August 2026

Trust Over Likability: How Charles Hudson Built a 450-Company Portfolio
Sidecars 101: Why Venture Funds Are Investing on the Side

First Cheque with Cheryl Mack & Maxine Minter · 17 August 2026

Sidecars 101: Why Venture Funds Are Investing on the Side
Eric Ries on What Investors Get Wrong About Governance

First Cheque with Cheryl Mack & Maxine Minter · 3 August 2026

Eric Ries on What Investors Get Wrong About Governance
All Venture Capital episodes →
Related terms

Preferred shares

The share class investors usually take, with extra rights over ordinary shares — preferences, votes, protections.

Liquidation preference

The rule that decides who gets paid first, and how much, when the company is sold.

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