[danicgross]

Wonderful idea. These exchanges are very common in other markets. In my experience, a proclivity for equity sharing tends to have an adverse selection problem with early stage founders. The best founders are irrational, and this seems like a highly rational idea :)

But I’d imagine investors and employees would be very interested. Also worth noting tax treatment around this issue is evolving:

> In particular, a senior campaign official said a Biden administration would take aim at so-called like-kind exchanges, which allow investors to defer paying taxes on the sale of real estate if the capital gains are reinvested in another property.

https://www.bloomberg.com/news/articles/2020-07-21/biden-pro...

[csentropy]

That is a great point. We spent a lot of time thinking about the adverse selection issue.We narrowed in on Peer selection with stable matching, which seems to mitigate this issue. We are learning..

[geoburke]

Removing like-kind exchange wouldn't just affect this. The whole M&A space would collapse.

[csentropy]

Thank you.

One more risk founders and entrepreneurs need to brace for : Regime uncertainty. Political uncertainty added to market risk, macro, pandemics, on and on...