Married to the Startup
Married to the Startup is a modern podcast where power couple, George and Alicia McKenzie, navigate the thrilling intersection of marriage, family, and entrepreneurship. With over a 15 years of partnership, this CEO and entrepreneurial coach duo share candid insights on building businesses while fostering a strong family unit.
Married to the Startup
The $465M Exit Where the Founders Got Nothing
In this week’s episode of Married to the Startup, Alicia and George pull back the curtain on one of the wildest startup stories in recent history — the fantasy-sports giant that sold for nearly half a billion dollars… and left its founders with zero.
They break down:
• How FanDuel raised $450M and still lost ownership control
• Why preferred shares, liquidation stacks, and dilution can quietly erase a founder’s upside
• The crucial difference between building a lifestyle business vs. building to sell
• Why founders must always model their exit — long before there’s a deal on the table
• The rookie mistakes that make founders give away equity they’ll never get back
This is a real-life MBA case study on what happens when speed, capital, and competition collide — and why understanding your cap table is a survival skill.
Whether you're raising money, scaling, or just dreaming up your next big idea, this episode is your reminder:
📌 Protect the founder. Protect the equity. Protect the outcome.
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