ESOP.fyi — WritingReporting and analysis on cap table software, ESOP administration, valuations and liquidity, from the team building ESOP.fyi.https://www.esop.fyienCarta alternatives in 2026: an honest maphttps://www.esop.fyi/blog/carta-alternativeshttps://www.esop.fyi/blog/carta-alternativesA straight comparison of Carta alternatives for cap table and equity management in 2026 — Ledgy, Cake Equity, Eqvista, Fidelity Private Shares, Qapita — and what the Pulley shutdown changed about the choice.Wed, 16 Sep 2026 00:00:00 GMTCarta alternativescap table softwareequity managementLedgy409AESOP.fyiHow to export everything from Pulley before December 8https://www.esop.fyi/blog/export-cap-table-from-pulleyhttps://www.esop.fyi/blog/export-cap-table-from-pulleyPulley goes dark on December 8, 2026 and limited data access ends January 31, 2027. Here is everything you need out of it, and how to check the export is actually complete.Wed, 16 Sep 2026 00:00:00 GMTPulley shutdowncap table exportmigration409AESOPESOP.fyiPulley alternatives: where to move your cap table before December 8https://www.esop.fyi/blog/pulley-alternativeshttps://www.esop.fyi/blog/pulley-alternativesPulley shuts down on December 8, 2026. An honest comparison of the alternatives — Carta, Ledgy, Cake Equity, Eqvista, Fidelity Private Shares, Qapita — and how to pick without a feature grid.Wed, 16 Sep 2026 00:00:00 GMTPulley alternativescap table softwareCartaLedgymigrationESOP.fyiPulley vs Carta: the comparison is overhttps://www.esop.fyi/blog/pulley-vs-cartahttps://www.esop.fyi/blog/pulley-vs-cartaPulley vs Carta was the default cap table comparison for years. Pulley shuts down on December 8, 2026 — here is what that changes for anyone choosing a platform today.Wed, 16 Sep 2026 00:00:00 GMTPulley vs Cartacap table softwareCartaPulley shutdownESOP.fyiPulley is shutting down: what happens to your cap table, and what to dohttps://www.esop.fyi/blog/pulley-is-shutting-down-what-founders-should-dohttps://www.esop.fyi/blog/pulley-is-shutting-down-what-founders-should-doPulley shuts down on December 8, 2026 and Carta is taking the migrations. The three dates that bind you, the export to run this week, and an honest look at every Pulley alternative.Wed, 16 Sep 2026 00:00:00 GMTPulley shutdowncap tableCartamigrationESOPESOP.fyiTen cap table mistakes, and the audit that catches them in an afternoonhttps://www.esop.fyi/blog/cap-table-mistakes-self-audithttps://www.esop.fyi/blog/cap-table-mistakes-self-auditThe errors that actually show up in diligence — unrecorded grants, stale 409As, missed 83(b)s, unmodelled SAFEs, phantom pool balances — and how to find yours today.Wed, 16 Sep 2026 00:00:00 GMTcap tablediligenceauditequity administrationtutorialESOP.fyiHow to value the equity in a job offer, properlyhttps://www.esop.fyi/blog/how-to-value-an-equity-offerhttps://www.esop.fyi/blog/how-to-value-an-equity-offerTurning "40,000 options" into a number you can actually compare against salary — percentage, future dilution, the preference stack and what exercising costs you.Wed, 05 Aug 2026 00:00:00 GMTequity offerstock optionscompensationemployeestutorialESOP.fyiSecondaries and tender offers: turning equity into cash before an exithttps://www.esop.fyi/blog/secondaries-and-tender-offershttps://www.esop.fyi/blog/secondaries-and-tender-offersHow employees turn vested equity into cash before an exit — company-run tenders, direct secondaries, transfer restrictions, and what a sale does to your 409A.Wed, 08 Jul 2026 00:00:00 GMTsecondary saletender offerliquidityESOPtutorialESOP.fyiThe paperwork that makes a grant real: board consents, 409As and Rule 701https://www.esop.fyi/blog/equity-administration-board-consents-rule-701https://www.esop.fyi/blog/equity-administration-board-consents-rule-701An offer letter does not create equity. The approval chain that does, the 409A cadence that keeps strikes defensible, and the securities rules most startups never read.Thu, 11 Jun 2026 00:00:00 GMTboard consentsRule 701409AESOP administrationtutorialESOP.fyi83(b) elections, early exercise and QSBS: the timing decisions that keep your moneyhttps://www.esop.fyi/blog/83b-election-early-exercise-qsbshttps://www.esop.fyi/blog/83b-election-early-exercise-qsbsThe 30-day 83(b) deadline, why early exercise starts the clock early, and how the July 2025 QSBS changes shortened the holding period to three years. Worked with numbers.Thu, 07 May 2026 00:00:00 GMT83(b)early exerciseQSBSequity taxtutorialESOP.fyiPool top-ups and refresher grants: keeping the pool from running dryhttps://www.esop.fyi/blog/option-pool-top-ups-refresh-grantshttps://www.esop.fyi/blog/option-pool-top-ups-refresh-grantsHow to size a top-up from a hiring plan rather than a rule of thumb, when refreshers make sense, how forfeitures recycle, and the pool tracking that prevents a mid-hire scramble.Thu, 09 Apr 2026 00:00:00 GMToption poolESOPrefresher grantshiringtutorialESOP.fyiCommon vs preferred shares: what investors actually buyhttps://www.esop.fyi/blog/common-vs-preferred-shareshttps://www.esop.fyi/blog/common-vs-preferred-sharesPreferred shares cost more than common because they carry rights common does not. Each right explained plainly, including weighted-average anti-dilution worked in full.Thu, 19 Mar 2026 00:00:00 GMTpreferred stockanti-dilutionterm sheetshare classestutorialESOP.fyiThe exit waterfall: why owning 43% does not mean receiving 43%https://www.esop.fyi/blog/exit-waterfall-liquidation-preferencehttps://www.esop.fyi/blog/exit-waterfall-liquidation-preferenceLiquidation preferences get paid before common shareholders see anything. Non-participating, participating and stacked preferences, each worked with real exit numbers.Tue, 24 Feb 2026 00:00:00 GMTliquidation preferenceexit waterfallpreferred stocktutorialESOP.fyiDilution across seed, Series A and Series B: where founder ownership actually goeshttps://www.esop.fyi/blog/dilution-across-funding-roundshttps://www.esop.fyi/blog/dilution-across-funding-roundsFounders start at 100% and reach Series B holding around 43%. The arithmetic round by round, why dilution multiplies rather than adds, and when a smaller slice is worth more.Tue, 03 Feb 2026 00:00:00 GMTdilutionfundraisingcap tabletutorialESOP.fyiSAFEs and convertible notes: the dilution you cannot see on your cap tablehttps://www.esop.fyi/blog/safes-convertible-notes-explainedhttps://www.esop.fyi/blog/safes-convertible-notes-explainedA SAFE is money now for shares later. The maths of pre-money versus post-money caps, worked in full — and why stacking post-money SAFEs surprises founders at Series A.Tue, 13 Jan 2026 00:00:00 GMTSAFEconvertible notesdilutionfundraisingtutorialESOP.fyiStrike price, 409A and exercising options, in plain Englishhttps://www.esop.fyi/blog/strike-price-409a-exercising-optionshttps://www.esop.fyi/blog/strike-price-409a-exercising-optionsWhere your strike price comes from, what exercising actually costs in cash, and why the spread can create a tax bill on money you have not received.Thu, 18 Dec 2025 00:00:00 GMTstrike price409Astock optionsISO NSOtutorialESOP.fyiHow vesting actually works: cliffs, schedules and a month-by-month examplehttps://www.esop.fyi/blog/how-vesting-workshttps://www.esop.fyi/blog/how-vesting-worksFour-year vesting with a one-year cliff, worked month by month on a real 48,000-option grant, including exactly what you keep if you leave early.Tue, 25 Nov 2025 00:00:00 GMTvestingcliffESOPequity basicstutorialESOP.fyiThe option pool, and the pool shuffle that costs founders real percentage pointshttps://www.esop.fyi/blog/option-pool-shuffle-explainedhttps://www.esop.fyi/blog/option-pool-shuffle-explainedThe option pool is simple. The timing of when it is created is not, and it moves real percentage points between founders and investors. Same round, worked both ways.Thu, 06 Nov 2025 00:00:00 GMToption poolESOPdilutionfundraisingtutorialESOP.fyiAuthorized, issued, outstanding, fully diluted: the four numbers everyone confuseshttps://www.esop.fyi/blog/authorized-issued-outstanding-fully-dilutedhttps://www.esop.fyi/blog/authorized-issued-outstanding-fully-dilutedYour ownership percentage has two correct answers depending on which share count you divide by. One worked example, all four numbers, no jargon.Tue, 14 Oct 2025 00:00:00 GMTcap tablefully dilutedequity basicstutorialESOP.fyiWhat is a cap table? A dead-simple explanationhttps://www.esop.fyi/blog/what-is-a-cap-tablehttps://www.esop.fyi/blog/what-is-a-cap-tableA cap table is just a list of who owns your company and how much. We build one from incorporation, line by line, with real numbers.Mon, 29 Sep 2025 00:00:00 GMTcap tableequity basicsfounderstutorialESOP.fyi