Wealth Briefs

Insights

Ryan Fox

Partner, Portfolio Manager

San Francisco

Ryan is a Partner and Portfolio Manager at Evercore Wealth Management, managing assets for high net worth families, foundations and endowments.

Prior to joining Evercore in 2025, Ryan worked as a private wealth advisor at Silicon Valley Bank, a division of First Citizens Bank. He was previously a senior portfolio manager at Northern Trust, and, earlier, at Highmark Capital Management.

Ryan holds a B.A. in Economics and History from Boston College.

Key Takeaway

Early planning may provide founders greater flexibility to address taxes, wealth transfer, diversification, and post-transaction liquidity

In this article

Acting While Flexibility Exists

Tax and Liquidity Considerations

The Role of Coordination

Founder Liquidity Strategy: Planning Before the Event

July 21, 2026

When a liquidity event approaches, whether through a business sale or IPO, the experience can feel overwhelming. Years of work, sacrifice and often considerable risk are compressed into a relatively short window in which financial decisions carry heightened importance.

For founders, the path to liquidity is often deeply personal. Wealth is frequently concentrated in a single private business, and the transition from illiquid ownership to accessible capital can happen quickly.

The planning process should begin with sufficient lead time before the event to support effective preparation, coordination, and execution.

Acting While Flexibility Exists

One of the defining characteristics of the founder liquidity strategy is the ability to plan before valuations fully mature and while ownership structures remain flexible. This may include transferring equity to trusts, evaluating residency decisions, or implementing charitable strategies using appreciated shares. When considered early, these approaches can influence both tax outcomes and long-term wealth transfer objectives. In many cases, founders also face the challenge of preparing to transition from concentrated business ownership to a more diversified financial structure. Here, strategically taking advantage of tender offers can help balance the tension of funding financial goals, while retaining upside and control.

Tax and Liquidity Considerations

Tax planning plays a central role in the founder liquidity strategy, particularly when there is still time to implement structural planning decisions in advance of a transaction. One recurring issue is the potential mismatch between expected proceeds and actual after-tax liquidity. Taxes due at closing are sometimes underestimated, which can create pressure when making decisions around gifting, investing, or spending. In some cases, opportunities are available to alleviate the tax burden. For example, a founder may be holding qualified small business (“QSBS” or “1202”) stock. Identifying this early may uncover meaningful tax-planning opportunities. Projecting post-tax outcomes in advance can help bring greater clarity to these decisions and support more informed planning.

The Role of Coordination

Early coordination among advisors may support more informed planning and decision making. At Evercore Wealth Management, this coordination often begins well before a transaction is finalized. Aligning tax, estate, and investment planning in advance allows decisions to be made in context rather than in isolation. Assembling the right team early may allow founders and families to approach the transition with greater confidence.

Wealth Briefs

Founder Liquidity Strategy: Planning Before the Event

Acting While Flexibility Exists

Tax and Liquidity Considerations

The Role of Coordination

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