# Secondary Sale

*Startups & Venture Capital — Finicade finance glossary*

A secondary sale lets existing shareholders — founders, early employees, early investors — sell shares to new investors without the company raising money. It's how liquidity now reaches people at private companies that stay private for a decade. Companies control it tightly through transfer restrictions, because an uncontrolled secondary market sets a price the company didn't agree to.

**Also known as:** secondaries, employee liquidity, tender offer for employees

**Related terms:** [Exit](https://finicade.com/glossary/exit), [Cap Table](https://finicade.com/glossary/cap-table), [Restricted Stock Units (RSUs)](https://finicade.com/glossary/restricted-stock-units), [Liquidity](https://finicade.com/glossary/liquidity), [Venture Capital](https://finicade.com/glossary/venture-capital)

Source: https://finicade.com/glossary/secondary-sale