Most founders believe exits are earned.

They believe outcomes are built through execution, growth, and time.

But investors do not see it that way.

By the time a round is signed, the outcome range is already constrained by the structure of the deal.

Ownership determines upside. Fund size determines expectations. Dilution determines what is left at exit.

And together, they define what “success” actually means for your investors.

This is why strong companies still end up in misaligned situations.

Not because they failed.

Because the math never worked in the first place.

In this week’s HealthVC, I break down:

• why most outcomes are decided at entry

• how investors actually model exits

• and how to avoid building a company that cannot win structurally

If you are raising, this is essential reading.