How shareholders should choose a platform to sell private company shares: What to consider beyond fees
Key takeaways
- The primary question is whether your shares will sell. Lower fees are irrelevant if you cannot find a buyer or complete the transaction.
- Pricing visibility matters. Shareholders should look for platforms that combine historical data with real-time demand signals, such as live bids and asks, to help you price and time your sale.
- Execution can be a key bottleneck. Seller ownership verification, buyer diligence, transfer restrictions and company approval requirements can all affect whether a sale closes.
- Scale, credibility and support matter. A broader buyer network, transaction experience and issuer-aware processes can help make the selling process more predictable.
If you are looking to sell shares in a private company, fees are often one of the first things you consider. But fees are never the only important factor.
The most important question is simple:
Will your shares actually sell?
Selling private stock can feel uncertain. Transactions depend on finding a buyer, navigating company approvals, and completing a process that is often unfamiliar and time-consuming. A lower fee does not matter if your shares do not sell or the process becomes difficult to manage.
What sellers should look for
Selling private company shares requires more than listing your interest. Shareholders should evaluate whether a platform can help them:
- Find a real buyer for their shares
- Navigate company approvals and requirements
- Complete the transaction with confidence
- Understand pricing and market demand
Some platforms require sellers to manage much of this process on their own. Others provide more structure and support along the way.
Key factors to evaluate
1. Execution reliability
The most important factor for sellers is whether a transaction actually completes.
Selling private shares requires:
- A willing buyer
- Agreement on price
- Company approval
- Documentation and diligence that satisfy company-specific transfer requirements
Platforms that provide support throughout the process can help reduce uncertainty and improve the likelihood that a transaction moves forward. This is especially important because a matched buyer and seller do not guarantee a completed sale. The transaction may still need to clear transfer restrictions, right of first refusal processes, buyer review and issuer approval.
2. Issuer-aware execution and company requirements
Many private companies have approval rights over share transfers, and each company may have its own requirements for documentation, buyer eligibility, timing, fees and transfer restrictions.
Sellers should look for platforms that understand these requirements before a transaction is too far along. That can include verifying proof of ownership, helping diligence potential buyers and coordinating around company-specific approval processes.
While no platform can guarantee company approval, working within issuer frameworks can help reduce delays, avoid unnecessary surprises and make the selling process more predictable.
3. Platform support vs. self-service
Some platforms are highly self-directed, requiring sellers to manage documentation, negotiation, and coordination themselves.
Others provide more structured support, including:
- Guidance through the transaction
- Help coordinating logistics
- Assistance navigating company requirements
For many sellers, especially first-time participants, support can make a meaningful difference.
Forge by the numbers
- $18B+ in transaction volume
- 600+ private companies traded
- 3M+ users on the platform
- 32K+ completed trades
These metrics reflect a broad and active marketplace, which can help increase the likelihood of finding a buyer.
Data as of 3/31/2026
4. Fees and net proceeds
Fees directly impact how much you receive from a sale.
For direct secondary transactions, platforms like Forge typically charge 2–4%, with fees that may be lower depending on the transaction.
Fees are generally only charged if a transaction successfully completes.
In some cases, more complex structures such as fund-based transactions may involve additional fees.
While fees are important, they should be considered alongside:
- Likelihood of selling your shares
- Time required to complete the transaction
- Overall experience
5. Pricing visibility
Understanding pricing can help set expectations, but private markets are not always transparent.
Some platforms provide limited information about past transactions. Others offer a combination of historical data and real-time market signals to give a clearer picture of demand.
Platforms like Forge provide pricing insights such as Forge PriceTM, which reflects recent market activity and is updated regularly.
Forge also provides access to a live order book, where buyers and sellers can express interest through bids and asks. This offers a more current view of demand compared to relying only on past transactions.
By combining historical pricing data with real-time signals, sellers can better understand market interest and make more informed decisions about when and how to sell.
Forge’s pricing data is also featured through CNBC and Yahoo Finance, helping bring greater transparency to the private market.
6. Platform credibility and trust
Selling private shares often involves significant financial decisions.
Sellers should consider:
- Platform track record
- Experience facilitating transactions
- Regulatory infrastructure
Platforms like Forge have operated for over a decade and are part of Charles Schwab, providing additional scale and institutional backing.
Risks to consider
Selling private shares involves several risks, including but not limited to:
- Failed or unmatched trades: You may not find a buyer, and transactions are not guaranteed to execute.
- Issuer approvals and transfer restrictions: Your company may delay or decline the transaction.
Platforms with issuer-aware processes can help sellers understand these requirements earlier, but approvals remain subject to the company’s discretion. - Limited liquidity: Trading activity can be inconsistent, and it may take time to complete a sale.
Platforms that provide structure, support, and relationships can help navigate these challenges.
How to choose the right platform
As a seller, prioritize platforms that:
- Increase the likelihood of completing a transaction
- Provide support throughout the process
- Help navigate company approvals, transfer restrictions and issuer-specific requirements
- Offer visibility into pricing and demand
Platforms that combine marketplace access with support and infrastructure can make the selling process more predictable and manageable.
Get started
Explore your options for selling private company shares on Forge.
Andrew Reynolds is Forge’s Product Marketing Manager, leading go‑to‑market and messaging strategies across the business. Prior to Forge, he spent five years at Goldman Sachs. Andrew holds a BA with Honors in Economics from the...
Andrew Reynolds is Forge’s Product Marketing Manager, leading go‑to‑market and messaging strategies across the business. Prior to Forge, he spent five years at Goldman Sachs. Andrew holds a BA with Honors in Economics from the University of Chicago. Read more from Andrew.
