I started reading this eagerly and was left feeling somewhat underwhelmed. Basecamp is so progressive in so many ways, and while this achieved its stated goal of simplicity, I think it misses out on the potential energy of real employee ownership (both psychological and financial). I’d also argue that early employees typically create value that later employees leverage (brand, code, subscribers, etc.), and this doesn’t address that well. All that being said, the fact that you were far more generous in practice on the actual sale of a subsidiary is heartening. Kudos for that!