Scott Belsky has a great post up titled Don’t Get Trampled: The Puzzle For “Unicorn” Employees. In it, he’s got a bunch of questions, along with detailed discussion, that you should ask your potential employer if you are considering a job at a unicorn (company with > $1b private valuation.) His suggestion is to strongly “audit your comp” in advance.

The questions include:

• Have you raised capital with liquidation preferences, and what are they?
• How many months of runway do you have?
• If you need to raise more money but are unable to do so at standard terms, will you accept less favorable terms or will you raise at a lower valuation?
• Has the company taken on debt?
• Does the company aspire to be a public company?
• If the company’s plan is to stay private for the foreseeable future, have there been secondary sales for employees and/or founders?
• Have the company’s financials been audited?

I encourage you to read the whole post at Don’t Get Trampled: The Puzzle For “Unicorn” Employees.