Bhavik Vashi, 32, epitomizes the dream of many Silicon Valley tech professionals. After joining a promising startup and climbing the ranks, he became a millionaire when the company was acquired. Here’s how he turned his startup equity into over $2 million and five tips for negotiating more shares.

After graduating from UC Berkeley in 2013, Vashi joined Anaplan, a software startup. Over ten years, he advanced from an entry-level consultant to vice president. “When I joined, we were fewer than 100 people, and I saw it grow to over 2,000,” Vashi told CNBC Make It. “With each promotion, I received equity grants.”

In June 2022, Anaplan was acquired by Thoma Bravo for around $10.4 billion, and Vashi’s shares were valued at $63.75 each. He made over $2 million from selling his equity and now serves as managing director at Carta for Asia Pacific and the Middle East.

Vashi attributes his success partly to strategic moves and offers these five tips for negotiating more equity:

1. Know What You Want

   Determine what you need from your company. “Don’t overemphasize equity thinking it will make you a millionaire—98% of startups fail,” Vashi advises. Ensure your cash compensation covers your living expenses before focusing on equity.

2. Ensure Company Alignment

   Make sure the company offers equity and that you’re confident in its future. “Research the company’s trajectory to assess the value of its equity,” Vashi suggests.

3. Be Indispensable

   Increase your chances of securing equity by becoming essential to the company’s success. “The amount of equity you receive often correlates with your importance to the company,” Vashi notes.

4. Network Proactively

   Advocate for yourself and showcase your contributions to managers and other key figures. “Don’t rely solely on your manager to promote your value,” Vashi says.

5. Be Prepared

   Prepare a strong case for negotiating equity by documenting your contributions. “Create a portfolio of your work to support your arguments in negotiations,” Vashi recommends.

Sample Negotiation Script:

“For me, the focus is less on cash compensation and more on joining a successful company. I want my financial well-being tied to the company’s success. If you’re not open to increasing my equity grant, it might not be the right fit, as I’m committed to working hard and seeing my efforts reflected in both my and the company’s success.”

Asking for equity shows commitment and aligns your financial interests with the company's long-term success.