Recently learned about QSBS. My basic understanding is you have to be a C-Corp for 5 years, not exceed $50 million of gross assets and not be a professional services business (along with some other excluded business types) then each stockholder gets to sell at least $10 million LTCG-free (maybe more).

Qualified Small Business Stock (QSBS) Definition (investopedia.com)

I'm a little fuzzy on the front end with when you declare you want to do this, the 409A valuation, how often the IRS audits this (I assume a lot?) and how to prepare for the audit.

Ultimately, probably want to use a firm to help so recommendations welcome there.

Any experiences/stories anyone can share are welcome.

I've been lightly involved with a couple, far from an expert.

Main gotcha I would watch out for is the buying party. They need to meet eligibility too to protect the exemption.