Equity can make you rich. But that’s a bold claim for most workplaces. If you’re lucky enough to work for a future unicorn then, yes, getting a share of ownership really can set you up for life by age 40. That, however, is rare. Nevertheless, stock options and other forms of equity can be an important part of your compensation package. Particularly if your company does well, this can be an excellent way to build long-term savings early on. Here are a few ways to negotiate for equity with a private company.

A financial advisor can help you understand your stock options and what choices you have financially when it’s time to exercise them.

Research Your Company

First, make sure that your company offers equity in the first place. Most private companies are what’s called a “closely held” corporation. This means that the ownership is entirely held by a small number of individuals, sometimes even just one person. In those cases it’s rare for the company to share equity outside of c-suite offers. Doing so would not only be against corporate practice, but it would affect the legal status of the firm and potentially force them to change their operations.

So as you apply for each job, research the corporate structure. If you want private stock as part of your compensation, make sure that company can and will make this kind of offer in the first place.

Negotiate During a Transition Period

If you are applying for a new job, this is inherent. But let’s say that you currently work for a company and would like to add equity to a part of your compensation package. What now? The answer is, probably, wait.

Adding equity to your existing compensation package will materially change the nature of your relationship with the company. That means you may want to wait for a natural transition point to bring this up. Ideally, raise this issue at your next promotion, asking for it as part of your updated compensation for the new position.

If that’s not realistic, then bring this up at your next significant review. In this case, don’t expect to simply bolt stock options onto your existing pay package. Instead, during your review, raise this as one of your goals and discuss what it would take to get there.

Offer to Trade Pay for Equity

This is sometimes known as the “sliding scale” approach, and it’s very popular with new or startup companies. Basically, during your salary negotiations, you ask for an equity stake in the company. Then, be prepared to accept a lower salary in exchange for that equity during your negotiation. Basically you have a sliding scale of salary that you’re willing to accept, higher pay without equity but lower pay in exchange for shares.

This can open room for negotiation because you have something of value that you can trade for the shares. Startup companies could embrace this as it lets them save on money on salaries in exchange for a potentially high-value payout if the company succeeds.