Learn how to build and analyze a cap table
Today more than ever, it's important to know how fundraising structures impact ownership and dilution as valuations change, but the terminology and structures can often be confusing and opaque even to people experienced in finance. Even if you are working with experienced investors, lawyers, and founders, knowing the fundamentals of how venture financing structures work can save you from costly misunderstandings and errors.
I've helped over 25,000 founders and venture capitalists with tools and classes to understand how equity, convertible notes, SAFEs, and tokens impact their cap tables, dilution, and ownership. This one session workshop is an introduction to how to read and understand a cap table, understand the difference between preferred and common shares, and model share ownership and dilution through multiple rounds of equity fundraising.
You'll leave the session with access to a spreadsheet resource library covering numerous examples of cap table calculations, slides and videos for you to review whenever you need, and a solid understanding of the fundamentals.
Learn how to model cap tables
- How to model equity fundraisings
We'll dive into details on the terminologies and structure of capitalization tables, including how to calculate share prices, use valuations, model equity fundraising rounds, issue new shares to investors, and calculate ownership percentages. We will also cover how to model proratas and antidilution.
Who this course is for
- Venture Capital analysts and associates, lawyers and accountants looking to learn the fundamentals of cap table models
- Founders raising capital for the first time wanting to understand how raising equity rounds impacts their ownership
- Anyone looking to cut through the jargon and understand the practical aspects to modeling cap tables
Many companies offer an L&D or education budget that can cover the cost of this course. If you need help with a letter to submit for reimbursement, contact me. If you need an invoice, you can generate an invoice from your email purchase receipt and fill in the necessary information.
Learn on your own terms
Beginning Cap Tables is available a la carte as a standalone class, or as part of the comprehensive Cap Table and Exit Waterfall Masterclass. The goal is to allow you to learn on your own terms: start at any level, sign up for just the topics you want to learn (prerequisites not required), and allow you to progress on your own time.
The Cap Table Masterclass includes all of the classes from this course, Intermediate Cap Tables, and Intermediate Exit Waterfalls, as well as an additional practical case study section and access to an online community only for the masterclass participants. You can start with any section (prerequisites not required), register for additional sections, and upgrade to the Masterclass and apply what you've paid for the sections towards the cost of the Masterclass (which is discounted compared to registering for each class separately).
Not sure what level is right for you? Contact me and I'll help you figure out the best for your goals and objectives.
How the course is structured
Beginning, introductory level class
This is an beginning-level class that focuses on basic cap table structures and how to do the calculations for issuing equity (e.g. valuations, share prices, share counts). You are not expected to have knowledge on how cap tables work prior to the class.
Join live, watch anytime
The session can be joined live or watched on your own time. You have the option to join a live session to learn interactively and ask questions live, or watch a recording of the material covered during the sessions (or do both!). Learn how you learn best.
When you register, you'll get immediate access to the last recorded session, and you can choose any upcoming live session, which are generally held on Tuesdays at 12 PM Eastern time (UTC -4 during EDT, UTC -5 during EST) every six weeks. The next live session is April 9 at 12 PM Eastern Time.
Practical, examples-based learning using case studies
Regardless of whether you join live or watch the prerecorded content, all participants get access to the same materials, including the slides, spreadsheets, and links to key readings and examples. The example spreadsheets are broken up into many examples so that you can learn the concepts from multiple angles and situations, and you can download them to Excel or Copy to Google Drive to use and review anytime.
Focus on first principles
This class does not teach the cap table template, but aims to teach you the fundamentals on how to build your own models by focusing on the fundamental concepts and applying them in the mini-cases. Always available for questions and support on fund modeling afterward.
No required homework or prereading
Structured to be manageable for busy professionals with actionable takeaways that you can use in your businesses today. No homework is required. The goal is for you to be able to cover all of the content in less than a week, budgeting for 1.5 hours of live or recorded instruction and additional time for you to review the additional spreadsheet materials and videos, and if you really want to learn the topic, apply them by building your own cap table.
Interactive and examples-based
My workshops are structured to be highly interactive, with ample opportunity to ask questions and participate in building the answers to the example models we will build during each session.
Frequently asked questions
Why do you teach this?
Back when I worked as a VC, even though I talked about the structures and mechanics of fundraising rounds and cap tables, it's only after I left and built out Foresight that I really learned the details and math behind how they work. I learned the hard way, and after helping hundreds of founders and VCs individually, I'm sharing it with you.
How do I know if this will be valuable for me?
If you are a founder preparing for a fundraising round, or you are a lawyer or venture capitalists that works on deal execution, then this can be integral to your job.
Should I join the live session or watch the recordings?
The session is recorded and available to watch after the session, and I am available to answer any questions by email. I know that scheduling is hard, and that everyone learns differently, so I aim to provide the same experience to people regardless of whether they join live or watch recordings.
Will my employer pay for the course?
This course is highly practical for founders, venture capitalists, and lawyers working on venture fundraising. Many companies offer an L&D or education budget that can cover the cost of this course. If you need help with a letter to submit for reimbursement, contact me. If you need an invoice, you can generate an invoice from your email purchase receipt and fill in the necessary information.
What if I can't afford the course?
The Cap Table and Exit Waterfall Tool by Foresight has been downloaded for free by over 25,000 entrepreneurs, VCs, accountants, lawyers and finance professionals from around the world, and is structured to be an instructional tool on how cap table math works. Feel free to ask questions anytime.
Can you run this for smaller groups?
Yes! I offer corporate workshops. If you'd like to run this masterclass or components of the syllabus as a workshop just for your firm, contact Taylor to discuss.
Will there be a community with the course?
There is a private community space for participants in the Cap Table and Exit Waterfall Masterclass where you can share your ideas, get feedback, ask for help, and more, but access to that is not included in the individual courses.
I have questions, who do I contact?
Happy to help, just contact Taylor by email or setup a quick chat to discuss.