Live 3 hour workshop for founders, VCs, and lawyers to learn how to build am exit waterfall or liquidity analysis for an exit event of a venture-funded startup.
Creating an exit waterfall to understand how to distribute the proceeds from an merger, acquisition, or exit event to a company's debt and shareholders requires an understanding of how to interpret and convert legal agreements using math.
In this live 3 hour workshop over Zoom we will take a capitalization table from an example company and learn how to create a dynamic, scenario-driven distribution of proceeds to different classes of preferred shareholders, common shareholders, and option holders, accounting for the preference stack, participation rights, and more.
The workshop is three hours long and can be joined live or watched on your own time. All students will receive the slides, the example spreadsheet, the case study, and the recording of the full workshop, and all of the materials can be downloaded for viewing on your own time.
If you're interested in the workshop, please complete this short survey to help shape how it's structured and what it will cover.
The Cap Table and Exit Waterfall Masterclass consists of five 1.5 hour letures over two and a half weeks, covering the fundamentals of cap tables and how to model equity, convertibles (SAFEs and convertible notes), options, and exit waterfalls.
The Build a Cap Table from Scratch workshop is one three hour workshop focusing on cap tables, using a series of mini-cases to teach the fundamental concepts on modeling equity, convertibles (SAFEs and convertible notes), and options.
This workshop focuses only on exit waterfalls, using mini-cases to teach the fundamentals behind building an exit waterfall to equity shareholders of venture capital-funded businesses.
If you take either workshop, you can apply the cost of the workshop towards a future masterclass if you want to dive deeper into the topic.
Many companies offer an L&D or education budget that can cover the cost of this course. Learn more from Maven about how to expense this course. >
Understand how preferred shares impact a waterfall.
Learn the differences between common and preferred shares, focusing on the aspects of preferred share agreements that can significantly impact how proceeds are distributed. Cover liquidation preferences, conversion ratios, participation rights, and more.
Understand seniority and pari-passu.
How to model the flow of proceeds through a preference stack and how to handle pari-passu distributions.
Calculate option and warrant exercises and proceeds.
Model option exercises by evaluating strike prices and proceeds per share, calculate proceeds from option exercise, and adjust the pre-distribution cap table and proceeds for options.
Build your own structure for exit waterfalls.
Create a dynamic waterfall that can address the unique details of the share agreements in a dynamic, repeatable structure.
Please note, my experience is deeper in venture capital, and the class will not cover complicated debt structures more common in private equity.
The three hour workshop is structured to cover the core concepts and build a practical example of a cap table that you can use.
March 2023 TBD
12:00 - 3:00 PM EST
Modeling a cap table from start to finish in two and a half hours, with Q&A, live over Zoom, hosted on Maven, a platform for cohort-based courses.
Learn to build your own models
This class does not teach the exit waterfall model inside the cap table template, but aims to teach you the fundamentals on how to build your own waterfall models. 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.
Join live, rewatch anytime
The workshop is recorded, so you can watch at your own time if you miss part of the workshop or want to refresh yourself on the topic.
Sign up to get notified about future dates
Sign up at Maven to get notified about future workshop dates.
Live masterclass for founders, investors, and lawyers to learn the structures and math for building cap tables and exit waterfalls.
Join the masterclass for five 1.5 hour sessions to learn the terms, math, and important insights about how equity, convertible notes, SAFEs, and option pools impact cap tables, dilution, and ownership.
Taylor Davidson, Founder, Foresight
I created the financial models behind Foresight so early-stage entrepreneurs can spend less time on finance and more time on their products. I care about financial modeling because I believe that financial models can help us make critical business decisions even if the models themselves are not “always right”. Financial models can help even the earliest entrepreneurs if we build “minimum viable models” to focus on the decisions that matter most.
After you click on the link to book, you'll be redirected to register for the course at Maven, the host of my course.
Maven accepts credit cards and debit cards. The transmission of your billing information is encrypted using secure socket layer technology (SSL/TLS). Foresight does not have access to your payment details.
You will receive a receipt and next steps on the course after purchase. Note, you will see Foresight on your payment card or PayPal statement.
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Get help buying. Call (or text, WhatsApp, et.al.) 1-646-770-0052.