Cap Table and Exit Waterfall Masterclass

4.6

(55 ratings)

·

6 Weeks

·

Cohort-based Course

Hybrid masterclass for founders, investors, and lawyers to learn the structures and math for building cap tables and exit waterfalls.

Course overview

Master cap tables and exit waterfalls

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 35,000 founders, venture capitalists, and lawyers from around the world with tools and classes to understand how equity, convertible notes, SAFEs, and tokens impact their cap tables, dilution, and ownership. This six session workshop provides a comprehensive education on equity fundraises, convertible financing instruments (e.g. convertible notes and SAFEs), options, warrants, exit waterfalls.


This is a hybrid course, with options on how you want to participate in the course:


- Self-paced with the pre-recorded videos of each session along with the bite-sized projects that accompany each session. All materials are immediately available so you can start learning today.

- Live sessions with Taylor and the rest of the cohort for going over the material, Q&A, and exercises to dive deeper into that week's material.

- Or do both! Regardless of how you choose to participate, you'll leave the sessions 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.


Currently the course is open for registration for Jan 16 to Feb 20 with live sessions at 12 PM EST, and Feb 6 to March 12 with live sessions at 10 AM EST. Sign up for whichever offers the best schedule and time slot, but I'm always happy to switch you between cohorts; if you're only planning on taking the course self-paced it does not matter which cohort you sign up for, you have access to all materials immediately.

Who this course is for

01

Venture Capital analysts and associates, lawyers and accountants looking to learn how to build cap table models

02

Founders raising capital who are creating and managing cap tables

03

Anyone looking to get into venture capital or startups and understand how cap tables work.

Learn how to read, understand, and create cap tables and exit waterfalls

Build a cap table from scratch

Understand the math and structures necessary to create fundraising rounds, convert notes and SAFEs, calculate proratas, and more.

Build an exit waterfall from scratch

Understand the terminologies and math involved in showing how proceeds from an exit are distributed to the owners of a business, and be able to build your own.

Create scenario analyses around fundraising events

Be able to take a list of shareholders, rounds, share prices, and more from any cap table management software and create your own custom scenario analyses around future fundraising rounds or exits.

Understand how fundraising rounds impact cap tables

Understand how to calculate dilution and ownership over time to understand the impact of different fundraising structures (equity, notes, SAFEs). We will cover the common legal structures used in fundraising and how to understand the terms and the math they imply.

Course syllabus

6 live sessions • 8 modules • 13 lessons • 4 projects
Expand all modules
  • Post-Course

    Modules

    • How I can help

      Answering questions post-course and scheduling time with me

4.6

(55 ratings)

What students are saying

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Join an upcoming cohort

Cap Table and Exit Waterfall Masterclass

Cohort 13

$949 USD

Dates

Apr 9—May 14, 2024

Payment Deadline

Apr 23, 2024

|

Bulk purchases

Meet your instructor

Taylor Davidson

Taylor Davidson

Founder and Managing Director, Foresight

Taylor Davidson is the founder of Foresight, which helps entrepreneurs use financial models for business decisions.


Through his template financial models and strategic advisory services, he has helped over 48,000 entrepreneurs from 116 countries on financial planning, projections, fundraising, valuations, and business strategy.


Taylor has also worked with over 800 angel investors and venture funds on investment strategy, portfolio tracking, capital planning, and fundraising.


He created the Cap Table and Exit Waterfall Masterclass to help founders and VCs learn how to understand and build cap tables and exit waterfalls for their financing rounds.


He created How to Model Venture Funds to help VCs learn how to model portfolio construction, capital flows, and unpack key performance metrics.


He partnered with Chris Wattig to create Finance for Founders to help founders learn how to build an FP&A function at their companies.


Contact him at hello@foresight.is or @tdavidson on Twitter.

Course schedule

2-4 hours per week
  • Self-paced lessons

    1.5 hours per week

    1 module per week with slides, spreadsheet, background readings. Watch the 1.5 hour recording of a class on the material, or join each module's live class for Q&A and interaction.

  • Bite-sized projects

    1 hour per week

    Practical exercises for you to apply what you learn in class. Download an example of the exercises here. The time commitment is manageable for busy professionals, with actionable takeaways to use in your business.

  • Live sessions

    1.5 hours per week

    Live session with Taylor and the rest of the cohort for going over the material, Q&A, and exercises to dive deeper into that week's material.


    Tuesdays at 12 PM Eastern time

Free resource

3 free mini-cases for learning cap tables (with answer keys)

Today more than ever, it's important to know how fundraising structures impact ownership and dilution as valuations change.


Download (Microsoft Excel or Google Sheets) three of the fourteen mini-cases we use in the Cap Table and Exit Waterfall Masterclass to learn cap table math, including how to model equity raises, convertible notes and SAFEs, anti-dilution, option pools, and more. Each case contains answer keys and videos that explain the important calculations.


Questions, contact me anytime.

Get the free spreadsheet
A pattern of wavy dots
Join an upcoming cohort

Cap Table and Exit Waterfall Masterclass

Cohort 13

$949 USD

Dates

Apr 9—May 14, 2024

Payment Deadline

Apr 23, 2024

|

Bulk purchases

Example - How to model SAFEs

This was a free workshop on modeling SAFEs, which is a small portion of modeling convertibles.

Example - Modeling Anti-Dilution for Cap Tables

This was a free, live workshop on modeling anti-dilution and their impact on cap tables.

Learning together is more effective - and more fun

Learning together is more effective - and more fun

Active learning with hands-on tools

Six live sessions conducted over Zoom plus downloadable example tools to help you create your own cap tables to edit and use during the course.

Learn with a cohort of peers

You’ll be learning with other venture capitalists, founders, and people looking to learn how to create and understand cap tables and waterfalls.

Learn how you learn best

Join live or just watch the recordings, it's your choice on how you want to participate. Everyone learns differently, and the course is structured to allow you to learn how you learn best.

Build your own models

I've taught over 50 in-person and virtual classes around financial modeling, and it's easy to follow someone else's work, hard to do it yourself. This course is packed with practice exercises and a case study so you can work on building your own models.

Stay in the loop

Sign up to be the first to know about course updates.

Frequently Asked Questions

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I have questions, who do I contact?
A pattern of wavy dots
Join an upcoming cohort

Cap Table and Exit Waterfall Masterclass

Cohort 13

$949 USD

Dates

Apr 9—May 14, 2024

Payment Deadline

Apr 23, 2024

|

Bulk purchases

$949 USD

4.6

(55)

·

6 Weeks