Live masterclass for founders, investors, and lawyers to learn the structures and math for building cap tables and exit waterfalls.
I've helped over 48,000 founders and investors as Founder/CEO of Foresight.
I've helped over 30k founders and venture capitalists with tools to understand how equity, convertible notes, SAFEs, and options impact their cap tables, dilution, and ownership. We'll work through examples and you'll leave with the understanding to build your own models.
The sessions 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.
Venture Capital analysts and associates, lawyers and accountants looking to learn how to build cap table models
Founders raising capital who are creating and managing cap tables
Anyone looking to get into venture capital or startups and understand how cap tables work.
Understand the math and structures necessary to create fundraising rounds, convert notes and SAFEs, calculate proratas, and more.
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.
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 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.
Cap Table and Exit Waterfall Masterclass
Executive / Investor
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 email@example.com or @tdavidson on Twitter.
How to model equity fundraises
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.
How to model convertibles (SAFEs and convertible notes)
We will cover how to issue convertible securities (SAFEs, convertible notes, and warrants), and how to convert them into shares, calculating share prices, valuations, and ownership percentages.
How to model option pools
We will cover how to model option pools, from creating, refreshing, and tracking the issuance of options through rounds.
How to model exit waterfalls
We will learn how to create an exit waterfall to model the distribution of proceeds to shareholders, detailing how to handle liquidity preferences, converting preferred shares to common shares, and handle the flow of proceeds to multiple classes of shareholders.
How to model investor returns
Continuing on from the first class on exit waterfalls, we'll dive into how to use the waterfall to understand investor returns across share classes, incentives around the terms and structures around liquidity distributions, and more advanced topics around waterfalls and investor return modeling.
The case study is optional, but a great opportunity to apply your learnings from the class. You can work on the case along with the classes, ask questions in the community, and we will cover it in the course wrap-up and Q&A.
12:00 - 1:30 PM EST
Sessions are on Tuesdays and Thursdays, each session is 1.5 hours, 12 to 1:30 PM Eastern.
Cohort 10 live sessions are scheduled for October 10, 12, 17, 19, 24, 26
If you cannot join the live sessions, you can always join and only watch the session recordings.
All sessions are recorded, so you can watch them at your own time if you can't attend.
The time commitment is manageable for busy professionals. Actionable takeaways that you can use in your businesses today.
Optional practical examples for you to apply what you learn in class. Download an example of the exercises here.
If desired, you have the option to work through a case study, practice what we learn, and get direct feedback on your work.
Always available for questions and support through the online community.
Beginning Cap Tables
1.5 hour, 1 session beginning-level course for founders and VCs to understand the fundamentals of cap tables and modeling equity fundraises. Details >
Intermediate Cap Tables
3 hour, 2 session intermediate-level course for founders, VCs and lawyers to build cap tables modeling SAFEs, convertible notes, options, and warrants. Details >
Intermediate Exit Waterfalls
3 hour, 2 session intermediate-level course for founders, VCs and lawyers to build exit waterfalls for liquidity distributions. Details >
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.
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