Cap Table and Exit Waterfall Masterclass

9.1

(37 ratings)

·

3 Weeks

·

Cohort-based Course

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

Hosted by

Taylor Davidson

I've helped over 44k founders and investors as Founder/CEO of Foresight.

Course overview

Master cap tables and exit waterfalls in 3 weeks

I've helped over 25k 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.

Who is this course 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, from scratch.

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).

9.1

(37 ratings)

See what people are saying

        There is no other way to put it; Taylor knows his stuff. From his financial model (which I have been using for years) to this course, his work always exceeds expectations. This course covers everything I expected and much more. The detail on SAFES, option pools, and exit waterfalls was the refresher I needed.
Lawyer

Lawyer

        Taylor's classes, videos and resources were very helpful as I further navigate cap tables. My understanding of dilution and waterfall modeling has greatly improved as a result of his class. Taylor was quick to respond to questions and provide updated resources based on class responses / questions. I would highly recommend this class.
Executive / Investor

Executive / Investor

        This course provides a ton of great reference material on cap tables and exit waterfalls. You'll come away with a collection of spreadsheets and videos that walk you through the math of various scenarios and give you the confidence to create your own cap tables.
Founder

Founder

        I really like the step-by-step templates to help understand how the maths work in building out cap tables and scenarios.
Founder

Founder

        Cap tables are not as hard as they first seem - TD does and amazing job of breaking the basics down so each element is understandable
Founder

Founder

        I love all the resources that I can refer to, unless you do this all the time you need reliable sources of reference and a helping hand sometimes when things get complex.
VC

VC

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Join an upcoming cohort

Cap Table and Exit Waterfall Masterclass

Cohort 6

$949 USD

Dates

Jan 10 - 24, 2023

Payment Deadline

Jan 10, 2023

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 35,000 entrepreneurs from 116 countries on financial planning, projections, fundraising, valuations, and business strategy.


Taylor has also worked with over 600 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 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.

4 live sessions + 1 office hours + downloadable tools and instructional videos + 1 optional case study

01

How to read and create cap tables

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.

02

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.

03

How to model option pools

We will cover how to model option pools, from creating, refreshing, and tracking the issuance of options through rounds.

04

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.

05

Optional Case Study

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.

Course schedule

3-4 hours per week
  • Live Classes on Tuesdays and Thursdays

    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 6 is scheduled for Jan 10, 12, 17, 19, with the optional case study review on Jan 24.


    If the dates do not work, consider Build a Cap Table from Scratch, a one-day workshop.

  • No required homework

    The time commitment is manageable for busy professionals. Actionable takeaways that you can use in your businesses today.

  • Optional Case Study

    If desired, you have the option to work through a case study, practice what we learn, and get direct feedback on your work.

  • Specific questions, ask anytime.

    Always available for questions and support through the online community.

  • Join live, rewatch anytime

    All sessions are recorded, so you can watch them at your own time if you can't attend

A pattern of wavy dots
Join an upcoming cohort

Cap Table and Exit Waterfall Masterclass

Cohort 6

$949 USD

Dates

Jan 10 - 24, 2023

Payment Deadline

Jan 10, 2023

Here's a sample from a recent workshop

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

Learning together is more effective - and more fun

Learning together is more effective - and more fun

Active learning with hands-on tools

Four live workshops, two office hours, 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 to build your own models

I've taught over 40 in-person and virtual classes around financial modeling. Learning these topics requires more than a prerecorded set of videos, this course is created to create live interaction and active review of your models so you best learn how to build your own models.

Frequently Asked Questions

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A pattern of wavy dots
Join an upcoming cohort

Cap Table and Exit Waterfall Masterclass

Cohort 6

$949 USD

Dates

Jan 10 - 24, 2023

Payment Deadline

Jan 10, 2023

$949 USD

9.1

(37)

·

3 Weeks