Cap Table and Exit Waterfall Template for Excel and Google Sheets
Originally published: 23/03/2017 13:24
Last version published: 04/04/2023 08:10
Publication number: ELQ-92315-14
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Cap Table and Exit Waterfall Template for Excel and Google Sheets

Cap Table and Exit Waterfall Template for Founders and Investors

Description
Financial model template to create a capitalization table through multiple rounds of investments via equity, SAFEs, and convertible notes, and forecast how investment rounds impact ownership, dilution, valuations, and distribution of proceeds to entrepreneurs and investors through a detailed exit waterfall. Model new preferred equity raises, common stock issuances, transfers, and sales, anti-dilution protection, option pools, premoney and postmoney SAFEs, and convertible notes.



The cap table and exit waterfall are intended to be instructional tools to analyze how raising investment capital impacts cap tables, ownership, and proceeds at exit to shareholders of a company. Use in Microsoft Excel or Google Sheets; all cells and formulas are unlocked for editing and transparency, add on or edit for your specific situation.


The base cap table is extendable to as many rounds as you need to model - simply highlight the columns for a full round's calcs and paste to the right - and the exit waterfall is similarly extendable.


The base cap table and exit waterfall can also be used to scenario modeling future rounds and exit distributions to shareholders, and built to be easy to use from an export of a share register from any of the online cap table management platforms.



You may want to alter the model to fit your desired layout and formatting, or to modify it to fit your specific usecase, and that's great; I highly encourage you to learn how to build your own cap table (and exit waterfall) specific to your situation, and my goal for this template is for it to an educational tool, and not just an executional template. I have spent hundreds of hours working on the structure, design, and terminology used in the model based on using this tool with founders, investors, and lawyers, as well as teaching people the core concepts.

Built by a professional financial modeler with experience as an investor and running forecasting inside startups. Responsive, personal support — chat, call, or email — and available for custom services.

This Best Practice includes
1 Excel Cap Table Template Workbook for use in Excel and Google Sheets

Taylor Davidson offers you this Best Practice for free!

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Further information

Forecast how rounds of financing impact ownership, valuation, dilution, and exit proceeds. Provide a working cap table and exit waterfall that companies can use across a wide variety of capitalization situations. Provide a set of simpler instructional tools that focus on teaching users how to issue equity rounds and convertible instruments, how to convert convertibles, and how to issue option pools.

Startups raising investment funds through equity, convertible notes, premoney and postmoney SAFEs. Investors looking to value prospective investments.


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