Cap Table and Exit Waterfall Template for Excel and Google Sheets
Originally published: 23/03/2017 13:24
Last version published: 08/12/2021 08:55
Publication number: ELQ-92315-13
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Cap Table and Exit Waterfall Template for Excel and Google Sheets

A Cap Table and Exit Waterfall template for Entrepreneurs and Investors

Description
*Updated June 2020 with an updated to a simpler, easier to manage base cap table.*

Create a capitalization table through multiple rounds of investments, and forecast how investment rounds impact ownership, dilution, valuations, and distribution of proceeds to entrepreneurs and investors through a detailed exit waterfall.

Includes a core capitalization table, exit waterfall, and cap table summary that can be used by a company to model their cap table over time. Works for equity rounds, convertible notes, SAFEs, warrants, equity grants, options, and more, across multiple rounds of investments at different valuations, and shows how the distribution of value and ownership changes over multiple rounds.

In addition to the core tool, the model contains a series of instructional sheets explaining how to issue equity, how to create an option pool (premoney and postmoney), how to issue and convert a convertible instrument (with three different conversion methods), how to create an exit waterfall (and showing how different types of liquidation preferences impact the distribution of proceeds), and how to value a company through multiple rounds of investment, helping teach how cap tables work so you can build your own specific to your situation if needed.

Used by investors, founders, executives — CEO, CFO, COO, VP of Finance — or advisors, mentors, or consultants to build a cap table of exit waterfall for an idea-stage, pre-seed, seed, A, or B stage company.

Standards-based, extensively tested and used by thousands of companies across a wide variety of business types, revenue models, and needs.

All cells and formulas are unlocked for editing and transparency, add on or edit for your specific situation.

Model subject to a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. I use Github to track issues, feature requests, and collaborations, see details at https://github.com/foresighthq/cap-table-tool

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, warrants, premoney and postmoney SAFEs. Investors looking to value prospective investments.


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