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Cap Table Basics: Starting Out Right

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How to structure your cap table from the beginning to minimize problems and issues down the road.

Publicado en: Tecnología
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Cap Table Basics: Starting Out Right

  1. 1. Cap Table Basics2 Cap Table Basics
  2. 2. Cap Table Basics3 Ownership Matt Stapleton 50% Jeron Paul 50%
  3. 3. Cap Table Basics4 Common Shares Options Total Shares Ownership % John Richards 1,000,000 1,000,000 42.5% Jackie Rogers 1,000,000 1,000,000 42.5% Adam Archer 70,589 70,589 3.0% Unallocated Options 282,354 282,354 12.0% Total 2,000,000 352,943 2,352,943 100.00% Convertible Debt: $100,000
  4. 4. Common Early Stage Issues5 Common Early Stage Equity Issues
  5. 5. Common Early Stage Issues - #1 Vesting Issue #1: Vesting 6
  6. 6. Common Early Stage Issues - #2 Non-papered Promises Issue #2: Non-papered Promises •  I’ve seen Non-papered Promises in about half the early stage companies I’ve worked with over the past year. •  Typically come up as an “Oh yeah, we also promised John Doe 3% to help get us these three large contracts. He got us the biggest one, and then took a job as a CEO somewhere and couldn’t keep working with us. We told him we’d give him 1.5%.” •  Get these papered and on the cap table. 7
  7. 7. Common Early Stage Issues - #3 Competing Equity Records Issue #3: Competing Equity Records 8 Who Holds Equity Records Currently? Equity Data Individual Employees Company Managers Law Firms / Lawyers Investors Accountants Valuation Firms •  Pick one “arbiter” for your cap table, and make sure that he or she recognizes this. •  Work with them to ensure your records are updated regularly with new hires, terminations, etc. •  Watch out for exercises and cancellations, there are important notifications and forms to be filed •  Encourage them to use Capshare!
  8. 8. Common Early Stage Issues - #4 Compliance Issue #4: Compliance 9 •  83(b) elections •  ISO $100K limit •  Rule 701 compliance •  Stock option expensing (ASC 718) •  The big one: 409A
  9. 9. Capshare Services Quick break down of Capshare’s Services: Cap Table Management Standard Features Advanced (Scenario Modeling, etc.) Free for Startup Ignition Companies $1/Shareholder/Month For a year ($2/shareholder/month thereafter) 409A Valuations 3rd Party professional using our software Series A or Earlier Series B or Later $99/Month $250/Month
  10. 10. Capshare Services Quick break down of Capshare’s Services: Cap Table Management Standard Features Advanced (Scenario Modeling, etc.) Free for Startup Ignition Companies $1/Shareholder/Month For a year ($2/shareholder/month thereafter)
  11. 11. Capshare Demo30
  12. 12. www.capshare.com 801-610-9264

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