Pro-Forma Cap Table & liquidation Analysis
You are welcome to use the attached pro-forma cap table & liquidation analysis for your business but will appreciate it if it is not shared outside thereof.
Please note the following as you work with this template:
1. All numbers in bold blue font are inputs or assumptions that can be changed, as needed, to see the impact on the end result. Any number in standard black font is a formula, only change these if you clearly understand the impact.
2. This model is intended as a "pro-forma" look at a company's capital structure and how a liquidation / sale will affect the various shareholders based on several assumptions about each equity financing round. This is not intended to give precise detail, but rather to provide an estimate of the results.
3. This template includes several circular references (simultaneous equations). These are intended but will cause problems unless your Excel preferences require iterations - I recommend 100.
4. This template is built to handle a seed round, Series A and Series B. If you have additional series, you will need to expand the model to accommodate them but this should give you a good guide for doing so.
5. I won't promise that there are no errors in this template, however, I am not aware of any at this time.
Kent Thomas
Comments
Company: Goodmans, Inc.
Thanks Kent and best of luck with your start-up ventures.
Company: QB Inc
Appreciate it. This is a great tool. Thank You
Company: XYZ Corp.
Dear Ken,
Thank you very much for sharing the Pro-Forma Cap Table & Liquidation Analysis with us. I am truly grateful to you.
Best wishes for a joyful holiday season and a halppy, healthy and prosperous New Year.
Please let me know if I can be of assistance to you.
Best regards.
Peter
PETER CHIANG
hotmail [dot] com
M&A / Corporate Development
Tel: +1 (212) 988-7163
E-mial: chiangpeter
Company: Connotate TEchnologies, Inc.
hi Kent,
Thanks very meuch for sharing this resource. Happy New Year.
Eric
Company: Genral Electrodynamics Corporation
Kent,
Thank you for sharing the template, you are very generous. This will be helpful to me as we are in process of adding new equity capital.
Happy New Year to you, sir.
James
Company:
Kent, Yes thank you for sharing. Awesome. Just this past Thursday, I was approached to work with a new start up on their seed finaancing and rounds 1, 2. Amazing timing. As we go along in our process, and I learn, I will share other data if others need as well.
Happy New Year to all the group members!
Company: Confidential
Thank you for the template, very helpful!
Happy new year!
Company: JW Strategic Advisors LLC
Hi, Kent,
I am using your table to do a pro-forma with Founder 1 at 25K, 2 at 4K and 3 at 1K. I eliminated the convertible in the seed as well as the warrant coverages in all of the rounds. Now the formula at cell H26 does not work. In fact, it looks like none of the line 26 formulas work now with the line 12 changes. Can you please reply with a helpful answer?
Thanks!
Jack
Company:
To echo Jack's comment. The line 26 formulae do not appear to work.
Company: Advanced CFO Solutions
All,
I downloaded the file from Proformative so that I'm using what you are, I made the changes that you noted, Jack and my spreadsheet is calculating row 26 perfectly. I did notice that when I downloaded and opened the file, Excel had turned off the "limit iterations" preference and if this is not selected, you will have circular references that will not result in accurate results. I set the limit on iterations to 100.
I also made several other modifications in the spreadsheet (changed the founder shares, modified the stock option pool from 0 to 20% and included, then excluded convertible debt on the seed and series A rounds and have checked out the row 26 "total fully diluted shares" calculation and they have been accurate in every case. If you want to contact me offline (8018104620), I'll be happy to see if we can trouble shoot the specific issue that you are having.
Best,
Kent