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Lecture 2 - Sources of Financing

Lecture 2 - Sources of Financing - Cap Tables Sources of...

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    Cap Tables & Sources of Financing Bus M 475
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Agenda CE Tech Presentations Cap Tables Continued Sources of Equity Financing Accredited Investors LLC Structure – Winder Example
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Cap Tables Terms: Primary shares vs. fully-diluted shares Pre-money and Post-money Book value vs. fair market value (FMV) Preferred vs. common shares Options Carry Sweat equity Step-up
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Publishable Cap Table Bus M 475 and Bus 473 both teach cap tables We use different tools to teach the same thing – an example of a ‘publishable’ cap table for legal documents, etc. is below. Please note that what you’re expected to build in our class is more detailed Capitalization Structure Example Company Date Class Book Value Shares Price/ Share Primary Fully-diluted Primary Founder August 20, 2008 Preferred $75,000 100,000 0.75 $ 3% 5% Investor August 20, 2008 Preferred $400,000 400,000 1.00 $ 18% 20% Investor February 18, 2009 Preferred $650,000 550,000 1.18 $ 29% 27% Investor September 8, 2009 Preferred $400,000 300,000 1.33 $ 18% 15% Investor March 14, 2010 Preferred
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