Download it here.
Please follow along with the annotations in the posts.
Formatting notes
- The example spreadsheet eschews “naming” individual cells. When I build spreadsheets, I like to use naming to make formulas as readable as possible. However, given the quasi-timeline nature of the example spreadsheet, it made more sense to me to keep the cell references unnamed to make it easier to see exactly where the numbers were coming from. However, I did name the individual tables for legibility.
- In general, banana-yellow tables indicate complete cap tables, with text or cells in other colors within the cap tables sometimes colored differently as a way to highlight the salient concept. Tables in other colors are not cap tables. If two different tables within one section share a color, they are logically connected.
- Input cells are generally denoted with a peach background, Excel’s default input cell style (Home ribbon > Cell Styles > Input).
Important Disclaimers
I am not your lawyer, and Optimal Counsel LLP is not your law firm, until you have signed an engagement letter with us. The example spreadsheet, and this blog, is provided as an educational resource only and is provided as-is with no warranty whatsoever, including with respect to accuracy of calculations and applicability to any particular situation. Surely you wouldn’t do this, but definitely don’t make any decisions or take any actions relating to the scenarios covered by this blog, the example spreadsheet or the open-source template cap table without consulting an experienced startup attorney. (Don’t have one, or looking to make a switch? Let us know.)