Know What You Actually Get at Exit
Model liquidation waterfalls to see how proceeds flow through preference stacks, participation rights, and conversion options at any exit value.
Understand Your Exit Outcomes
Liquidation preferences are the most misunderstood term in startup finance. Model exactly what happens at every exit value — no surprises.
Preference Stack Builder
Define liquidation preferences for each share class — 1x, 2x, or custom multiples. Set participation rights, caps, and conversion options. The system builds the waterfall automatically.
Exit Scenario Modelling
Enter different exit values and instantly see how proceeds are distributed. Slide between exit values to find the break-even point where founders start receiving meaningful payouts.
Interactive Charts
Visual waterfall charts showing payout per share class at different exit values. See the "hockey stick" point where common shares start to outperform preferred on a per-share basis.
Conversion Analysis
Model when preferred shareholders are better off converting to common vs. taking their liquidation preference. The tool flags the conversion crossover point for each class.
Per-Shareholder Breakdown
See what each individual shareholder receives at a given exit value, not just aggregate per-class totals. Useful for showing founders, employees, and investors their specific outcomes.
Board-Ready Export
Export waterfall analysis as PDF or Excel. Include in board packs, investor updates, or M&A preparation documents.
How It Works
Import Cap Table
Pull share classes and preference terms from your cap table — or enter them manually. The system reads liquidation preferences, participation rights, and conversion terms.
Set Preference Terms
For each share class, confirm or edit the liquidation multiple, participation rights, cap, and seniority order. Stack multiple rounds correctly.
Enter Exit Scenarios
Set one or more exit values to model. Use the slider to sweep across a range and see how distributions change continuously.
Review Distribution
See the waterfall chart and per-shareholder breakdown at each exit value. Identify the break-even point for founders and the conversion crossover for preferred holders.
Export & Share
Generate board-ready reports showing the waterfall at key exit values. Share with co-founders, board members, or advisors for M&A planning.
Perfect For
M&A Scenarios
When acquisition offers come in, instantly model what each shareholder receives. No surprises at the closing table.
Term Sheet Negotiation
Before accepting term sheet preferences, model how 1x vs. 2x or participating vs. non-participating affects your founders at various exit values.
Board Education
Present waterfall charts to your board so everyone understands the economics. Especially useful during exit discussions.
Frequently Asked Questions
Model your exit waterfall with clarity
Liquidation preference modelling, per-shareholder payouts, and interactive exit scenarios — all included in Pro.