Isibali se-exit waterfall
Faka i-cap table nenani lokuthengiswa ukuze ubone ukuthi ubani uthola malini – kufaka phakathi amalungelo okukhokhelwa kuqala, ukubamba iqhaza, ukuguqulela kumasheya avamile, izinketho nama-SAFE.
Imodeli eyenziwe lula: ayinaki izintela, izindleko zokuthengiselana, i-escrow, izabelo zabaphathi (carve-outs) namadividende. Uchungechunge ngalunye lwamasheya akhethekile luguqulela kumasheya avamile kuphela uma lokho kulukhokhela kakhulu. Akusona iseluleko sezomthetho noma sentela.
Indlela okusebenza ngayo
Qala ngesibonelo
Isibali sivuleka ne-cap table engokoqobo nokuthengiswa kwe-$40M, ukuze ubone umphumela ngokushesha.
Faka i-cap table yakho
Abanamasheya avamile, i-option pool, uchungechunge ngalunye lwamasheya akhethekile nelungelo lalo lokukhokhelwa kuqala, ukubamba iqhaza, umkhawulo nokulandelana, kanye nanoma yimaphi ama-SAFE noma amanothi.
Setha inani lokuthengiswa
Bona ukuthi ubani uthola malini, intengo yesheya elivamile, nokuthi yiluphi uchungechunge oluguqulela kumasheya avamile.
Yabelana ngesimo
Kopisha isixhumanisi – izinombolo zikhona ku-URL, akukho okugcinwayo – noma udawunilode ithebula njenge-CSV.
Shumeka le isibali se-exit waterfall kuwebhusayithi yakho (mahhala)
Kopisha ikhodi uyifake ekhasini lakho noma okuthunyelwe kwebhulogi. Ithuluzi lisebenza esipheqululini sezivakashi zakho; gcina umugqa wokubonga.
Ulungiselela ukuthengisa inkampani? Yenza ukuthengisa egumbini ledatha
Yabelana nge-teaser njengesixhumanisi esilandelelwayo, bese uvula igumbi ledatha le-M&A eline-NDA ngaphambi kokufinyelela, imibuzo nezimpendulo kanye nerekhodi lokuthi yimuphi umthengi ofunde ini – intengo eyodwa engashintshi ethimbeni ngalinye.
Intengo ememezelwe yokuthengiswa akuyona into abasunguli nabasebenzi abayitholayo. Amalungelo okukhokhelwa kuqala, ukubamba iqhaza nokulandelana kunquma ukulandelana kokukhokha, futhi emanani okuthengiswa amaphakathi angashiya abanamasheya avamile nemali encane kakhulu kunaleyo amaphesenti abo ayiphakamisayo. Ukulinganisa i-waterfall ngaphambi kokuvumelana ngemigomo kukhombisa ukuthi umshwana ngamunye ubiza malini.
Isebenza kanjani i-exit waterfall
Uma inkampani ithengiswa, imali ikhokhwa ngokulandelana okunqunyiwe. Uchungechunge lwamasheya akhethekile (preferred series) lukhokhelwa kuqala ilungelo lalo lokukhokhelwa kuqala (liquidation preference) – ngokuvamile u-1× wemali olutshale ngayo – kuqalwa ngochungechunge oluphambili kakhulu; uchungechunge olunezinga elifanayo lokulandelana luhlukanisa ngokulingana (pari passu). Okusalayo kuya kubanamasheya avamile, abaphethe izinketho nanoma yiluphi uchungechunge oluguqulele kumasheya avamile.
Uchungechunge olungabambi iqhaza luthatha okukhulu phakathi kwelungelo lalo lokukhokhelwa kuqala nengxenye yalo njengokungathi seluguquliwe, ngakho uma inani lokuthengiswa liphezulu luyaguqula. Uchungechunge olubamba iqhaza luthatha ilungelo lalo lokukhokhelwa kuqala bese luphinde luhlanganyele kokusele – kuze kufike emkhawulweni walo, uma unawo; ngaphezu komkhawulo kungcono kulo ukuguqula. Izinketho zisetshenziswa kuphela uma intengo yesheya ngalinye iphezu kwentengo yazo yokusebenzisa.
Okufanele ukubheke
- Ishadi likhombisa inani lokuthengiswa lapho abanamasheya avamile beqala ukuthola imali ephawulekayo – ngokuvamile ngaphezu kakhulu kwayo yonke imali etshaliwe.
- Qhathanisa ilungelo lokukhokhelwa kuqala elingu-1× elingabambi iqhaza nelibamba iqhaza ekulinganisweni okufanayo: umehluko kubasunguli ungaba yizigidi.
- Ama-SAFE aguqulwa ngomkhawulo wawo wokulinganisa noma abuyiselwe imali yawo, noma yikuphi okukhulu.
- Linganisa umzuliswano ngaphambi kokusayina i-term sheet nge-sibali se-SAFE & cap table kanye ne-sibali sokulinganisa inani.
Isibali se-exit waterfall – imibuzo
Liyini ilungelo lokukhokhelwa kuqala (liquidation preference)?
Ilungelo labanamasheya akhethekile lokubuyiselwa imali yabo (noma ukuphindaphindwa kwayo) ngaphambi kokuba abanamasheya avamile bathole noma yini lapho inkampani ithengiswa.
Uyini umehluko phakathi kwamasheya akhethekile abamba iqhaza nangabambi iqhaza?
Amasheya akhethekile angabambi iqhaza athatha noma ilungelo lawo lokukhokhelwa kuqala noma ingxenye yawo njengokungathi aguqulelwe kumasheya avamile – noma yikuphi okukhulu. Amasheya akhethekile abamba iqhaza athatha ilungelo lawo lokukhokhelwa kuqala bese ephinde ahlanganyele kokusele, ngaphandle uma umkhawulo uwanciphisa.
Ingabe idatha yami iyagcinwa?
Cha – isibali sisebenza kusiphequluli sakho. Isixhumanisi osabelana ngaso siqukethe izinombolo, akukho okugcinwa kumaseva ethu.
Ingabe lokhu kunembile?
Kuyimodeli eyenziwe lula: izintela, izindleko zokuthengiselana, i-escrow, izabelo zabaphathi (carve-outs) namadividende aqoqekile akunakwa. Hlola ukwabiwa kwangempela nommeli wakho.
Kusho ukuthini ukulandelana?
Ukulandelana okukhokhelwa ngakho uchungechunge lwamasheya akhethekile. Ukulandelana 1 kukhokhelwa kuqala; uchungechunge olunenombolo efanayo lukhokhelwa ngesikhathi esisodwa, ngokulingana namalungelo alo okukhokhelwa kuqala (pari passu).
Kungani abasunguli ngezinye izikhathi bengatholi lutho ekuthengisweni?
Uma inani lokuthengiswa lingaphansi kwesamba samalungelo okukhokhelwa kuqala, abanamasheya akhethekile bathatha konke ngaphambi kokuba abanamasheya avamile bakhokhelwe.