The document is a presentation on finance for startups, covering topics such as company setup, accounting, financial planning, funding, and valuation. It provides insights on essential financial concepts and practical tips for entrepreneurs, emphasizing the importance of a sound financial plan to assess business viability. Additionally, it discusses common challenges and misconceptions regarding financing in entrepreneurship.

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ATELIER FINANCE
Startups
Martin van Wunnik
19 / 3 / 2016 ULB

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Finance for Startups
• Introduction
• Company Setup
• Accounting
• Financial Plan
• Funding your startup
• Valuation / Dilution
• Q&A

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This presentation is available for free:
http://www.slideshare.net/FinanceCoach24

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Creativity
level
Finance & Accounting
level

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Creativity level
Finance & Accounting
level
Reality check
Funding Value ?
Investments, Costs, Revenues,
Cash
Financial Plan & Elevator pitch
Organization/Company
Team/Partners

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Creativity level
Finance & Accounting
level
1.000 EUR
21% VAT
(quarterly or monthly refund
request/compensation)
Investments
Cash out: 1.210 EUR
Cash in: 210 EUR (>3m)
Profit impact: 200 EUR over 5y
Cost
Cash out: 1.210 EUR
Cash in: 210 EUR (>3m)
Profit impact: 1.000 EUR
Discounted Cash Flows

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Why Finance for Startups ?
If you don't think about the future,
you cannot have one.
John Golsworthy
where you want to go
how you are supposed to go
You need to know

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CASH

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» Why should I ?
» Capital
» Hats/Personalities
Company Setup

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Why should I ?
Limit your liabilities !
Professional touch
Fiscal 34% (24% for 3y)
Succession
...
Formalities & some costs
(bank, notary, KBO/CBE, social secretary)
Double entry accounting
Revisor for in-natura contributions

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Minimum capital
REAL minimum = Business required !
Legal
BVBA-SPRL (min.1)
CVBA-SCRL (flexible)
18.550 EUR 6.200 EUR
(or 12.400 EUR)
SA-NV (min.2):
61.500 EUR

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Shareholders Control (>51%)
Absolute / Relative majority
40% - 60%
40% - 10% - 10% -10% -10% -10% -10%
Voting Rights
Class A & B
Minority (blocking) interest
Investors per phase (dilution)!
Stock options:
fiscal implications, buyer required
vesting conditions : targets, period (4y)

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Hats/Personalities
Founders – Shareholders
(Board)
Owners
CEO (gérant/zaakvoerder)
General Manager
Directors
CxO
Employees
Founders:
3 years responsibility

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Accounting: notions
• Balance Sheet– Bilan – Balans
• Profit & Loss– Compte de résultat – Winst-en Verliesrekening
• Cash-flow– Trésorerie – Schatkist
• Financial Plan– Plan financier – Financieel Plan

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Accounting: Balance Sheet
Non Current Assets
(Actifs Immobilisés/
Vast Activa)
Equity (Capital/Kapitaal)
LT Debts
ST Debts
Current Assets
(Actifs circulants/
Vlottend Activa)
ACTIVE PASSIVE

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Accounting: Profit & Loss (P&L)
Revenues (Sales…)
COGS (Cost of Sales)
General Expenditures
Personnel Costs
Depreciation
Financial cost
Profit
Grossmargin
EBITDA
AddedValue

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Financial Plan
Content
– Assumptions
– Profit & Loss
– Balance Sheet / Investment
– Cash-Flow -> Cash needed
– Valuation of the project
– Profitability / return of the project

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Financial Plan in 10 min
• Don’t waste your time in developing a huge
financial plan before to be sure that your
project is viable !
• In many case, in less than 10 minutes, you can
see if your idea worst something.
• How to make a very quick financial plan ?

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Financial Plan in 10 min /questions
What are your revenues ?
What are your costs ?
What are your investments ?
How many persons for your project ?

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Financial Plan / Prerequisites &
Assumptions
• Financial plan for 3 to 5 years
• Monthly or Quarterly base
• Excel or Calc is your friend
• Start by listing your main assumptions

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Financial Plan / Tips for assumptions
• Office: 25 m²/person
• Price of offices: EUR 150/m²/year + 15 % for
maintenance
• Insurances: 1 % of revenues
• Marketing: define a % of revenues + starting
investment
• Don’t forget lawyers, accountant, social
secretary, office supplies…

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Financial Plan / Investments
List all your scheduled investments
YEAR 1
YEAR 2
YEAR 4
YEAR 3
YEAR 5

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Required Cash-Flow

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Subsidies in Brussels
http://ecosubsibru.be/
http://www.impulse.brussels/

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Funding
Some remarks
Principles
Options

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And entrepreneurs? They seem to have confused the definition of
entrepreneurship altogether.
Entrepreneurship, they mistakenly believe, equals financing!
This is wrong.
Over 99% of entrepreneurs who seek funding get rejected.
Yet, the entire world is focused on the 1% that is "fundable."
http://www.readwriteweb.com/start/2012/01/the-other-99-of-entrepreneurs.php
Funding, ‘Financing’

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http://www.ideaowl.com/blog/2011/06/microconf-2011-3-surprises-
and-learnings-from-best-conference-ever/

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Interest – Returns
100 102 Bank
100 0..1000 Stock market
100 100 F.F.F.
100 107 Bank
100 130 BA / VC

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100+7=107 Bank
Principal & Interest
Able to pay back over time
Guarantees

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Valuation
• The value of any business is the present value
of the future income stream
• You sell future virtual profits for present real
money

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Valuation
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Sweat Money
Exit Money

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Valuation - What is dilution ?

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ATELIER FINANCE
Startups
info@arsimaprojects.eu
02 880 79 55
www.financecoach24.com
Martin van Wunnik