Startup Valuation: What Are You Worth?

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The Startup Triangle includes Money, People and Technology. Slides include Founder's Equity, Vesting, Advisor, Seed Funding, Options and 409A Value, The Priced Round, VC Negotiations and Exit Value.

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Startup Valuation:
What are you worth?
Palo Alto, San Francisco, Los Angeles
rroyse@rroyselaw.com
www.rogerroyse.com , ww.rroyselaw..com
@rroyse00 roger.royse

Roger Royse Royse Law Firm, PC
Palo Alto, San Francisco, Los Angeles
rroyse@rroyselaw.com
www.rogerroyse.com , ww.rroyselaw..com
@rroyse00 roger.royse

THE STARTUP TRIANGLE
PEOPLE
MONEY
TECHNOLOGY
2

FOUNDER’S EQUITY
 The Grunt Fund Method
 Equal Percentages
 Subjective
 Formula
3

 Who should vest
 How long?
 Acceleration?
 Change of control
 Termination without
cause
VESTING
4

ADVISOR
FAST Model
Valuation
Milestones and
Deliverables
Vesting Stock v.
Options
5

SEED FUNDING
SAFE Priced roundsConvertible Debt
6

7
Do I need a valuation for my option plan?
RSUs and Restricted Stock
Phantom Plans
OPTIONS AND 409A VALUE

 VC or Institutional Investor
 Preferred Stock
 Valuation Methods
 Score Card
 Venture Capital Method
 Berkus Method
 Cayenne Calculator
 Risk Factor Summation
 Negotiation
8
THE PRICED ROUND

THE PRICED ROUND
 MoreValuation Methods
 (Patents + People) x $1
Million
 Comparable
 Discounted Cash Flow
 Market Multipliers
 Discount to Public
Companies
 Startup Factor Method
9

www.startuprounds.com
VC NEGOTIATIONS
 When to mention valuation
 Staged Investment
 Liquidation Preference
 Control
 Blocking rights
 Drags and tags
10

EXIT VALUE
11
Preferences
Earn Outs
Reps & Warranties
Taxes

CONCLUSION
Startup Valuation
is an Art
Not a Science
12

RoyseLink: Connecting founders with investors and
service partners.
Royse University: Providing business, tax, technology
and personal finance ideas to founders and executives.
Royse Law Legal Wizard: Offering legal document
templates and more.
Royse Law Incorporator: Incorporate your company the
Silicon Valley way.
13
RoyseLaw Incorporate.com
RoyseUniversity.com
RoyseLink.com
RoyseLaw Legal Wizard

PALO ALTO
1717 Embarcadero Road
Palo Alto, CA 94303
LOS ANGELES
11150 Santa Monica Blvd.
Suite 1200
Los Angeles, CA 90025
SAN FRANCISCO
135 Main Street
12th Floor
San Francisco, CA 94105
Palo Alto Office: 650-813-9700
CONTACT US
www.rroyselaw.com
@RoyseLaw

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Startup Valuation: What Are You Worth?

1. IRS Circular 230 Disclosure: To ensure compliance with the requirements imposed by the IRS, we inform you that any tax advice contained in this communication, including any attachment to this communication, is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to any other person any transaction or matter addressed herein. Startup Valuation: What are you worth? Palo Alto, San Francisco, Los Angeles rroyse@rroyselaw.com www.rogerroyse.com , ww.rroyselaw..com @rroyse00 roger.royse

2. Roger Royse Royse Law Firm, PC Palo Alto, San Francisco, Los Angeles rroyse@rroyselaw.com www.rogerroyse.com , ww.rroyselaw..com @rroyse00 roger.royse

3. THE STARTUP TRIANGLE PEOPLE MONEY TECHNOLOGY 2

4. FOUNDER’S EQUITY  The Grunt Fund Method  Equal Percentages  Subjective  Formula 3

5.  Who should vest  How long?  Acceleration?  Change of control  Termination without cause VESTING 4

6. ADVISOR FAST Model Valuation Milestones and Deliverables Vesting Stock v. Options 5

7. SEED FUNDING SAFE Priced roundsConvertible Debt 6

8. 7 Do I need a valuation for my option plan? RSUs and Restricted Stock Phantom Plans OPTIONS AND 409A VALUE

9.  VC or Institutional Investor  Preferred Stock  Valuation Methods  Score Card  Venture Capital Method  Berkus Method  Cayenne Calculator  Risk Factor Summation  Negotiation 8 THE PRICED ROUND

10. THE PRICED ROUND  MoreValuation Methods  (Patents + People) x $1 Million  Comparable  Discounted Cash Flow  Market Multipliers  Discount to Public Companies  Startup Factor Method 9

11. www.startuprounds.com VC NEGOTIATIONS  When to mention valuation  Staged Investment  Liquidation Preference  Control  Blocking rights  Drags and tags 10

12. EXIT VALUE 11 Preferences Earn Outs Reps & Warranties Taxes

13. CONCLUSION Startup Valuation is an Art Not a Science 12

14. RoyseLink: Connecting founders with investors and service partners. Royse University: Providing business, tax, technology and personal finance ideas to founders and executives. Royse Law Legal Wizard: Offering legal document templates and more. Royse Law Incorporator: Incorporate your company the Silicon Valley way. 13 RoyseLaw Incorporate.com RoyseUniversity.com RoyseLink.com RoyseLaw Legal Wizard

15. PALO ALTO 1717 Embarcadero Road Palo Alto, CA 94303 LOS ANGELES 11150 Santa Monica Blvd. Suite 1200 Los Angeles, CA 90025 SAN FRANCISCO 135 Main Street 12th Floor San Francisco, CA 94105 Palo Alto Office: 650-813-9700 CONTACT US www.rroyselaw.com @RoyseLaw

Startup Valuation: What Are You Worth?

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