cap-table-builder

# Cap Table Builder Construye el **cap table inicial** de UN venture — founders, employee option pool, advisor pool, y convertible instruments (SAFEs, notes) con vesting schedule detallado. Es el complemento single-venture de `venture-studio-toolkit:cap-table-per-venture` (multi-venture portfolio). ## ⚠️ DISCLAIMER LEGAL Cap tables tienen implicaciones legales + fiscales severas: - **83(b) errors**: irreversible (30 días desde grant, ver `sweat-equity-agreement` en venture-studio-toolkit) - **Cap table mal estructurado**: VCs walk away en diligence - **SAFE cleanup**: SAFEs piled up con términos inconsistentes = messy Series A **Este skill genera estructura de preparación, NO reemplaza**: - Corporate lawyer (draft de agreements) - Cap table platform (Carta, Pulley, Cake Equity) para ejecución en producción - Tax advisor / CPA - Securities lawyer (fundraising specifics) ## ¿Cuándo usar este skill vs. el de venture-studio-toolkit? | Situación | Skill correcto | |---|---| | Construir cap table inicial de **un venture nuevo** (first SAFE round, first employee pool, etc.) | **ESTE SKILL** (`launchpad-toolkit:cap-table-builder`) | | Gestionar cap tables **independientes de N ventures** en un portafolio multi-LLC | `venture-studio-toolkit:cap-table-per-venture` | | Stack equity entre studio + venture (spin-out 20% studio stake) | `venture-studio-toolkit:cap-table-per-venture` + `venture-spin-out-playbook` | ## Regla de idioma Español. Términos equity mantenidos en inglés (SAFE, RSU, ISO, NSO, 83(b), QSBS, etc.) — convención industria US. ## Directorio de salida ``` ./launchpad/{startup-slug}/cap-table/ ├── cap-table.md # Cap table structured document ├── vesting-schedule.md # Per-grant vesting detail ├── safe-conversion-modeling.md # Pre-priced-round SAFE conversion projections └── grants-log.md # Append-only log de grants (audit trail) ``` --- ## Components del cap table ### Security types esperados en early stage **Common stock** (C-Corp) o **Membership interests** (LLC): founders + early employees **Preferred stock** (Series Seed / Series A+): VCs institucionales post-priced-round **Convertible instruments** (pre-priced-round): - **SAFEs** (Simple Agreement for Future Equity) — Y Combinator standard, post-money desde 2018 - **Convertible notes** — debt con interest rate + maturity - **KISS** (Keep It Simple Security) — alternativa less common **Options**: - **ISOs** (Incentive Stock Options) — tax-advantaged, solo empleados W-2 US - **NSOs** (Non-qualified Stock Options) — menos tax-advantaged, cualquier service provider (contractors, advisors non-employee) **RSUs** (Restricted Stock Units): promesa de shares en future milestones. Less common en seed stage (más típico post-Series A). ### Pool sizing defaults (Series Seed-ready) - **Employee option pool**: 10-15% fully diluted (pre-Series A standard) - **Advisor pool**: 0.5-1% fully diluted total (typical 0.1-0.25% per advisor bajo [FAST](https://fi.co/fast) framework) - **Founder stock**: remainder (típicamente 80-89% combined at first grant, pre-SAFEs) --- ## Flujo del skill ### Paso 1 — Entity type + jurisdiction **CTB-1**: "¿Qué entity type es la venture? - Delaware C-Corp (recomendado para VC-backed US ventures) - Delaware LLC (pass-through taxation; limita priced rounds) - Wyoming/Texas LLC (home-state US) - LATAM entity (Costa Rica SRL, MX SAPI, Colombia SAS, etc. — limita herramientas + VCs internacionales) - Cayman Exempted (Cayman Sandwich holding) - Otro Si ya tenés `startup-profile.md` generado por `startup-intake`, puedo leerlo para autodetectar." ### Paso 2 — Founder grants **CTB-2**: "Para cada founder: - Nombre completo - Rol (CEO / CTO / etc.) - % fully diluted al grant (o número de shares si ya tenés un target total de shares authorized) - Vesting period (default: 4 años) - Cliff (default: 1 año) - Vesting schedule type: monthly post-cliff / quarterly / milestone-based - Grant date (usualmente incorporation date) - 83(b) election status (si US C-Corp o LLC capital interest — ver sección downstream)" **CTB-2a — Authorized shares calculation**: - Default: 10,000,000 shares authorized (industry standard para early C-Corp) - Fully diluted post-first-grant = 100% de authorized (founders + unallocated pools) - Recommendation: issue founder shares at **$0.00001 par value** para minimizar tax at grant ### Paso 3 — Option pool **CTB-3**: "Option pool para empleados + advisors: - Employee option pool: default 10% fully diluted - Advisor pool: default 1% fully diluted (may overlap o ser separado) - Pool refresh cadence: usualmente antes de Series A (pre-money expansion a 15%) - Option type default: ISOs (si C-Corp con US employees), NSOs (para contractors/non-US)" **CTB-3a — Critical note**: pool expansion **pre-money** diluye solo a founders (no al nuevo VC). VCs negocian pool expansion agresiva (20%) para protegerse del dilution post-round. Founders deberían negociar 10-12% (sufficient for 12-18 meses de hiring plan). ### Paso 4 — Convertible instruments outstanding **CTB-4**: "¿Hay SAFEs o convertible notes outstanding? Por cada SAFE / note: - Investor name - Amount invested ($) - Valuation cap (pre-money or post-money — **default Y Combinator post-money SAFE**) - Discount rate (típico 0-20%; 20% si no hay cap) - MFN (Most Favored Nation) clause — yes/no - Date invested - Conversion trigger (next qualifying financing, usualmente Series Seed/A) - Para convertible notes solamente: interest rate (típico 2-8%), maturity (típico 18-24 meses) Si no hay ninguno, skip a Paso 5." ### Paso 5 — Vesting schedule generation **CTB-5**: Para cada founder + option grant, generar vesting schedule detallado: | Mes desde grant | Founder 1 vested (shares) | Founder 2 vested | Employee pool reserved | ... | |---|---|---|---|---| | 0 (grant) | 0 | 0 | 0 | ... | | 12 (cliff hit) | 25% (1,125,000) | 25% (875,000) | 0 | ... | | 24 | 50% | 50% | 0 | ... | | 36 | 75% | 75% | 0 | ... | | 48 (fully vested) | 100% | 100% | 0 | ... | **Acceleration clauses**: - **Single trigger**: al sale de company, todo unvested acelera - **Double trigger** (más común): acelera solo si (a) sale Y (b) founder termination sin cause - **Default**: double trigger para founders, none para employees ### Paso 6 — SAFE conversion modeling **CTB-6**: Si hay SAFEs outstanding, modelar conversión en 3 scenarios de next priced round: 1. **Conservative**: $2M @ $10M post-money 2. **Expected**: $3M @ $15M post-money 3. **Optimistic**: $5M @ $25M post-money Para cada scenario: - Shares que cada SAFE convierte a - % post-round cada SAFE holder - Founder dilution - Employee pool status (refresh o no) **Calculation**: post-money SAFE shares = `investment / min(valuation_cap / total_shares_at_cap, priced_round_price * (1 - discount))` ### Paso 7 — 409a valuation requirement (C-Corp only) **CTB-7**: Si es Delaware C-Corp: - 409a valuation es **regulatory requirement** para emitir options bajo fair market value - Frequency: annual O después de material change (round, acquisition offer) - Providers + cost: - **Carta** (incluido en plan pagos ~$120+/mes) - **Preferred Return** (~$1,500 per valuation, standalone) - **Aranca** (~$2,000-5,000, institutional) - Purpose: establece FMV del common stock para tax compliance Si es LLC o non-US entity: skip. ### Paso 8 — 83(b) election reminders **CTB-8**: Para cada grant sujeto a vesting en US entity: - Recordatorio 30 días post-grant para file 83(b) - Ver `venture-studio-toolkit:sweat-equity-agreement` (sección 4) para reglas distintas por entity type: - **C-Corp restricted stock**: 83(b) crítico - **LLC profits interest** (Rev. Proc. 93-27 / 2001-43 safe harbor): 83(b) protective only - **LLC capital interest**: 83(b) crítico --- ## Output template — `cap-table.md` ```markdown # Cap Table — [Startup Legal Name] **As of**: YYYY-MM-DD **Entity**: [Delaware C-Corp / Delaware LLC / Cayman Exempted / etc.] **Total shares authorized**: X (typical 10,000,000 for C-Corp) **Total shares issued**: Y **Total fully diluted**: Z (= authorized post-first-grant) ## Cap table snapshot | Shareholder | Security | Shares / % | Vesting status | Notes | |---|---|---|---|---| | [Founder 1] | Common | 4,500,000 (45% FDC) | 4yr / 1yr cliff, started YYYY-MM-DD, currently X% vested | 83(b) filed YYYY-MM-DD | | [Founder 2] | Common | 3,500,000 (35% FDC) | 4yr / 1yr cliff, started YYYY-MM-DD, X% vested | 83(b) filed YYYY-MM-DD | | Employee option pool | Options | 1,000,000 (10% FDC) | N/A until grant | ISO pool for US W-2 employees | | Advisor pool | NSO | 100,000 (1% FDC) | Per FAST agreement | ≤3 advisors at 0.25-0.5% each | | [SAFE 1: Angel Investor A] | SAFE | Converts to ~X shares (~Y%) at next round | Converts on next qualifying financing | $250k @ $8M post-money cap, 0% discount, MFN: no | | [SAFE 2: Angel Investor B] | SAFE | Converts to ~X shares (~Y%) at next round | Converts on next qualifying financing | $150k @ $6M post-money cap, 20% discount, MFN: yes | | **Total (pre-SAFE conversion)** | — | **10,000,000 (100% FDC)** | — | — | **Note on SAFE %**: percentages pre-conversion are estimates. Actual dilution on priced round depends on round valuation + size. --- ## Vesting schedule summary See `vesting-schedule.md` for per-grant detail. | Founder | Total shares | 12-mo vested (cliff) | 24-mo | 36-mo | 48-mo (fully) | |---|---|---|---|---|---| | [Founder 1] | 4,500,000 | 1,125,000 | 2,250,000 | 3,375,000 | 4,500,000 | | [Founder 2] | 3,500,000 | 875,000 | 1,750,000 | 2,625,000 | 3,500,000 | **Acceleration**: double trigger (sale + termination without cause) — per founder agreement. --- ## SAFE conversion scenarios See `safe-conversion-modeling.md` for detailed calculations. | Scenario | Round size / post-money | F1 post-round % | F2 post-round % | SAFE 1 % | SAFE 2 % | New investor % | Pool refresh | |---|---|---|---|---|---|---|---| | Conservative | $2M @ $10M | 32% | 25% | 3% | 2% | 20% | +5% pre-money | | Expected | $3M @ $15M | 30% | 23% | 4% | 3% | 20% | +5% | | Optimistic | $5M @ $25M | 33% | 26% | 3% | 2% | 20% | 0% (no refresh) | ## Key terms (documented) - **Founders vesting**: 4-year, 1-year cliff, monthly post-cliff - **Acceleration**: double trigger, 12-month acceleration if sale + without-cause termination - **Employee options**: ISO, 10-year exercise term, early exercise allowed - **83(b) elections filed**: [list of recipients + dates] - **SAFE standard**: post-money (YC template v2018+) ## Red flags checklist - [ ] All SAFE terms consistent (no conflicting MFN provisions that cascade) - [ ] Total outstanding ≤ total authorized (Delaware C-Corp max is authorized per Certificate of Incorporation) - [ ] All founders vesting tracked in a cap table platform (Carta / Pulley / Cake) - [ ] 83(b) elections filed within 30 days for each grant (US entities only) - [ ] Employee pool sufficient for 12-18 months of hiring plan - [ ] No equity promised verbally without documentation (anti-pattern) - [ ] Advisor grants ≤1% combined (avoid dilution from over-granting) ## Professional platform migration recommended Move to **Carta**, **Pulley**, or **Cake Equity** when: - 5+ total shareholders - 2+ SAFE rounds closed - 10+ employees with equity grants - Pre-Series A planning phase (<12 meses antes de target raise) Manual cap table in markdown works up to ~4-5 shareholders. Beyond that, errors compound exponentially (missed vesting dates, conversion math mistakes, 83(b) deadline miss). ## Next steps 1. File 83(b) elections for any founder grants (if US C-Corp or LLC capital interest) 2. Execute Founder Stock Purchase Agreements (see `founder-documents` skill) 3. File IP assignments (see `founder-documents`) 4. Set up cap table platform when threshold hit 5. Re-run this skill when material change occurs (new grant, new SAFE, priced round closing) ``` --- ## Integración con otras skills - **`startup-intake`**: si ya existe `startup-profile.md`, auto-detect founders + team + funding from the profile section - **`founder-documents`** (sibling): genera los agreements asociados a cada grant (Founder Stock Purchase Agreement, IP Assignment, Vesting Schedule Exhibit) - **`venture-studio-toolkit:sweat-equity-agreement`**: referencia obligatoria para 83(b) tratamiento diferenciado C-Corp / LLC profits interest / LLC capital interest - **`venture-studio-toolkit:cap-table-per-venture`**: upgrade path cuando el founder escala a multi-venture portfolio - **`feature-to-spike`**: si durante uso se descubre UX pattern valioso para DojoOS Launchpad, generar SPIKE para William ## Principios clave - **Cap table es source of truth único**: NO múltiples versiones en Google Docs, emails, spreadsheets sueltos - **83(b) en 30 días, irreversible**: US C-Corp y LLC capital interest casi siempre lo requieren - **SAFE cleanup antes de Series A**: piled-up SAFEs con terms inconsistentes = messy cap table; VCs scrutinize en diligence - **Pool refresh es negotiable**: no aceptar 20% pre-Series A ciegamente; 10-12% suele ser suficiente para 12-18 meses