Term Sheet Basics – October 5; 10am-12pm (CT)

• You’ve met the founding team and really like the company.  Now it’s time to know if the deal is right for you.  As a new angel, you’ll need to understand the term sheet, the document that outlines the terms and conditions of the agreement between the investors and the startup.  This introductory workshop provides clear, practical information on early-stage term sheets, focused on helping newer angel investors understand deal terms.  The workshop includes lectures and interviews, using a publicly available term sheet template for seed and early stage preferred shares deals.  The course will build your understanding of sound term sheets aligned with the interests of both entrepreneurs and early-stage investors, and setting the stage for follow-on investors. Register Here

Valuation Workshop – October 12, 10-12pm (CT)

• Negotiating the current valuation of seed-stage startups at the time of investment is a critical component of angel term sheets.  Getting valuation right establishes a fair percentage of ownership for both investors and entrepreneurs and optimizes returns for investing angels.  This clinic introduces participants to valuation issues and demonstrates multiple valuation methodologies.  The lead instructor will provide some insights into the impact of COVID-19 on the valuation of startup enterprises, based on the financial downturns in 2001 and 2008.  The program leaves attendees with an exercise to help hone their newly acquired valuation skills by using these valuation methods in appraising a case study company. Register Here

Advance Workshop on Capitalization Tables – October 26; 10-12pm

• Angels face many challenges when investing in startup ventures. One crucial, but sometimes overlooked, detail is the impact of new funding on the company’s capital structure. Whether funding comes as equity or debt, the savvy investor needs to understand how this round of funding will impact the ultimate outcome for all shareholders. So early stage investors need to be fluent in the structure of cap tables to understand the impact on their potential returns from current and future rounds of funding.ACA in cooperation with VentureSouth offers entrepreneurs and investors alike a practical education in understanding the details of cap tables through the lifecycle of a startup venture.   This workshop will include a combination of presentations, exercises and a case study to illustrate common cap table mathematics a startup and its investors must consider. Among the important topics to be illuminated are the impacts of: valuation, liquidation preferences, anti-dilution terms, convertible notes, and option pools and vesting.This workshop assumes some familiarity with basic cap tables, typical deal terms and Excel spreadsheets. Register Here

Angel Exit Strategies – November 16; 10-12pm

• Exit strategies may be one of the most misunderstood aspects of angel investing and this workshop serves to shed a light on how angels and their portfolio companies can work together to achieve the most successful exits.  Value creation for angel backed companies is different than for lifestyle companies and the primary difference lies in how we craft the exit strategy.  This workshop covers the kinds of exits and how to prepare for each.  We talk about what the drivers are for high multiples and how companies can build in value from the very beginning of their companies.   The workshop finishes with the “Exit Strategy Canvas” that walks participants through the six key elements of exit strategy.  The exit strategy canvas helps boards to create a variety of exit scenarios and work towards optimal outcomes for all. Register Here

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