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exit-waterfall

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Compute who gets what at each exit price from a cap table — liquidation preferences, conversion points, and where the founders' share collapses. Use when asked to model an exit waterfall, what do I get if we sell for X, explain liquidation preferences on my cap table, or compare payouts across exit prices. Produces a per-stakeholder payout table across exit values with conversion decisions shown, plus the plain-English reading of what the structure means for each party.

skills/exit-waterfall/SKILL.md

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Nov 11, 2026
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# Exit Waterfall Skill

A cap table is a promise about percentages; an exit waterfall is what actually happens to the money. The difference — liquidation preferences, participation, option strikes — routinely stuns founders at the worst possible moment. This skill computes the waterfall across exit prices and, more importantly, translates it: the price below which your shares are worth nothing, and the price where everyone finally converts.

## What This Skill Produces

- **The payout table** — every stakeholder's dollars at each exit price, with conversion decisions shown
- **The cliff points** — where preferences stop dominating, where options come into the money
- **The plain-English reading** — "you need a $X exit for your common to mean anything" stated as a sentence

## Required Inputs

Ask for these if not provided:
- **Share classes** — for each: name, share count, type (common / preferred / options); for preferred: amount invested, preference multiple, participating or not; for options: strike
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