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Martin van Wunnik 119 / 3 / 2016 | Martin van Wunnik 119 / 3 / 2016
ATELIER FINANCE
Startups
Martin van Wunnik
19 / 3 / 2016 ULB
Martin van Wunnik 219 / 3 / 2016 | Martin van Wunnik 219 / 3 / 2016
Finance for Startups
• Introduction
• Company Setup
• Accounting
• Financial Plan
• Funding your startup
• Valuation / Dilution
• Q&A
Martin van Wunnik 319 / 3 / 2016 | Martin van Wunnik 319 / 3 / 2016
This presentation is available for free:
http://www.slideshare.net/FinanceCoach24
Martin van Wunnik 419 / 3 / 2016 | Martin van Wunnik 419 / 3 / 2016
Creativity
level
Finance & Accounting
level
Martin van Wunnik 519 / 3 / 2016 | Martin van Wunnik 519 / 3 / 2016 5
Creativity level
Finance & Accounting
level
Reality check
Funding � Value ?
Investments, Costs, Revenues,
Cash
Financial Plan & Elevator pitch
Organization/Company
Team/Partners
Martin van Wunnik 619 / 3 / 2016 | Martin van Wunnik 619 / 3 / 2016
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
Martin van Wunnik 719 / 3 / 2016 | Martin van Wunnik 719 / 3 / 2016
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
Martin van Wunnik 819 / 3 / 2016 | Martin van Wunnik 819 / 3 / 2016
CASH
Martin van Wunnik 919 / 3 / 2016 | Martin van Wunnik 919 / 3 / 2016 9
» Why should I ?
» Capital
» Hats/Personalities
Company Setup
Martin van Wunnik 1019 / 3 / 2016 | Martin van Wunnik 1019 / 3 / 2016 10
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
Martin van Wunnik 1119 / 3 / 2016 | Martin van Wunnik 1119 / 3 / 2016 11
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
Martin van Wunnik 1219 / 3 / 2016 | Martin van Wunnik 1219 / 3 / 2016 12
Shareholders � Control (>51%)
Absolute / Relative majority
40% - 60%40% - 10% - 10% -10% -10% -10% -10%
Voting RightsClass A & B
Minority (blocking) interest
Investors per phase (dilution)!
Stock options:
fiscal implications, buyer requiredvesting conditions : targets, period (4y)
Martin van Wunnik 1319 / 3 / 2016 | Martin van Wunnik 1319 / 3 / 2016 13
Hats/PersonalitiesFounders – Shareholders
(Board)
Owners
CEO (gérant/zaakvoerder)
General Manager
Directors
CxO
Employees
Founders:
3 years responsibility
Martin van Wunnik 1419 / 3 / 2016 | Martin van Wunnik 1419 / 3 / 2016
Accounting: notions
• Balance Sheet – Bilan – Balans
• Profit & Loss – Compte de résultat – Winst-en Verliesrekening
• Cash-flow – Trésorerie – Schatkist
• Financial Plan – Plan financier – Financieel Plan
Martin van Wunnik 1519 / 3 / 2016 | Martin van Wunnik 1519 / 3 / 2016
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
Martin van Wunnik 1619 / 3 / 2016 | Martin van Wunnik 1619 / 3 / 2016
Accounting: Profit & Loss (P&L)
Revenues (Sales…)
COGS (Cost of Sales)
General Expenditures
Personnel Costs
Depreciation
Financial cost
Profit
Gro
ss m
arg
in
EB
ITD
A
Ad
de
d V
alu
e
Martin van Wunnik 1719 / 3 / 2016 | Martin van Wunnik 1719 / 3 / 2016
Financial Plan
Content
– Assumptions
– Profit & Loss
– Balance Sheet / Investment
– Cash-Flow -> Cash needed
– Valuation of the project
– Profitability / return of the project
Martin van Wunnik 1819 / 3 / 2016 | Martin van Wunnik 1819 / 3 / 2016
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 ?
Martin van Wunnik 1919 / 3 / 2016 | Martin van Wunnik 1919 / 3 / 2016
Financial Plan in 10 min /questions
What are your revenues ?
What are your costs ?
What are your investments ?
How many persons for your project ?
Martin van Wunnik 2019 / 3 / 2016 | Martin van Wunnik 2019 / 3 / 2016
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
Martin van Wunnik 2119 / 3 / 2016 | Martin van Wunnik 2119 / 3 / 2016
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…
Martin van Wunnik 2219 / 3 / 2016 | Martin van Wunnik 2219 / 3 / 2016
Financial Plan / Investments
List all your scheduled investments
YEAR 1
YEAR 2
YEAR 4
YEAR 3
YEAR 5
Martin van Wunnik 2319 / 3 / 2016 | Martin van Wunnik 2319 / 3 / 2016
Required Cash-Flow
Martin van Wunnik 2419 / 3 / 2016 | Martin van Wunnik 2419 / 3 / 2016 24
Subsidies in Brussels
http://ecosubsibru.be/
http://www.impulse.brussels/
Martin van Wunnik 2519 / 3 / 2016 | Martin van Wunnik 2519 / 3 / 2016 25
Funding
Some remarks
Principles
Options
Martin van Wunnik 2619 / 3 / 2016 | Martin van Wunnik 2619 / 3 / 2016 26
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’
Martin van Wunnik 2719 / 3 / 2016 | Martin van Wunnik 2719 / 3 / 2016
http://www.ideaowl.com/blog/2011/06/microconf-2011-3-surprises-
and-learnings-from-best-conference-ever/
Martin van Wunnik 2819 / 3 / 2016 | Martin van Wunnik 2819 / 3 / 2016 28
Interest – Returns
100 � 102 Bank
100 � 0..1000 Stock market
100 � 100 F.F.F.
100 � 107 Bank
100 � 130 BA / VC
Martin van Wunnik 2919 / 3 / 2016 | Martin van Wunnik 2919 / 3 / 2016 29
100+7=107 Bank
Principal & Interest
� Able to pay back over time
� Guarantees
Martin van Wunnik 3019 / 3 / 2016 | Martin van Wunnik 3019 / 3 / 2016
Martin van Wunnik 3119 / 3 / 2016 | Martin van Wunnik 3119 / 3 / 2016
Valuation
• The value of any business is the present value
of the future income stream
• You sell future virtual profits for present real
money
Martin van Wunnik 3219 / 3 / 2016 | Martin van Wunnik 3219 / 3 / 2016
Valuation
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Sweat Money
Exit Money
Martin van Wunnik 3319 / 3 / 2016 | Martin van Wunnik 3319 / 3 / 2016
Valuation - What is dilution ?
Martin van Wunnik 3419 / 3 / 2016 | Martin van Wunnik 3419 / 3 / 2016
ATELIER FINANCE
Startups
02 880 79 55
www.financecoach24.com
Martin van Wunnik