In my last post, I introduced  breakpoints —a concept that sits at the center of cap‑table economics, yet almost no founders, CFOs, or even VCs ever look at directly. And that’s exactly why this series exists. Breakpoints aren’t a feature of exotic spreadsheets. They’re the hidden logic that determines  who actually gets paid  at different exit values. They are the inflection points where the distribution changes. Most people raising or investing capital never model them. Man

Most founders and investors treat the cap table as a static artefact, a tidy ledger of who owns what, how much they paid, and how those numbers stack up today. Useful, yes, but also deeply incomplete. Over the past months I’ve written a lot about fair value and how it offers a window into what might be , not just what is. Recently people have asked me: “If you’re doing this for VCs, what about the other side of the equation - the company?” The Traditional View: A Backward-Loo