New Ventures BC. April 21, Financial Modeling. Sean Hodgins, CA-CPA, CPA (Illinois) Tandem Accounting Group Ltd.
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1 New Ventres BC 1 April 21, 2018 Financial Modeling Sean Hodgins, CA-CPA, CPA (Illinois) Tandem Acconting Grop Ltd. O(604) M (778) sean@tandemacconting.com
2 My Backgrond: Deloitte- Vancover, PWC- San Jose, CA Seed Tech CFO/Advisor/Investor 20+ years LmiCyte, Med Biogene, BC Advantage Fnds, Bootp Labs, Qickmobile, Medicenna, Mazza Innovation, MetaOptima Soltion Financial (SFI) 20 + others as advisor/investor 2 Abot Tandem: Affiliated Network Independent CFO s, Controllers and Bookkeepers
3 Some tips for the NVBC 3 NVBC is a great experience- focs on learning a lot Don t worry abot winning- jst a nice bons! Get a good editor and keep it clear and professional Be realistic Be a confident thoght leader Tell an interesting story Don t nderestimate the importance of services Don t be afraid to ask for help
4 BC Tech Model 4 1. Incorporate - simple reverse vesting common shares for fonder teams 2. Raise yor first $25k from friends and family 3. Get good at expense reporting (separate Self from Inc.) 4. Register immediately to get yor GST back! 5. Bild real SR&ED and optimize Proxy rles
5 BC Tech Model 5 6. Register as an EBC (30% incentive for BC angel investors) 7. Leverage the NRC-IRAP, NSERC, etc. 8. Angel circit- links to cstomers and maybe even $ 9. Find cstomers who will help bild yor prodct 10. Bild partnerships and networks early
6 Financial Modeling 6 What to inclde? (Historic years Projections ) What will my bsiness look like in the ftre if yo invest today (GAAP- Generally Accepted Acconting Principles) Unadited, Prepared by Management Statement of Operations: Profit and Loss Statement of Financial Position: Assets, Liabilities & Eqity Statement of Cash flows
7 Key Terms 7 GAAP (IFRS) and Non-GAAP KPI s (Key Performance Indicators) Revene verss Sales Brn Rate the net cash expenditres per month Spend Rate- the gross cash expenditres per month Rnway - the nmber of months left ntil yo rn ot of cash EBITDA- Earnings before Interest, Tax, Depreciation and Amortization (approximates the Brn) Post-Money Vale (flly dilted) (Calclate this first) Pre-Money Vale (flly dilted) (sbtract fnds raised pls exercise cash)
8 Financial Modeling 8 Keep it Simple! If yo can t bild yor bsiness in excel good lck bilding it for real! Focs on Revenes Nmbers instrmental in telling the story Believable test sing yor network Test the angel networks and VC s Costs shold focs on R&D and S&M
9 Bsiness Modeling 9 Answer the simple stff (Traditional Model): Who s going to by what yo re selling? What price are yo going to charge? How does this compare to competitors? When does the sale, cash, revene happen? Cstomer acqisition costs (CAC)? Cstomer spport costs?
10 Bsiness Modeling 10 Understand Sales (Traditional Model): Leads Opportnities Proposals Contracts Backlog Delivery - Invoicing Invoicing Collections - Satisfaction Cstomer Sat Chrn Recrring/Repeat Renewal rates Lifetime Vale Exit Vale
11 Bsiness Modeling 11 Bsiness Model (Eyeballs/Traction Model): Who s going to visit yor site and why? How fast is this going to grow? How does this compare to competitors? Cost strctring for rapid growth? Cstomer spport costs? When do yo get boght and by whom?
12 Opportnity Analysis 12 Calclate the Size of yor Target Market Everyone has a billion $ opportnity prove it Story to Market Take Ratio 5-10% of Target Market Rate of Growth Analysis Key metrics- cstomer acqisition costs (CAC) Valation Analysis- Spport yor vale Disconted cash flows 5x or 20% NPV (Risk) Sm of the Parts Team, Tech, Opportnity and Metrics
13 Use nmbers to tell yor story 13 Simple Vale Metrics- SFI or MI Simple Opportnity Metrics- MO
14 What shold my Financial 14 Projections look like? Find a Comparative Pblic Company- SEDAR.com and EDGAR (sec.gov) Find yor key metrics and bild bsiness processes that focs on improving these metrics (not GAAP) Google- there are lots of great examples- ie. SAAS Metrics/ Retail Metrics, etc.
15 Conclding Remarks 15 New Ventres- Listen and learn Yor financial model becomes a framework to bild yor entire bsiness Good lck everyone! Come ot to or next Monthly Bookkeeping Clb: May 10 th 2pm 5pm at the Profile (Gastown) May 12 th 9am 12 noon at the Profile (Gastown)
16 16 Qestions?
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