{"id":3531,"date":"2021-05-24T04:39:50","date_gmt":"2021-05-23T23:09:50","guid":{"rendered":"https:\/\/staging.trica.co\/equity\/blog\/?p=3531"},"modified":"2022-07-01T04:29:16","modified_gmt":"2022-07-01T04:29:16","slug":"what-is-a-409a-valuation-and-when-to-get-one","status":"publish","type":"post","link":"https:\/\/trica.co\/equity\/blog\/us\/what-is-a-409a-valuation-and-when-to-get-one\/","title":{"rendered":"What is a 409A valuation and when to get one?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">When startups grant stock options, how do they determine the value of common shares? For a privately-held company, the 409A valuation is the only method you can use to grant options on a tax-free basis to your employees. Basically, a <\/span><b>409A Valuation<\/b><span style=\"font-weight: 400;\"> is an independent appraisal of the Fair Market Value (FMV) of a private company&#8217;s common stock or the stock reserved for founders and employees by a third-party organization. This valuation determines the cost to purchase a share.<\/span><\/p>\n<h2><b>Why is a 409A valuation required?\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The IRS (Internal Revenue Service) introduced section 409A to prevent executives from taking advantage of equity loopholes. 409A facilitates a framework that startups can follow to evaluate their private stocks. As an unaffiliated third party conducts the valuation, it is unbiased and establishes a safe harbor. Also, startups must abide by 409A rules for issuing the first common stocks. If the startup fails to do so and misprices equity, IRS might charge penalties.\u00a0<\/span><\/p>\n<h2><b>When do startups require a 409A valuation?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A 409A valuation is required:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Before issuing the first common stock options\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">After raising a round of venture financing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Once every 12 months (or after a material event)<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><i><span style=\"font-weight: 400;\">A material event is something that could affect a company\u2019s stock price. <\/span><\/i><i><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/i><i><span style=\"font-weight: 400;\">Example &#8211; qualified financing events such as the sale of common shares, preferred equity, or convertible debt to independent or institutional investors at a negotiated price<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">While approaching IPO or M&amp;As<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">After 12 months (or sooner, in case of a material event), the startup will need a 409A refresh or updated valuation. 409A refresh is done after any event that could change the valuation.\u00a0<\/span><\/p>\n<h2><b>Data Required<\/b><b><br \/>\n<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The data needed for a 409A valuation is relatively straightforward.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sector\/industry<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Corporate charter or certificate of incorporation<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Most recent cap table<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Recent pitch deck<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Company historicals and a 3-year P&amp;L, cash balance, and debt projections<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">An estimate on how many options you expect to issue over the next 12 months<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A list of 5+ most comparable publicly-traded companies<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Timing expectations around potential liquidity events<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Significant events that have happened since your last 409A<\/span><\/li>\n<\/ul>\n<h2><b>How long does it take to get the 409A valuation done and issue stock grants?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Generally, if all the items in the above checklist are provided, it takes about two weeks to get to a final draft of the 409A valuation. For later-stage companies that have engaged an auditor, the timeline may be a little longer. A typical timeline involves data collection and kick-off calls, valuation modeling, preparation of draft schedules, and management review in the first two weeks, and then obtaining Board approval and granting options the third week.<\/span><\/p>\n<h2><b>A 3-Step Process<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Three steps are involved in the 409A valuation process &#8211;\u00a0<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Determining the enterprise value or how much the company is worth<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">While there are many ways in which financial experts (M&amp;A experts, equity research analysts, or VC firms) can determine the enterprise value, there are three main methodologies: market, income, and asset-based. These can be used in combination, and the method(s) may change as a company matures. <\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Market Approach:<\/b><span style=\"font-weight: 400;\"> Used for early-stage companies that are not generating any profit yet, and it\u2019s difficult to predict long-range financial performance<\/span><\/li>\n<li aria-level=\"1\"><b>Income Approach- <\/b><span style=\"font-weight: 400;\">Used primarily by companies who have achieved scale, a high degree of visibility and predictability in their financial performance, and line of sight to when they expect to become profitable<\/span><\/li>\n<li aria-level=\"1\"><b>Asset-based Approach- <\/b><span style=\"font-weight: 400;\">This approach is rarely undertaken, but it is done venture-backed companies in the very early stage before any pre-angel financing occurs<\/span><b><br \/>\n<\/b><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Allocate enterprise value across equity classes to arrive at FMV for common stock<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">For companies with only common shares, the FMV would be the enterprise value divided by the fully diluted shares outstanding. However, most privately-held venture-backed companies have at least two, if not more, classes of equity (e.g., Series A\/B\/C\/D\/etc. preferred shares along with common shares). In these cases, calculating the FMV of the common shares requires further analysis.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Option-Pricing Method (OPM)- <\/b><span style=\"font-weight: 400;\">Used for companies that are still too early in their development to identify the timings of specific exit scenarios<\/span><\/li>\n<li aria-level=\"1\"><b>Probability Weighted Expected Return Method (PWERM)- <\/b><span style=\"font-weight: 400;\">Used for companies that have matured to the point where they can estimate the timings of potential exit scenarios<\/span><\/li>\n<li aria-level=\"1\"><b>Hybrid Method- <\/b><span style=\"font-weight: 400;\">Used to explicitly model all PWERM scenarios in situations where the company has insight into one or more near-term exits but is unsure what would occur if those specific plans fell through.<\/span><\/li>\n<li aria-level=\"1\"><b>Current Value Method (CVM)- <\/b><span style=\"font-weight: 400;\">Used for venture-backed companies at an early stage with no material progress<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Apply a discount to FMV taking into account the fact that stocks are not publicly traded<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">As the stocks are not publicly traded yet, marketability decreases as the company scales. A company that has just raised a Series C may have no interested buyers in its common stock and therefore has a very large discount on FMV. In contrast, a company that has reached scale and is a credible candidate for a publicly traded company has a very small discount. The discounted amount depends on when the next liquidity event is about to take place.\u00a0<\/span><\/li>\n<\/ul>\n<h2><b>Penalties<\/b><b><br \/>\n<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If the valuation isn\u2019t performed by not following the above methods, the startup could fall outside of the 409A safe harbor. A safe harbor is a legal provision to sidestep or eliminate legal or regulatory liability in certain situations, provided that certain conditions are met. <\/span><i><span style=\"font-weight: 400;\">A safe harbor valuation is one the IRS presumes to be valid.\u00a0<\/span><\/i><br \/>\n<span style=\"font-weight: 400;\">If penalties are handed out, they can be substantial for employees and shareholders. Penalties include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deferred compensation becomes taxable immediately<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Accrued interest on the revised taxable amount<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">An additional tax of 20% on all deferred compensation<\/span><\/li>\n<\/ul>\n<h2><b>Pricing of 409A Valuation<\/b><b><br \/>\n<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In the US, 409A valuation costs in the range of $1000 to $10,000 depending on the size of the company and the complexity of the valuation. With trica equity, startups can get their 409A valuation done at a mere cost of <\/span><i><span style=\"font-weight: 400;\">$1500*<\/span><\/i><span style=\"font-weight: 400;\">. <\/span><span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.trica.co\/valuation-services\"><span style=\"font-weight: 400;\">Contact us now!<\/span><\/a><\/span><br \/>\n<i><span style=\"font-weight: 400;\">*Terms and conditions apply<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When startups grant stock options, how do they determine the value of common shares? For a privately-held company, the 409A valuation is the only method you can use to grant options on a tax-free basis to your employees. Basically, a 409A Valuation is an independent appraisal of the Fair Market Value (FMV) of a private company&#8217;s common stock or the stock reserved for founders and employees by a third-party organization. This valuation determines the cost to purchase a share. Why is a 409A valuation required?\u00a0 The IRS (Internal Revenue Service) introduced section 409A to prevent executives from taking advantage of [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":5419,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[47],"tags":[55,56,57,58,332],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is a 409A valuation and when to get one? - trica equity blog<\/title>\n<meta name=\"description\" content=\"The IRS introduced section 409A to prevent executives from taking advantage of equity loopholes. 409A valuation facilitates a framework that startups can follow to evaluate their private stocks\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trica.co\/equity\/blog\/us\/what-is-a-409a-valuation-and-when-to-get-one\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a 409A valuation and when to get one? 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