Tasfiye \u015eelalesi (Liquidation Waterfall), bir \u015firketin sat\u0131lmas\u0131 veya tasfiye edilmesi s\u0131ras\u0131nda elde edilen gelirin payda\u015flar aras\u0131nda hangi s\u0131rayla ve nas\u0131l da\u011f\u0131t\u0131laca\u011f\u0131n\u0131 g\u00f6steren modeldir. Senior debt’ten ba\u015flay\u0131p, \u00e7oklu imtiyazl\u0131 hisse serilerinden ge\u00e7erek adi hissedarlara kadar uzan\u0131r.<\/p>\n
Liquidation waterfall, \u00e7\u0131k\u0131\u015f gelirinin (sat\u0131n alma fiyat\u0131, tasfiye geliri) \u00f6deme \u00f6nceli\u011fi s\u0131ras\u0131na g\u00f6re da\u011f\u0131t\u0131m\u0131n\u0131 modellemenin yoludur. Tipik bir waterfall \u015fu s\u0131ray\u0131 izler: 1) Senior secured debt (banka kredileri), 2) Subordinated debt, 3) En k\u0131demli imtiyazl\u0131 hisse (genellikle Series C), 4) \u00d6nceki seriler (Series B, sonra Series A), 5) Adi hisseler (kurucular, \u00e7al\u0131\u015fanlar). Her a\u015famada hesaplama yap\u0131l\u0131r ve sonraki katmana kalan miktar ge\u00e7er.<\/p>\n
Karma\u015f\u0131k cap table’larda waterfall hesaplamas\u0131 \u00e7ok fakt\u00f6r i\u00e7erir: Liquidation preference miktar\u0131 (1x, 2x), Participation (participating veya non-participating), D\u00f6n\u00fc\u015f\u00fcm se\u00e7ene\u011fi (preferred \u2192 common), Anti-dil\u00fcsyon ayarlamalar\u0131, Stock option vesting durumu, ve Cumulative dividends. Excel modelleri veya \u00f6zel yaz\u0131l\u0131mlar (Carta, Pulley) s\u0131kl\u0131kla kullan\u0131l\u0131r. \u00d6nemli olan her preferred sahibinin “d\u00f6n\u00fc\u015f\u00fcm veya tercih” aras\u0131nda se\u00e7im yapacak olmas\u0131d\u0131r.<\/p>\n
Waterfall analizi, \u00e7\u0131k\u0131\u015f kararlar\u0131 i\u00e7in kritiktir. D\u00fc\u015f\u00fck \u00e7\u0131k\u0131\u015f de\u011ferlerinde kurucular ve \u00e7al\u0131\u015fanlar tamamen y\u0131k\u0131labilir \u2014 \u00f6zellikle \u00e7oklu preferred seri ve participating preferred olan \u015firketlerde. Bu nedenle: \u00e7\u0131k\u0131\u015f teklifleri de\u011ferlendirilirken waterfall mutlaka modellenmeli, term sheet m\u00fczakerelerinde gelecekteki waterfall etkileri analiz edilmeli, ve \u00e7al\u0131\u015fanlara verilen opsiyonlar\u0131n ger\u00e7ek de\u011feri waterfall g\u00f6z \u00f6n\u00fcne al\u0131narak hesaplanmal\u0131d\u0131r.<\/p>\n
Kurucular\u0131n fark\u0131nda olmas\u0131 gereken yayg\u0131n waterfall tuzaklar\u0131: Liquidation overhang (toplam preferences, \u015firket de\u011ferinden b\u00fcy\u00fck oldu\u011funda), Multiple preferences (her tur yeni bir 1x veya 2x ekler), Participating preferred birikimi (multiple turlarda double-dip), ve Senior debt y\u0131\u011f\u0131n\u0131 (\u00f6zellikle venture debt sonras\u0131nda). Sa\u011fl\u0131kl\u0131 bir cap table y\u00f6netimi, bu tuzaklar\u0131 \u00f6nleme a\u00e7\u0131s\u0131ndan kritiktir.<\/p>\n","protected":false},"excerpt":{"rendered":"
TLDR: Tasfiye \u015eelalesi (Liquidation Waterfall), bir \u015firketin sat\u0131lmas\u0131 veya tasfiye edilmesi s\u0131ras\u0131nda elde edilen gelirin payda\u015flar aras\u0131nda hangi s\u0131rayla ve nas\u0131l da\u011f\u0131t\u0131laca\u011f\u0131n\u0131 g\u00f6steren modeldir. Senior debt’ten ba\u015flay\u0131p, \u00e7oklu imtiyazl\u0131 hisse serilerinden ge\u00e7erek adi hissedarlara kadar uzan\u0131r. Liquidation Waterfall Nedir? Liquidation waterfall, \u00e7\u0131k\u0131\u015f gelirinin (sat\u0131n alma fiyat\u0131, tasfiye geliri) \u00f6deme \u00f6nceli\u011fi s\u0131ras\u0131na g\u00f6re da\u011f\u0131t\u0131m\u0131n\u0131 modellemenin yoludur. […]<\/p>\n","protected":false},"author":4,"featured_media":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"footnotes":""},"categories":[],"class_list":["post-7908","term","type-term","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/7908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term"}],"about":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/types\/term"}],"author":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/comments?post=7908"}],"version-history":[{"count":3,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/7908\/revisions"}],"predecessor-version":[{"id":9624,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/7908\/revisions\/9624"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=7908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=7908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}