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Add initials Convertible Note Agreement Template

[Music] hey it's scott owner of cruise consulting and today we're going over a sample convertible note agreement now we're going to provide one here for you but your law firm will have this too and i generally believe that you should just work with a law firm's template they're gonna be the ones who document the deal use their template but this is helpful from informational standpoint this will actually teach you a lot and you know you'll notice you know the amount is in there that's super important the term when the money basically has to be paid back or the note needs to be extended is a really important one the valuation cap super important we've gone over that in a couple different videos um and then you're also gonna you know have the the portion about whether it's converting the common or preferred most of the time if you have especially if you have institutional vc's always going to be preferred but just scan through this convertible note template it's you'll see it's not very long like you can have a one or two page not one probably two or three page convertible note template that's very easy to document that's why people like it it's really cheap and easy to do a comparable note investment and that's good for the startup they're not wasting a lot of money on legal legal fees it's good for the investors because it's easy to understand they can make the investment with confidence also it's kind of you know investing in startups a little bit like falling in love you sometimes it's impulsive so being able to do it quickly and get it documented is very very helpful for both parties and uh and so that's you know enjoy the the template again don't be afraid to reach out to your lawyer a lot of law firms have really good online presences now too where you know wilson cooley oreck a lot of them have their stuff up on the internet where you can just do that and then there's other services like clerky that have templates i think stripe atlas might have one um so you'll see a lot of stuff around but enjoy and hopefully this answers most your questions if you have anything else just hit us up at cruiseconsulting.com thanks