# Exit Waterfall Model

Model exit proceeds with preference stack, liquidation preferences, and per-holder distributions—without overestimating founder upside.

- Canonical: https://finamodel.com/templates/exit-waterfall
- Download (.xlsx): https://finamodel.com/templates/exit-waterfall.xlsx
- Category: Corporate Finance
- Model type: Valuation
- Difficulty: Advanced
- Audiences: Fund managers, Bankers & advisors
- Tags: exit, waterfall, m&a, liquidation, proceeds

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