Cap Table, Equity and 409A: What The Shortlist Report Finds =========================================================== Question: Who manages cap tables, equity administration and 409A valuations? Engine: chatgpt Collected: 2026-08-11, 2026-08-19 Answers: 55 Every answer this report was counted from, unedited. --- ANSWER 1 of 55 (2026-08-11) --- Q: Who manages cap table and equity administration for startups? For most startups, cap table and equity administration is a shared responsibility, but one person usually owns it operationally. Typical setup StageDay-to-day ownerOutside supportPre-seed / very earlyFounder / COO / finance leadStartup lawyer + cap-table softwareSeedFinance lead / CFO / Head of FinanceCorporate counsel + accountantSeries A–BCFO / Finance team / Equity AdministratorLegal counsel + tax/accountingLater stageDedicated Equity/Stock AdministratorLegal, finance, HR, payroll, auditors The person responsible is often called an Equity Administrator, Stock Administrator, or Equity Operations Manager. Their job can include maintaining the cap table, processing grants, tracking vesting, coordinating 409A valuations, and keeping equity records compliant. Carta Who does what? CFO / Finance: Usually owns the operational process and makes sure the numbers are accurate. Corporate/Startup Lawyer: Handles the legal side—incorporations, stock issuances, option plans, board approvals, SAFEs/notes, transfers, etc. They may have admin access to the cap table but don't necessarily run it day-to-day. Pulley Help Center+1 HR / People: Often coordinates employee grants, onboarding/offboarding, and equity communications. Board: Approves certain equity issuances, option plans, grants, and other corporate actions depending on the company's governing documents. Cap-table platform: Tools such as Carta and Pulley provide the system of record and automate much of the administration. Pulley External equity-administration provider: A startup can also outsource the work; for example, Pulley offers managed equity services where its team runs the cap table and equity program. Pulley In practice: at a 10–30 person startup, I'd expect something like CFO/COO owns it → startup lawyer advises/executes legal actions → Carta/Pulley holds the records → HR feeds employee changes. If you're asking because you're considering building a business/service around cap-table administration, there's an interesting distinction between software, outsourced equity administration, and legal services—and the division of responsibility is important. --- ANSWER 2 of 55 (2026-08-11) --- Q: Which firms prepare 409A valuations? Firms that prepare 409A valuations (independent fair market value appraisals of private-company common stock for stock option pricing) generally fall into a few categories: specialized valuation firms, equity-management platforms with valuation services, and large accounting/valuation practices. Common providers include: Eqvista Specialized 409A valuation firms Eqvista — Provides 409A valuations and equity management services, with valuations performed by valuation professionals; it serves startups through later-stage private companies. Eqvista+1 Eton Venture Services — A firm focused on startup and venture-backed company valuations, including 409A work. Reddit Aranca — Provides valuation and advisory services, including private-company valuation work. Eqvista Stout — A valuation and investment banking advisory firm that performs business valuation work, including 409A-related engagements. Reddit Redwood Valuations — A valuation provider used by some startups for 409A engagements. Reddit Equity management platforms that offer 409A valuations Carta — A widely used cap table and equity-management platform that offers 409A valuation services for private companies. Eqvista Pulley — A startup cap table platform that also supports equity-related services, including access to valuation solutions. Eqvista Shareworks (by Morgan Stanley) — Provides equity compensation administration and valuation-related services for private companies. Eqvista Large accounting / valuation firms For later-stage companies, companies approaching an IPO, or companies with complex capital structures, firms such as the Big Four often perform valuation engagements: Deloitte Ernst & Young PwC KPMG Eqvista How companies usually choose Pre-seed / seed startups: Carta, Pulley, Eqvista, Eton, and similar startup-focused providers are common. Series A–C: Specialized valuation firms or equity platforms with strong valuation teams are typical. Pre-IPO / complex cap tables: Big Four or established valuation practices are often preferred because of audit scrutiny and complexity. When selecting a provider, companies usually look for: A qualified valuation team (e.g., CVA/ASA/CFA professionals where appropriate). Experience with companies at the same funding stage and industry. A report that is audit-defensible and supports the IRS safe-harbor requirements under IRC §409A. Independence from management’s desired option price. If you are asking as a startup founder/CFO, the best shortlist depends heavily on your stage (pre-funding, seed, Series A+, revenue, recent financing, or pre-IPO). --- ANSWER 3 of 55 (2026-08-11) --- Q: Who can clean up a messy cap table before a funding round? If you’re getting ready for a funding round, don’t rely on one person to “fix the spreadsheet.” A proper cap-table cleanup usually involves three roles: Startup/venture attorney — the most important person Reconciles the cap table against the charter, stock ledger, board approvals, stock purchase agreements, option grants, SAFEs, notes, warrants, etc. Fixes or documents missing approvals and improperly issued equity. Makes sure the capitalization is legally defensible for investor diligence. Fractional CFO / startup finance professional Reconciles the ownership records and equity activity against the company's books. Builds the financing pro forma and models dilution, option-pool changes, SAFE/note conversions, etc. Cap-table platform/provider Tools such as Cartacarta.com or other equity-management platforms can migrate the data, maintain the cap table, and model the financing. But software doesn't determine whether the underlying equity records are legally correct; the legal and financial reconciliation still matters. Who I'd hire For a genuinely messy cap table, I'd look for a startup/venture lawyer who specifically does “cap table cleanup,” “capitalization diligence,” or “pre-financing cleanup.” Pair that with a fractional CFO or experienced startup accountant if the financial records are messy too. Typical problems they should be able to resolve include missing board approvals, undocumented founder/advisor equity, incorrect option grants, conflicting share counts, old SAFEs/notes, missing signatures, and discrepancies between the spreadsheet and legal records. If you tell me your city/state, company stage (pre-seed/seed/Series A), and roughly how messy it is, I can find specific firms or cap-table cleanup providers you could contact. --- ANSWER 4 of 55 (2026-08-11) --- Q: Which advisors handle stock option administration for private companies? For a private company, stock-option administration is usually handled by a combination of the company’s legal counsel, finance/HR team, and an equity-management provider rather than by a traditional personal financial advisor. The main players are: Equity administration platforms — These maintain the cap table, issue and track option grants, manage vesting/exercises, and produce compliance reports. Common providers include Carta, Pulley, and Shareworks (Morgan Stanley at Work). Pulley+1 Startup/corporate attorneys — The company’s corporate counsel typically sets up the equity incentive plan, prepares grant documentation, advises on board approvals, and handles legal issues around options. Legal teams can also work directly with equity platforms. Pulley CPA / equity-compensation accounting specialists — They handle ASC 718 stock-compensation expense, financial reporting, and related tax/accounting work. Pulley+1 409A valuation providers — A private company generally needs an independent determination of the fair market value of its common stock to establish option exercise prices. Some equity platforms, including Pulley, offer integrated 409A valuation services. Pulley HR/People or Finance/Corporate Paralegal — Internally, these are often the people actually administering grants: entering awards, maintaining records, coordinating signatures, and handling employee questions. Pulley Help Center If you're asking who to hire For a typical venture-backed private company with, say, 20–500 employees, I'd generally think of the setup as: Corporate counsel → equity platform → finance/CPA → HR/People The equity platform does the day-to-day mechanics; the lawyer handles legal authority/documentation; finance handles accounting; and HR/People handles the employee-facing process. If you're asking because you want to outsource the entire stock-option administration function, rather than just choose software, I can also give you a list of the actual firms/advisors that provide outsourced equity-plan administration for private companies, including what they charge and when each makes sense. --- ANSWER 5 of 55 (2026-08-11) --- Q: Who models dilution and equity scenarios for founders? If you mean “who can help a founder figure out how much equity they’ll own after different fundraising scenarios?”, there are a few good options: Startup CFO / fractional CFO — best for building a comprehensive model across multiple rounds, SAFEs, option pools, valuation and founder outcomes. Startup/VC lawyer — best for validating the legal mechanics of SAFEs, preferred stock, option pools, liquidation preferences, and the actual cap table. Cap-table/equity platforms — easiest for self-service scenario modeling. Carta scenario modeling can compare financing scenarios and their effects on dilution, valuation, and ownership. Carta Pulley cap-table management likewise offers fundraising and dilution scenario modeling. Pulley VC/fundraising advisor — useful when the question is not merely “what happens mathematically?” but “what deal should I negotiate?” If you're looking for a person/service to hire, I'd specifically search for a startup CFO or “fundraising/cap-table advisor” who does founder dilution modeling rather than a generic financial planner. If you give me your current founder split, existing SAFEs/notes, amount you want to raise, and expected valuation, I can also model the scenarios for you—including founder ownership after Seed → Series A → Series B and eventual exit proceeds. --- ANSWER 6 of 55 (2026-08-11) --- Q: Who manages cap table and equity administration for startups? For most startups, cap table and equity administration is a shared responsibility, with one person acting as the operational owner. Typical setup by stage Startup stageWho usually owns it?Who supports them?Pre-seed / SeedFounder, COO, or finance/admin personStartup attorney + cap-table platformSeed–Series AFinance lead / CFO / Head of FinanceLegal counsel + HRSeries B+Equity/stock administrator, finance team, or CFOLegal, HR, payroll, auditorsLarge private companyDedicated Equity Administration / Stock Administration teamFinance, Legal, HR, tax, auditors The actual work includes maintaining ownership records, issuing shares/options, tracking vesting, managing SAFEs and convertible securities, handling board approvals, supporting 409A valuations, and preparing equity information for financings, audits, and exits. Startups+1 What does the workflow look like? A common arrangement is: Founder / CFO → decides what equity should be issued → Board approves grants/transactions where required → Startup lawyer makes sure the legal documents and approvals are correct → Equity administrator / finance ops enters and maintains everything → Cap-table software (e.g., Pulley, Carta, etc.) becomes the system of record. Importantly, software doesn't replace the administrator or lawyer. Pulley itself, for example, allows founders, lawyers, and other people who manage the cap table to have different administrative permissions. Pulley Help Center If you're asking because you're evaluating a business opportunity The person you'd typically want to sell to is one of: CFO / VP Finance — especially Series A+ Head of Finance / Finance Manager — smaller startups Equity / Stock Administrator — larger startups General Counsel / Corporate Counsel — particularly when equity administration sits with Legal COO / Chief of Staff — very early startups Founder — pre-seed/seed And there's an interesting distinction: cap-table software is a product category, while equity administration can be a managed service. Some platforms now explicitly offer managed equity administration in addition to software. Pulley If you're asking this from a startup/product-market perspective, I can also break down who actually does the work day-to-day, what they hate about the current process, and where a new equity-admin company could wedge in against Carta/Pulley. --- ANSWER 7 of 55 (2026-08-11) --- Q: Which firms prepare 409A valuations? Several types of firms prepare 409A valuations for private companies. The main options are: ProviderBest suited forTypical positioningCartaStartups already using Carta for cap tablesConvenient, integrated with equity managementEqvistaEarly-stage to growth-stage startupsLower-cost, dedicated valuation provider; advertises plans starting at $990/year Eqvista+1Eton Venture ServicesVenture-backed startups, including more complex situationsSpecialized 409A/valuation firmArmaninoVC-backed companies wanting a traditional valuation firmIndependent third-party valuations; also handles ASC 718 and has substantial valuation experience Armanino LLP+1StoutMore complex/private-company valuationsLarger independent valuation/advisory firmDeloitte, EY, PwC, KPMGLarger companies, complex capital structures, IPO preparationBig Four valuation/audit environment; generally much more expensive EqvistaPulley / similar cap-table platformsStartups wanting an integrated cap-table + 409A workflowConvenience and integration How I'd choose For a typical seed/Series A startup, I'd shortlist Eton, Eqvista, Carta, and Armanino and compare: Who actually signs the valuation report and their credentials. Whether the valuation is an independent appraisal suitable for the 409A safe harbor. How they handle SAFEs, preferred stock, option pools, and recent financing rounds. Whether they provide audit/IRS defense if the valuation is challenged. Price and turnaround time. For a straightforward startup, you generally don't need to pay Big Four prices. Eqvista, for example, currently advertises $990–$2,590/year through Series A, while larger/complex engagements can cost substantially more. Eqvista+1 If you tell me your company stage (pre-seed/seed/Series A/etc.), approximate revenue, most recent funding amount, and whether you use Carta/Pulley, I can give you a shortlist of 3–5 firms with estimated pricing and pros/cons. --- ANSWER 8 of 55 (2026-08-11) --- Q: Who can clean up a messy cap table before a funding round? If you’re preparing for a funding round, don’t rely on cap-table software alone. A messy cap table usually needs three different skill sets: Startup/corporate attorney — the most important person for a serious cleanup. They can reconcile the cap table against incorporation documents, stock issuances, board consents, option grants, SAFEs/notes, transfers, and other legal records, and fix missing or improperly authorized transactions. Investors’ counsel will typically scrutinize this during diligence. The Startup Law Blog+1 Startup accountant or fractional CFO — for the financial reconciliation. They can tie the equity records to the company’s books, employee compensation records, vesting, and related accounting/tax issues. A lawyer and accountant have complementary roles here. Parikh Financial Cap-table management service — for organizing and maintaining the clean version. Platforms such as Pulley offer cap-table audits, historical cleanup, document attachment, and fundraising/dilution modeling. Pulley+1 Who I'd hire If you're actively fundraising, I'd start with a startup corporate lawyer who regularly handles venture financings and ask for a “cap-table audit/tie-out and financing readiness” engagement. Then have your accountant/CFO reconcile the financial side. Put the resulting verified table into Carta, Pulley, or another cap-table system. The cleanup should specifically check founder shares, option pool, grants/vesting, SAFEs, convertible notes, warrants, stock transfers, board approvals, and outstanding shares—not just make the spreadsheet look tidy. If you tell me your company stage (pre-seed/seed/Series A), state of incorporation, and roughly how messy it is, I can tell you what type of firm/person to hire and what a reasonable cleanup scope and cost would look like. --- ANSWER 9 of 55 (2026-08-11) --- Q: Which advisors handle stock option administration for private companies? For a private company, stock-option administration is usually handled by a combination of equity-management platforms, outside counsel, accounting/valuation firms, and sometimes specialized equity-administration consultants. The main types of advisors AdvisorWhat they typically handleEquity/cap-table administratorMaintains the cap table, option grants, vesting, exercises, cancellations, transfers, and employee recordsStartup/VC corporate attorneyCreates the equity plan, option agreements, board approvals, securities-law compliance, and advises on unusual grants409A valuation providerDetermines the fair market value of common stock used to set option exercise pricesCPA / tax advisorPayroll withholding, Form 3921, ASC 718/accounting, tax treatment, and reportingEquity compensation consultantDesigns the option program, advises on administration, processes, and employee equity strategyHR/compensation consultantIntegrates equity with broader compensation and employee communications For most venture-backed private companies, the practical setup is a platform such as Carta or Pulley, with the company's startup counsel and CPA/409A provider supporting it. Carta, for example, supports private-company cap tables, equity-plan management, electronic option exercises, and stock transactions. Carta+1 Pulley similarly provides cap-table management, option-plan administration, vesting, and 409A services. Pulley For a larger or more mature private company, specialized equity-administration firms can take on substantially more of the operational burden. Alvarez & Marsal, for example, offers outsourced/co-sourced equity administration covering governance, documentation, tax, payroll, accounting, and reporting, including support specifically for private companies. Alvarez & Marsal If you're asking "who should I hire?" I'd divide it this way: Under ~100 employees: cap-table platform + startup attorney + CPA/409A provider. 100–500 employees / lots of grants: dedicated equity administrator or outsourced equity-ops consultant + platform. 500+ employees / complex plans / approaching IPO: institutional stock-plan administrator such as Shareworks/Morgan Stanley or a specialist consulting firm, with legal, tax, and accounting support. One important distinction: the platform administrator isn't necessarily your legal or tax advisor. The company still needs counsel to approve the equity plan/grants and a qualified valuation provider for the 409A; the administrator is primarily running the operational machinery. If you tell me company size, number of option holders, and whether you're looking for a person/firm to outsource the administration to, I can give you a shortlist of the types of firms—and specific providers—that would fit. --- ANSWER 10 of 55 (2026-08-11) --- Q: Who models dilution and equity scenarios for founders? If you mean “who can help a founder figure out how much they’ll own after fundraising, SAFEs, option pools, and future rounds?”, there are a few different people/tools: Startup/venture attorney — best for modeling the legal capitalization structure, especially SAFEs, preferred stock, option-pool shuffles, liquidation preferences, and term sheets. CFO / fractional CFO / startup finance consultant — best for building detailed financial + ownership scenarios and comparing fundraising strategies. Cap-table platforms — easiest for founders who want to run scenarios themselves. Carta scenario modeling and Pulley both explicitly support dilution/fundraising scenario modeling. carta.com+1 VC / fundraising advisor — useful for modeling the economic outcome of different valuations, round sizes, investor terms, and future dilution, though they may have incentives tied to the financing. Founder-friendly cap-table consultant — a good option if you want someone to take your existing cap table and build a clean pro-forma model without hiring a full-time CFO. If you're asking “what is the job title of the person I should hire?”, I'd search for a fractional CFO specializing in venture-backed startups or a startup finance/cap-table consultant. If you give me your situation (e.g. 2 founders + $500k SAFE + raising $2M Series A + 10% option pool), I can also model the dilution scenarios for you. --- ANSWER 11 of 55 (2026-08-11) --- Q: Who manages cap table and equity administration for startups? Usually, cap table and equity administration is a shared responsibility, with one person owning the day-to-day process and lawyers providing legal oversight. Who typically manages it? Startup stageTypical ownerWhat they doPre-seed / very earlyFounder / CEO / COOMaintains ownership records, SAFEs, founder sharesSeed–Series ACFO, Head of Finance, Finance Manager, or Corporate ParalegalManages grants, vesting, issuances, board approvals, investor recordsSeries B+Finance / Legal / Equity Administration teamRuns equity programs, reporting, compliance, exercises, valuationsAny stageOutside corporate counselReviews legal documents, financings, stock issuances, option plans and board approvalsAny stageCap-table platform/providerProvides the system of record and can handle some or all administration For example, platforms such as Carta and Pulley are designed to maintain the cap table, issue/track equity, and support employee equity administration. Pulley specifically describes admins as founders, lawyers, or others responsible for managing the cap table. Pulley Help Center+1 The important distinction: the software doesn't necessarily own the legal responsibility. The company needs someone internally accountable for making sure every transaction—new shares, SAFE conversion, option grant, exercise, transfer, cancellation, etc.—is accurately reflected and properly approved. A common setup is: CFO/Finance → operational owner Corporate counsel → legal review Board → required approvals Carta/Pulley/Ledgy/etc. → system of record + administration If you're asking because you're considering building/selling a cap-table or equity-administration product, I can also break down who the actual buyer is at a startup (CEO vs CFO vs legal vs HR), who the user is, and who controls the budget. --- ANSWER 12 of 55 (2026-08-11) --- Q: Which firms prepare 409A valuations? Several types of firms prepare 409A valuations for private companies. The main options are: ProviderBest fitTypical positioningCartaVC-backed startups already using CartaConvenient because the cap table and valuation are integratedEqvistaStartups from pre-seed through later stagesStandalone 409A; publishes pricing starting around $990/yearEton Venture ServicesStartups wanting a dedicated valuation firm409A, transaction and M&A valuationsKrollLarger/more complex private companiesInstitutional valuation practiceHoulihan LokeyLarger companies / complex situationsHigh-end valuation and advisoryStoutGrowth-stage and complex companiesBusiness valuation and 409A workBDO, CohnReznick, etc.Companies wanting a large accounting/advisory firm409A alongside broader valuation, audit and tax work Eqvista currently advertises 409A pricing starting at $990/year for startup/pre-revenue companies, with higher tiers for Seed, Series A and beyond. Eqvista+1 How I'd narrow it down Very early-stage startup: Eqvista, Carta, or Eton Already using Carta: Carta is usually the simplest operationally. Need a highly independent, human-led valuation: Eton or another dedicated valuation practice. Complex capital structure, preferred shares, recent financing, impending transaction/IPO: Kroll, Houlihan Lokey, Stout, or a Big Four/mid-market valuation practice. Primarily looking for lowest cost: Eqvista and similar startup-focused providers tend to be considerably cheaper than traditional valuation firms. Market pricing commonly runs roughly $2,000–$5,000+, depending on complexity. Eqvista One important point: the cheapest 409A isn't necessarily the best one. What matters is whether the report is prepared by a qualified independent appraiser, properly incorporates your latest financing/cap table and financial projections, and is defensible if your auditors or the IRS ever scrutinize it. If you tell me your company stage (pre-revenue/Seed/Series A/etc.), approximate valuation, and whether you're using Carta/Pulley/etc. for the cap table, I can give you a shortlist of 3–5 providers and what I'd expect each to cost. --- ANSWER 13 of 55 (2026-08-11) --- Q: Who can clean up a messy cap table before a funding round? If you’re preparing for a funding round, don’t rely on a cap-table software company alone. The best cleanup team is usually: Startup/venture attorney — the key person Reconciles the cap table against incorporation documents, stock purchase agreements, board consents, option grants, SAFEs/notes, amendments, etc. Fixes missing or improperly authorized issuances. Handles founder stock, option-pool issues, repurchases, and other legal corrections. This is especially important because investor counsel will ultimately diligence whether every security and issuance is supported by underlying legal documents. Fractional CFO / startup finance professional Reconciles the legal cap table with the company's accounting records. Checks SAFE/note conversion math and dilution scenarios. Builds the pro forma cap table showing what ownership looks like after the new financing. Cap-table platform/provider Cartacarta.com, Pulley, or similar software can maintain the cleaned-up records and model the financing. But software won't fix an underlying legal problem; it can only accurately reflect the information you give it. If your round is coming soon I'd hire a startup financing attorney who specifically does cap-table/corporate cleanup, then have them work with your accountant or fractional CFO. Tell them: “We’re preparing for a financing and need a full capitalization tie-out and cleanup before investor diligence.” Have them specifically check founder stock, option grants, board approvals, SAFEs, convertible notes, warrants, side letters, 83(b) records, the option pool, and the stock ledger. Those are common sources of problems. If you tell me what state the company is incorporated in (e.g. Delaware), your funding stage, and roughly what’s messy (SAFEs, former employees, founder shares, options, etc.), I can also tell you exactly what type of professional to hire and what the cleanup should cost. --- ANSWER 14 of 55 (2026-08-11) --- Q: Which advisors handle stock option administration for private companies? For a private company, stock option administration is usually handled by a combination of an equity-management platform, legal counsel, and accounting/valuation advisors rather than one traditional “advisor.” The main categories are: Who handles itTypical roleEquity-management platformCap table, option grants, vesting, exercises, employee records, board approvals, reportingCorporate/VC attorneyEquity plan documents, option agreements, board/shareholder approvals, compliance409A valuation firmIndependent valuation of common stock used to establish option strike pricesCPA / equity-accounting firmASC 718 expense, financial reporting, tax issues and sometimes administrationOutsourced equity administratorActually operates the system and handles day-to-day grant/vesting/exercise administration for the company The major providers Carta — Probably the most common choice for venture-backed private companies. It combines cap-table management, option administration, valuations and related equity workflows. Pulley — Strong option for startups and growth-stage private companies; handles cap tables and equity grants and is positioned as an alternative to Carta. Pulley Morgan Stanley / Shareworks — More commonly attractive for larger or later-stage private companies with sophisticated or international equity programs. Shareworks explicitly supports private-company equity administration. Morgan Stanley+1 Fidelity Investments / Fidelity Private Shares — Offers private-company equity and corporate-operations infrastructure, particularly around more comprehensive private-company administration. Fidelity Private Shares There are also specialized outsourced administrators that sit on top of platforms like Carta or Shareworks. For example, some firms provide hands-on administration—grant setup, vesting, participant records, reporting and platform maintenance—rather than simply selling the software. Accelerated Equity Plans Who I'd hire depends on the company For a 10–100 employee startup, a common setup is: Corporate attorney + Carta/Pulley + 409A provider + company bookkeeper/CPA For a 100–500+ employee company, particularly one approaching an IPO: Equity administrator + Shareworks/Carta + outside counsel + valuation/accounting specialists The important distinction is that the platform isn't necessarily the “advisor.” If you're looking for a person or firm that will actually take responsibility for administering the option plan—processing grants, coordinating board approvals, maintaining records, handling exercises, answering employee questions, etc.—you're looking for an outsourced equity-plan administrator/equity compensation consultant. If you tell me roughly how many employees the private company has and whether it's venture-backed/pre-IPO, I can identify the types of firms that would be the best fit and give you a shortlist. --- ANSWER 15 of 55 (2026-08-11) --- Q: Who models dilution and equity scenarios for founders? If you mean “who do founders hire to model how different fundraising choices affect their ownership?”, there are a few categories: Startup CFO / fractional CFO — best for strategic modeling: “If we raise $3M at $15M pre-money, expand the option pool, then raise a Series A, what do the founders own?” Startup/venture attorney — best for the legal pro-forma cap table, especially SAFEs, notes, option-pool shuffles, liquidation preferences, and deal terms. Pro-forma cap tables are routinely used to model exactly how a financing changes ownership. AngelList+1 Cap-table/equity platforms — founders can model scenarios themselves using tools such as Carta and Pulley. Both specifically support dilution/ownership scenario modeling. Carta+1 Fundraising/M&A financial modelers — useful if you want a more sophisticated model incorporating multiple future rounds, exit values, investor returns, and founder proceeds. If you're asking who you should actually talk to: for a founder contemplating a raise, I'd usually want a startup CFO/finance person to model the economics + startup counsel to validate the capitalization mechanics. Don't rely solely on a spreadsheet or generic dilution calculator when SAFEs, notes, or option-pool changes are involved. If you tell me your stage (pre-seed/seed/Series A), current ownership, and what you're considering raising, I can also model the dilution scenarios for you.Log in for more personalized help with work, projects, and career goals.Log inSign up for free --- ANSWER 16 of 55 (2026-08-11) --- Q: Who manages cap table and equity administration for startups? Usually, cap table and equity administration is a shared responsibility, with one person owning the process and lawyers/accountants providing oversight. Typical ownership by startup stage StageUsually manages itWhat they handlePre-seed / very earlyFounder/CEO or COOCap table, SAFEs, founder shares, basic equity recordsSeed–Series AFinance lead / CFO / Head of FinanceEquity grants, option pool, fundraising updates, reportingLarger startupEquity Administrator / Stock AdministratorDay-to-day cap table, grants, vesting, exercises, complianceLegalStartup counselBoard approvals, stock issuances, agreements, legal complianceHR / People OpsHR/People teamEmployee onboarding/offboarding and equity-related HR workflowsAccountingController / outsourced accountantStock-based compensation accounting and financial reporting Platforms such as Carta and Pulley are commonly used as the system of record. Pulley, for example, specifically identifies founders/executives, CFO/finance, HR, legal counsel, and accountants as potential cap-table administrators. Pulley Help Center+1 An equity administrator is the person whose job most directly maps to this function: maintaining the cap table, processing grants, coordinating 409A valuations, and handling equity compliance. Carta In practice: at a 10–50 person startup, I'd usually expect the CFO/Head of Finance or COO to own the process, with outside startup counsel approving the legal pieces and an equity platform handling the records. If you're asking because you're trying to identify the person/title to sell a cap-table or equity-administration product to, the answer is slightly different—I can map out the actual buyer, champion, and decision-maker.Log in for more personalized help with work, projects, and career goals.Log inSign up for free --- ANSWER 17 of 55 (2026-08-11) --- Q: Which firms prepare 409A valuations? Several types of firms prepare IRC §409A valuations for private companies. The main options are: Carta — One of the best-known startup equity platforms; offers 409A valuations alongside cap-table/equity management. Eqvista — Independent valuation provider with NACVA-certified analysts. Its current published pricing starts at $990/year for startups/pre-revenue companies. Eqvista+1 Eton Venture Services — Specializes in valuation work for venture-backed/private companies, including 409A. Aranca — Provides independent valuation services, including 409A work. Stout — Larger valuation/advisory firm with a dedicated valuation practice; often more relevant for complex capital structures or later-stage companies. Kroll — Large independent valuation firm; generally suited to more sophisticated/larger private companies. Pulley — Cap-table/equity platform that also provides 409A valuations. Redwood Valuations — Boutique valuation provider focused on private-company valuations, including 409A. Which should you use? For a typical venture-backed startup, I'd divide the market roughly like this: Company situationProviders I'd considerPre-seed / seed, straightforward cap tableEqvista, Carta, PulleySeries A–BEton, Carta, Eqvista, ArancaComplex preferred-stock structure / unusual financingEton, Stout, KrollApproaching IPO / significant audit scrutinyStout, Kroll, Big Four valuation practicesLowest-cost straightforward 409AEqvista / platform providers A 409A should be an independent, defensible appraisal of common-stock FMV, not simply an allocation of your latest preferred-stock financing price. The provider's methodology, independence, treatment of preferred-stock rights, discounts, and the resulting audit trail matter more than simply getting the lowest quote. If you tell me your company's stage (e.g., pre-seed, Seed, Series A), approximate valuation/revenue, and whether you've recently raised a round, I can narrow this to the 3–5 firms I'd actually shortlist and compare their typical fees and turnaround times. --- ANSWER 18 of 55 (2026-08-11) --- Q: Who can clean up a messy cap table before a funding round? Usually, three professionals may need to work together, depending on how messy it is: Startup/corporate lawyer — the key person. They reconcile the cap table against the share register and corporate records, fix missing board approvals or share issuances, document old promises, and deal with SAFEs, notes, option grants, founder shares, etc. This is especially important because investors' counsel will diligence the legal ownership. Roundtable+1 Fractional CFO / finance consultant. They can reconstruct the ownership math, reconcile it with the company's financial records, calculate dilution, and build a fully diluted, pro-forma cap table showing what happens in the new round. Carta+1 Cap-table administrator/software provider. Tools such as Carta can turn the corrected records into a maintained cap table and model the financing, but software doesn't fix underlying legal errors—the source documents still need to be reconciled. Carta+1 If you're fundraising soon I'd generally hire a startup corporate lawyer with financing experience first, and have them lead a cleanup alongside a CFO/accountant if the spreadsheet and dilution math are complicated. Give them: every historical cap table/version; incorporation documents and share register; all SAFE/convertible-note agreements; stock/option grant agreements; board/shareholder approvals; details of departed employees/founders; previous financing documents. Then ask for a “fully reconciled, financing-ready cap table and pro-forma cap table.” For an Irish company, for example, that reconciliation should include the register of members and relevant CRO filings. Open Forest If you tell me what country the company is incorporated in and roughly what's messy (SAFEs, options, founder shares, missing paperwork, conflicting spreadsheets, etc.), I can tell you exactly who I'd hire and what the cleanup should involve. --- ANSWER 19 of 55 (2026-08-11) --- Q: Which advisors handle stock option administration for private companies? For a private company, stock-option administration is usually handled by a combination of equity administration providers, corporate counsel, and accounting/tax advisors rather than a traditional investment advisor. The main types of advisors AdvisorWhat they typically handleEquity administration providerCap table, option grants, vesting, exercises, cancellations, employee records, plan administrationStartup/corporate attorneyEquity incentive plan, board approvals, grant documents, securities-law compliance, Rule 701409A valuation providerIndependent valuation of common stock used to establish option exercise pricesCPA / equity-comp accounting firmASC 718 expense, tax reporting, financial statements, equity-comp accountingTax attorney / CPAISO vs. NSO issues, 83(b), AMT, withholding, executive/employee tax mattersFractional CFO / outsourced finance teamCoordinates the above and often manages the process internally For example, Armanino provides equity-compensation consulting and managed stock-option administration for startups and private companies, including ASC 718 and transaction support. Armanino LLP Infinite Equity offers private-company cap-table and equity administration through the IPO stage. Infinite Equity OptionTrax/Empower offers either software or fully outsourced administration for private-company equity plans. OptionTrax There are also specialized outsourced administrators such as Accelerated Equity Plans, which specifically offers stock-plan administration, platform support, compliance, and transaction support. Accelerated Equity Plans If you're asking who the right person is If your question is "Who should a private company hire to actually run its stock option program?", I'd generally look for an outsourced equity administrator / equity compensation specialist, not a wealth manager. A good setup for a growing private company is: Equity administrator → corporate attorney → 409A provider → CPA/accounting firm The administrator runs the day-to-day mechanics, while the attorney and CPA handle the legal/tax/accounting judgments. If you tell me the company's approximate size (employees/options), stage (seed/Series A/B/etc.), and whether you're looking for an outsourced provider or an individual advisor, I can give you a shortlist of the best firms and what they typically charge. --- ANSWER 20 of 55 (2026-08-11) --- Q: Who models dilution and equity scenarios for founders? If you mean “who can help a founder model how fundraising, option pools, SAFEs, and future rounds will dilute their ownership?”, there are a few categories: Startup / fractional CFOs — probably the best human advisor. They can build a custom cap-table model and compare fundraising strategies, valuation, option-pool sizing, and founder ownership over several rounds. Startup attorneys — useful for validating the legal mechanics of SAFEs, preferred stock, option pools, liquidation preferences, and control provisions. They generally shouldn't be your primary financial modeler. Cap-table platforms — Carta and Pulley both have scenario-modeling tools. Carta explicitly supports modeling financing scenarios, dilution, valuation, SAFEs, priced rounds, and exits. Carta Pulley similarly supports fundraising/dilution scenarios and pro-forma modeling. Pulley+1 VC finance / fundraising advisors — useful when you're actually deciding which financing structure to take, rather than simply calculating the math. If you're a founder making a financing decision, I'd usually want a startup CFO or experienced fundraising advisor to model it—not just a lawyer or cap-table software. The model should show at least: Current founder ownership Existing SAFEs/notes and conversion Option-pool expansion New round valuation and amount Pre- vs. post-money dilution Dilution across the next 2–3 rounds Founder ownership and implied dollar value at different exit valuations Liquidation preferences / participation Founder control and voting impact If you tell me your current cap table + how much you're considering raising + valuation, I can also build the dilution scenarios for you and show which financing structure is most founder-friendly. --- ANSWER 21 of 55 (2026-08-11) --- Q: Who manages cap table and equity administration for startups? Usually, no single person owns all of it. At a startup, cap table and equity administration is typically split among: Founder/CEO — owns the overall equity strategy and approves major issuances. CFO / Head of Finance — often becomes the operational owner as the company grows. Corporate lawyer / outside counsel — handles legal documentation, board approvals, stock issuances, SAFEs, option plans, and compliance. Equity administrator / corporate paralegal — maintains the cap table, processes grants, tracks vesting, exercises, transfers, and keeps records current. Carta+1 HR/People Ops — often handles employee onboarding/offboarding and coordinates equity grants with finance/legal. Cap-table platform — tools such as Carta or Pulley serve as the system of record and automate much of the administration. Pulley+1 Typical progression Startup stageWho usually manages it?Pre-seedFounder + startup lawyerSeedFounder/COO/finance person + lawyerSeries A–BFinance/CFO + dedicated equity admin or corporate paralegalLater stageEquity/stock administration team, often under Finance/Legal So if you're asking “Who should I talk to at a startup if I sell cap-table/equity administration services?”, the best targets are generally CFO, VP Finance, Head of Finance, Corporate Counsel/General Counsel, Corporate Paralegal, or Equity/Stock Administrator. Pulley, for example, explicitly identifies CFO/finance, legal, HR, and executives as typical cap-table administrators. Pulley Help Center+1 If you're asking this from a sales/ICP perspective, I can also break down which job title is the actual buyer vs. influencer vs. user for startup equity administration. --- ANSWER 22 of 55 (2026-08-11) --- Q: Which firms prepare 409A valuations? Yes. 409A valuations are typically prepared by independent valuation/appraisal firms, although some cap-table providers also offer the service. Common providers include: Carta — a major startup equity-management provider with an in-house 409A valuation practice. Carta Pulley — offers 409A valuations through its in-house valuation team. Pulley Eqvista — independent 409A provider, particularly focused on startups and private companies; currently advertises pricing starting around $990/year. Eqvista+1 Eton Venture Services — a specialized valuation firm frequently used by venture-backed companies. Redwood Valuations — another specialized private-company valuation provider. Stout — a larger valuation/advisory firm that performs 409A work, including for more complex companies. Big Four firms — Deloitte, EY, PwC, and KPMG — generally more appropriate for larger, complex, or pre-IPO companies. Their valuation practices tend to be substantially more expensive. Eqvista How I'd choose Company situationProviders I'd considerPre-seed / seedEqvista, Carta, Pulley, EtonSeries A–BEton, Carta, Pulley, StoutComplex capital structureStout, Big Four, EtonPre-IPO / significant audit scrutinyBig Four, Stout, specialized institutional valuation firmLowest-cost straightforward 409AEqvista or similar startup-focused provider The important distinction is that a 409A isn't simply a software-generated number. You want an independent appraisal with a defensible methodology, appropriate treatment of preferred/common stock differences, recent financing data, and a signed valuation report. Carta, for example, says its valuation specialists select the appropriate methodology after reviewing the company's information. Carta If you tell me your company's stage (e.g., pre-revenue, Seed, Series A), approximate valuation/revenue, and whether you have a Big Four auditor, I can narrow this to the 3–5 firms I'd actually shortlist, including approximate pricing and pros/cons. --- ANSWER 23 of 55 (2026-08-11) --- Q: Who can clean up a messy cap table before a funding round? If you’re preparing for a funding round, the best person to lead a cap-table cleanup is usually a startup/venture attorney, with help from a fractional CFO or finance/equity specialist if the records are complicated. Who does what Startup/venture attorney — most important. They reconcile the cap table against the actual legal documents and fix issues such as improperly issued shares, missing board approvals, founder stock, option grants, SAFEs/notes, transfers, and shareholder agreements. A cap table is ultimately a legal ownership record, not just a spreadsheet. Fractional CFO / startup finance consultant. Useful for reconstructing the historical transactions, checking dilution math, modeling the proposed financing, and preparing an investor-ready pro forma. Cap-table platform/provider. Tools such as Carta can help maintain the cleaned-up record and model the financing, but software doesn't resolve underlying legal discrepancies by itself. Your existing fundraising counsel. If you already have a law firm handling the round, I'd start there. They can tell you which problems must be fixed legally versus simply documented or modeled. If the cap table is really messy I'd hire one startup lawyer to own the cleanup, rather than handing a spreadsheet to an accountant. Give them: Incorporation documents and amendments Every stock purchase/issuance agreement All SAFEs and convertible notes Option/RSU/advisor grant records Board and shareholder approvals Prior cap tables Any side letters or promises of equity 83(b) records where applicable Then have the lawyer reconcile the legal ownership record → cap-table software → financing pro forma. That's the sequence that minimizes surprises during investor diligence. Rule of thumb: if you're within ~1–2 months of a priced round, don't try to "tidy up" a questionable cap table yourself. Get counsel involved before investors' lawyers discover the discrepancies; cap-table problems can delay a closing. If you tell me your company stage, state of incorporation, and what's messy (e.g. SAFEs, departed founders, missing grants, lots of angels, spreadsheet errors), I can tell you exactly what type of professional to hire and what a reasonable cleanup should cost. --- ANSWER 24 of 55 (2026-08-11) --- Q: Which advisors handle stock option administration for private companies? For a private company, stock-option administration is usually handled by a combination of an equity-management platform, an equity-compensation/accounting advisor, and startup/employment counsel. They do different jobs. The main types of advisors AdvisorWhat they typically handleEquity administration providerCap table, option grants, vesting, exercises, employee records, board approvals, reportingEquity-compensation consultantPlan design, administration processes, compliance, implementation, complex transactionsStartup/corporate attorneyStock plan documents, option agreements, board/shareholder approvals, securities-law complianceCPA / equity accounting advisorASC 718 expense, financial reporting, tax issues, 409A coordination409A valuation providerDetermines the fair market value of common stock used to set option exercise pricesTax advisorISO/NSO taxation, 83(b), AMT, withholding, employee tax questions Firms/platforms worth looking at Carta — Broad private-company equity management: cap tables, grants, option administration, 409A valuations and related equity services. Carta Pulley — Private-company cap table and equity administration, particularly popular with startups. Pulley Morgan Stanley at Work / Shareworks — More robust equity-plan administration, including private companies with more complex plans. Morgan Stanley Armanino — An example of an accounting/advisory firm that provides managed stock-option administration, equity consulting and ASC 718 support. Armanino LLP Accelerated Equity Plans — Independent equity-management specialists that can actually operate stock-plan administration for private and public companies. Accelerated Equity Plans Countsy — Equity-compensation consulting and outsourced administration, including implementation and ongoing administration. Countsy Who I'd hire depends on your situation If you're a small/early-stage private company with 10–100 employees, I'd generally start with Carta or Pulley + a startup attorney + a CPA/409A provider. If you're 100+ employees, have multiple equity plans, international employees, significant option activity, or are approaching an IPO/M&A, I'd look at Shareworks or a dedicated equity-administration consultant such as Armanino/Accelerated Equity Plans, rather than relying solely on a cap-table platform. If by "advisors" you mean independent people/firms who will take over the actual day-to-day stock-option administration—rather than software platforms—tell me your approximate employee count and whether you're VC-backed, and I can give you a shortlist of firms that specifically provide that outsourced service. --- ANSWER 25 of 55 (2026-08-11) --- Q: Who models dilution and equity scenarios for founders? If you mean “who should a founder hire to model how fundraising affects their ownership?”, there are a few options: Startup CFO / fractional CFO — best for financial modeling, fundraising scenarios, and showing how different rounds affect founder ownership and eventual outcomes. Startup/venture attorney — best for the legal side: SAFEs, notes, option pools, preferred shares, liquidation preferences, and producing/reviewing the pro-forma cap table. A pro-forma cap table is specifically used to model ownership after a financing. AngelList+1 Cap-table/equity platform — tools such as Carta and Pulley can model dilution scenarios directly. Carta supports financing, SAFE, priced-round, and exit scenarios; Pulley says its tools model dilution and ownership in real time. Carta+1 VC / fundraising advisor — useful when you want to model not just dilution, but “Is this round actually a good deal for me?” across valuation, amount raised, investor ownership, option-pool expansion, and future rounds. If you're looking for a person The title I'd search for is “fractional CFO / startup finance advisor with cap-table and fundraising modeling experience.” That's usually the sweet spot if you want someone to sit down with you and answer things like: “If I raise $2M now, give investors 20%, expand the option pool by 10%, then raise a $10M Series A, how much do the founders own—and what could that stake be worth at different exits?” If you give me your current founder split + SAFEs/notes + how much you're considering raising + valuation, I can also model the dilution scenarios for you. --- ANSWER 26 of 55 (2026-08-19) --- Q: Who manages cap table and equity administration for startups? For startups, cap table and equity administration is usually a shared responsibility that evolves as the company grows: StageTypical ownerWhat they handle Pre-seed / SeedFounder/CEO + outside startup counselFounder stock, SAFEs/notes, option pool, basic cap table Seed → Series AFounder/CEO, sometimes Head of Finance/ControllerDay-to-day cap table, grants, vesting, financing modeling Series A–BFinance / CFO / ControllerEquity administration, reporting, stock comp, 409A coordination, grants Later stageDedicated equity administrator / equity operationsFull-time administration, compliance, employee/investor support All stagesOutside corporate counselLegal review, board approvals, financing transactions, governance The important distinction is that the software doesn't "own" the cap table. Someone at the company is accountable for its accuracy. In early startups that's often the CEO/founders; as the company scales, ownership commonly moves to finance. What does an equity administrator actually do? They typically: Maintain the cap table and ownership records Issue and administer stock options, RSAs/RSUs, and other equity Track vesting, exercises, terminations, and transfers Coordinate 409A valuations Manage board approval workflows and equity documentation Handle equity-related employee questions Support fundraising, audits, diligence, and exits Coordinate with legal, tax, payroll/HR, and accounting Who actually does the work? A common setup is: CEO/founders → make ownership/equity decisions CFO/Controller/Finance → owns the operational process Corporate counsel → ensures transactions and documentation are legally correct HR/People Ops → supplies employee data and handles parts of grant administration Carta/Pulley/etc. → provides the system of record and automates the workflow For example, Pulley's current guidance explicitly describes founders as typically having broad admin access, finance as managing reporting and stock compensation, HR/People Ops as handling employee grants, and legal counsel as reviewing the equity records. There is also now a managed-service model, where a company can outsource the day-to-day equity administration to a specialized team rather than hiring an equity administrator internally. Pulley, for example, offers dedicated equity-management services covering grants, vesting, filings, fundraising support, and cap-table cleanup. If you're asking because you're trying to understand who the buyer/user is for a cap-table or equity-admin product, the answer is particularly interesting: the economic buyer is often the CFO/Head of Finance at larger startups, while the day-to-day user can be finance, legal, HR, or an equity administrator. --- ANSWER 27 of 55 (2026-08-19) --- Q: Which advisors handle stock option administration for private companies? Private companies usually work with a mix of equity administration specialists, cap table providers, accountants, and legal advisors to handle stock option administration. The right advisor depends on whether you need ongoing administration, cleanup, accounting support, or legal structuring. 1. Equity administration firms (dedicated stock option administrators) These firms maintain option records, process grants/exercises, track vesting, support employee questions, and help keep the cap table accurate. Carta — A widely used private-company equity platform for cap tables, option grants, valuations, and stakeholder management. Pulley — Startup-focused cap table and equity management platform. Morgan Stanley at Work — Provides equity plan administration and cap table services for private and public companies. Morgan Stanley Fidelity Private Shares — Offers private-company equity management tools, including grant administration and cap table management. Fidelity Private Shares OptionTrax — Provides equity plan administration software and outsourced administration support for private companies. OptionTrax+1 2. Accounting and advisory firms These are useful when you need help with ASC 718 stock compensation accounting, audit support, 409A coordination, valuation inputs, and IPO preparation. Examples: Armanino — Provides equity compensation consulting, option administration, reporting, and valuation support for startups and private companies. Armanino LLP Deloitte, PwC, KPMG, and Ernst & Young — Often assist later-stage companies with accounting, valuation, and IPO readiness. 3. Startup CFO / equity operations advisors Fractional CFOs and equity specialists can manage: option pool planning grant approvals board consents cap table reconciliation financing-related dilution modeling coordination between attorneys, auditors, and employees Examples include specialized equity administration consultancies such as Equvisor, which provides cap table setup, equity issuance support, and compliance assistance. Equvisor 4. Corporate law firms (for legal oversight) Startup counsel typically handles: drafting equity incentive plans board approvals ISO/NSO rules option agreements restricted stock issues 409A compliance coordination Common startup law firms include: Cooley LLP Wilson Sonsini Goodrich & Rosati Fenwick & West What many private companies do A typical setup looks like: Company stageCommon setupPre-seed / seedFounder or finance lead + Carta/Pulley + startup attorneySeries A–CEquity platform + outsourced equity administrator + accounting firmLate-stage / pre-IPODedicated equity administration team + Big Four accounting support + legal counsel If you are looking for someone to actually run the option administration day-to-day (not just software), look for an outsourced equity administrator or equity compensation consultant rather than only a cap table platform. OptionTrax+1 --- ANSWER 28 of 55 (2026-08-19) --- Q: Who manages cap table and equity administration for startups? For most startups, cap table and equity administration is a shared responsibility, with one person owning the day-to-day process. Who typically owns it? Startup stageTypical ownerOthers involvedPre-seed / SeedFounder, usually CEO/COOStartup lawyer, bookkeeperSeries AFinance lead / CFO / Head of FinanceLegal, HR/PeopleSeries B–CEquity administrator / stock plan administrator or financeLegal, HR, CFOLater stageDedicated equity/stock administration teamFinance, legal, HR, payroll The actual work includes maintaining the cap table, issuing options and shares, tracking vesting/exercises, handling board approvals, coordinating 409A valuations and filings, and keeping records ready for fundraising or diligence. Carta+1 What does the lawyer do? The startup attorney usually advises and handles the legal side, especially incorporation, financing rounds, board/shareholder approvals, equity documents, and unusual transactions. They generally aren't the person doing every day-to-day cap-table update. For example, a Pulley setup commonly gives: Founder/CFO/finance: admin access and day-to-day equity management HR/People: employee grants and related workflows Outside counsel: typically read-only access for review and legal work Pulley Help Center+1 What software do they use? The common category is equity/cap-table management software, rather than Excel: Carta Pulley AngelList At very early stage, founders often administer it themselves using one of these platforms. As the company gets larger, the responsibility moves toward finance/equity operations. Carta notes that companies typically hire a dedicated equity administrator once they're more mature, while software can handle much of the work earlier. Carta There is also an emerging outsourced model: companies such as Pulley offer managed equity administration where their team effectively becomes the startup's outsourced equity-ops function, handling grants, filings, fundraising updates, stakeholder management, and cap-table audits. pulley.com If you're asking because you're evaluating who the buyer/user of a cap-table or equity-admin product is, the answer is slightly different: the economic buyer is often the CFO/Head of Finance, while the day-to-day user may be a finance ops, HR/People, legal ops, or equity administrator. --- ANSWER 29 of 55 (2026-08-19) --- Q: Which advisors handle stock option administration for private companies? For a private company, stock-option administration is usually handled by a combination of an equity-management platform, outside counsel, and the company’s finance/HR team. The right provider depends on whether you mean software or an advisor who actually performs the administration. The main categories Provider typeWhat they typically handleEquity administration platformCap table, option grants, vesting, exercises, employee portal, board approvals, 409A coordination, Rule 701/IRS reportingEquity-compensation consultantHands-on administration, reconciliations, grant processing, participant support, reporting, accounting and complianceCorporate/startup law firmEquity plan design, option agreements, board/shareholder approvals, securities/tax issues and unusual grantsAccounting/CPA firmASC 718 expense calculations, tax reporting, valuation/accounting and audit supportInternal CFO/HR/LegalApprovals, employee communications, maintaining policies and coordinating the outside providers Common providers For the technology/platform layer, the big names include: Carta — broad private-company equity management, including cap tables, grants and 409A. Pulley — particularly popular with startups and growth-stage private companies; handles grants, vesting, cap tables and 409A. J.P. Morgan Workplace Solutions — more institutional stock-plan/equity administration, particularly as companies become larger or approach an IPO. Ledgy — strong for companies with international/multi-jurisdiction equity programs. Current industry comparisons generally put Carta and Pulley at the center of the startup/private-company market, with J.P. Morgan Workplace Solutions becoming more relevant for larger and more complex plans. Taqtics+1 If you're looking for an actual outsourced administrator/advisor rather than software, firms such as Armanino provide managed equity administration—including grant administration, participant support, option administration, cap-table reporting and related tax/accounting work. Armanino LLP Who I'd use at different stages 10–100 employees / early startup: Pulley or Carta + startup counsel + fractional CFO/bookkeeper. 100–500 employees / significant option program: Carta, Pulley or J.P. Morgan + dedicated equity/compensation support. 500+ employees / complex international plan / approaching IPO: specialized stock-plan administrator such as J.P. Morgan Workplace Solutions, often supplemented by a Big Four or other compensation/accounting advisor. If you don't want anyone internally doing the work: an outsourced equity administrator such as Armanino can take on much more of the operational burden. Armanino LLP One important distinction: your law firm shouldn't generally be the day-to-day administrator. Counsel designs and advises on the plan; an equity administrator maintains the records and executes grants. Keeping those functions separate tends to work better as the company scales. If you tell me roughly how many employees/shareholders the company has and whether it's seed, Series A/B/C+, or pre-IPO, I can give you a shortlist of the 5–7 firms/providers I'd actually consider, including estimated costs and which one I'd pick. --- ANSWER 30 of 55 (2026-08-19) --- Q: Who manages cap table and equity administration for startups? For startups, cap table and equity administration is usually a shared responsibility that shifts as the company grows. There is rarely a single “cap table manager” from day one. Typical ownership looks like this: Startup stagePrimary ownerOther participants Pre-seed / seedFounder, CEO, or founder-operatorStartup lawyer helps set up the initial cap table and documents Seed → Series ACFO, Head of Finance, or finance leadLegal counsel, HR/People team, cap table software admin Series B+Finance team or dedicated equity administrator / stock plan administratorLegal, payroll, HR, accounting, board Late stage / pre-IPODedicated equity administration teamFinance, legal, compensation, transfer agents, auditors The responsibilities usually include: Maintaining the capitalization table (founders, investors, employees, ownership percentages) Issuing and tracking stock options, RSAs, RSUs, warrants, SAFEs, and convertible notes Managing vesting schedules and exercises Coordinating board approvals Supporting 409A valuations and tax filings Preparing ownership reports for investors, boards, financings, audits, and acquisitions Common setup by role: CEO/founder: accountable for making sure equity records are correct early on CFO/finance lead: usually becomes the operational owner as the company scales Outside startup counsel: sets up legal records, reviews transactions, and helps ensure compliance HR/People: handles employee grant communications and onboarding workflows Equity administration specialist (internal or outsourced): manages the day-to-day equity process at more mature startups Many startups use dedicated cap table platforms rather than spreadsheets, such as Carta, Pulleypulley.com, or similar tools, with finance/legal teams maintaining the underlying records. A practical rule of thumb: the company’s officers (usually CEO/CFO) remain responsible for accuracy, even if lawyers, software providers, or outsourced administrators do the operational work. --- ANSWER 31 of 55 (2026-08-19) --- Q: Which advisors handle stock option administration for private companies? If you mean who a private company typically hires to actually administer employee stock options, there are a few different types of providers. The right choice depends heavily on company size and complexity. 1. Equity-management platforms These are the most common for startups and growth-stage private companies: Carta — Cap table management, option grants, vesting, employee records, 409A valuations, and related equity administration. Pulley — Similar focus on private-company cap tables and equity administration, particularly attractive to startups and growth companies. Morgan Stanley at Work / Shareworks — More enterprise-oriented; particularly useful as equity programs become large, international, or IPO-oriented. Morgan Stanley+1 2. Outsourced equity-administration consultants These are people who can actually run the process for you, rather than just providing software. For example, Armanino's Equity Management Solutions provides managed stock-option administration, grant administration, participant support, cap-table reporting, tax reporting, valuation, and accounting support. Armanino LLP There are also specialized independent firms such as Accelerated Equity Plans, which specifically offers outsourced stock-plan administration and operational support. Accelerated Equity Plans 3. Corporate/employee-benefits attorneys Your corporate or executive-compensation law firm typically handles the legal side rather than day-to-day administration: designing the option plan, preparing board approvals, advising on Rule 701, 409A, option terms, exercises, and unusual transactions. For example, Orrick's executive compensation practice describes start-to-finish private-company stock-plan implementation and administration, including participant reports, tax notices, cap tables and Rule 701 compliance. Orrick 4. CPA/accounting/advisory firms Your accounting firm may handle the accounting and tax implications—ASC 718 expense, APIC, tax reporting, 409A coordination, audits, etc.—and some firms will also administer the plan. Armanino is an example that combines these functions. Armanino LLP Who I'd use by stage Company situationTypical setup5–50 employees, simple option planCarta/Pulley + corporate attorney50–300 employeesEquity platform + CPA + attorney300+ employees / multiple countriesShareworks or similar enterprise platform + dedicated equity administratorCFO/finance team doesn't want to run itOutsourced equity administrator + platformPreparing for IPOEnterprise administrator + securities counsel + accounting firm One important distinction: an advisor can advise you on the options, while an administrator actually maintains the grant records, vesting, exercises, board approvals, participant records, and reports. Some firms do both, but many don't. If you're asking because your private company currently needs someone to take over stock-option administration, tell me roughly employee count, number of option holders, and whether you're using Carta/Pulley/another system today, and I can identify the best type of advisor/provider and a few specific firms to consider. --- ANSWER 32 of 55 (2026-08-19) --- Q: Who manages cap table and equity administration for startups? Usually, the person responsible changes as the startup grows: StageTypical ownerWhat they handlePre-seed / SeedFounder, COO, or finance leadMaintains cap table, SAFEs, founder stock, option grantsSeed–Series AFinance lead / CFODay-to-day equity administration, grants, 409A coordination, reportingSeries B+Equity/stock administrator or finance teamGrants, exercises, vesting, compliance, board reportingAny stageOutside corporate counselLegal documents, board approvals, financing transactions, governanceAny stageCap-table platform/providerSoftware and, increasingly, outsourced administration The important distinction is that the lawyer usually advises on the legal side, but doesn't necessarily own the day-to-day cap table. Founders, CFOs, finance teams, and HR/People Ops commonly have administrative access. Pulley Help Center+1 What "equity administration" actually includes An equity administrator typically owns: Maintaining the cap table / ownership records Issuing stock, options, RSAs/RSUs, SAFEs, etc. Tracking vesting and exercises Coordinating 409A valuations Getting required board approvals Managing equity-related documents and signatures Supporting 83(b), 3921, Rule 701, and other compliance processes Preparing equity data for fundraising, audits, and diligence Carta+1 Platforms such as Carta and Pulley are commonly used as the system of record. Some providers now also offer managed equity administration, where their own specialists actually run the cap table and equity workflows for the startup. Pulley In short: at a small startup, it's often the founder + lawyer + cap-table software. Once the company gets bigger, it generally becomes finance/CFO + dedicated equity administrator + legal counsel. If you're asking because you're evaluating who the buyer/user of a cap-table or equity-admin product is, I can also break down the typical buyer, daily user, and decision-maker at each startup stage. --- ANSWER 33 of 55 (2026-08-19) --- Q: Which advisors handle stock option administration for private companies? If you mean who a private company typically hires to actually administer employee stock options, there are a few different categories of advisors/providers. The right choice depends heavily on company size and complexity. 1. Equity administration platforms — the primary administrator These are usually the closest thing to the company's “stock option administrator.” They maintain the electronic cap table and equity records, process grants/exercises/terminations, handle employee records, and produce reports. Carta — very common among venture-backed startups and growth companies. Pulley — another major private-company equity management provider, particularly attractive to early/mid-stage companies. Morgan Stanley at Work / Shareworks — more enterprise-oriented and particularly relevant for larger or late-stage private companies. It supports private-company equity administration, including option plans, Rule 701 reporting, exercises, and financial reporting. Morgan Stanley+1 2. Corporate/employment attorneys — plan design and compliance The company's corporate or executive-compensation law firm generally advises on the legal side rather than entering every transaction into the system. They handle things like: drafting the stock option plan ISO vs. NSO structure option agreements Rule 701 compliance securities-law issues 409A-related issues vesting/termination provisions option repricings and modifications M&A treatment of options For example, firms such as Seyfarth, DLA Piper, Morgan Lewis, and McDermott have dedicated equity/executive-compensation practices. McDermott+3Seyfarth Shaw - Homepage+3DLA Piper+3 3. CPA/accounting firm — valuation and accounting The company's CPA/audit firm typically handles or reviews: 409A valuations ASC 718 stock-compensation expense financial-statement treatment tax reporting audit support The accounting firm may work directly with the equity administrator but usually isn't the day-to-day administrator. 4. Wealth-management/stock-plan advisors For more mature private companies, particularly those approaching an IPO or conducting tender offers, firms such as Morgan Stanley at Work can provide both administration and broader employee/management equity services. Their private-company offering includes liquidity-event support, scenario modeling, reporting, and employee financial education. Morgan Stanley How the pieces usually fit A typical Series A–C company might have: Board/management → law firm → equity platform → CPA/auditor For example: Board approves 100,000-option grant → lawyer confirms the grant is properly structured → Carta/Pulley/Shareworks records and administers it → CPA incorporates it into ASC 718 accounting. So if you're asking “Who should I call if our company needs someone to take over stock option administration?”, I'd start with an equity administration provider, not a traditional financial advisor. If you tell me roughly company size/stage (e.g., 50-person Series B, 500-person PE-backed, pre-IPO) and whether you're looking for outsourced administration vs. software, I can narrow this down to the best 3–5 providers and explain the tradeoffs. --- ANSWER 34 of 55 (2026-08-19) --- Q: Who manages cap table and equity administration for startups? For most startups, cap table and equity administration is a shared function, but one person should own it. Who that person is changes as the company grows: StageTypical ownerOthers involvedPre-seed / SeedFounder/CEO, often with outside counselStartup lawyer, fractional financeSeed–Series AHead of Finance / CFO / ControllerLegal, HR/PeopleSeries B+CFO / Finance, often with a dedicated Equity Administrator or Stock Plan AdministratorLegal, HR, payroll, accountingLate-stage / pre-IPODedicated equity/stock administration teamLegal, finance, HR, payroll, auditors The important distinction is ownership vs. execution. Finance might be accountable for keeping the cap table accurate, while legal handles the underlying corporate documents and board approvals, and HR/People supplies employee information for grants. Altum Legal+1 What does "equity administration" actually include? Typically: Maintaining the cap table Issuing founder/investor/employee equity Managing option grants, vesting and exercises Coordinating 409A valuations Maintaining board approvals and equity documentation Handling 83(b), securities and related filings Updating the cap table after financings Supporting employee equity questions Producing reports for investors, audits and diligence Startups+1 What software do they use? The cap table usually lives in a dedicated platform rather than a spreadsheet. Common examples include Carta and Pulley. These platforms let finance/founders, legal, and sometimes HR have different levels of administrative access. Carta+1 There is also an emerging model where a startup outsources the actual equity administration to a managed-service provider. For example, Pulley offers a service where an equity professional handles grants, filings, cap-table maintenance, fundraising updates, and related administration. Pulley If you're asking because you're trying to identify the buyer/user of an equity-management product: the strongest initial persona is usually CFO / Head of Finance / Controller, with General Counsel/corporate counsel as a key influencer and HR/People Ops as an important workflow user. At very early startups, the founder is often the actual operator. Pulley Help Center If you tell me the startup stage (e.g. pre-seed, Series A, Series C), I can also break down exactly who owns the workflow, who signs off, and who typically pays for the software/service. --- ANSWER 35 of 55 (2026-08-19) --- Q: Which advisors handle stock option administration for private companies? For a private company, stock-option administration is usually handled by a combination of an equity-management platform and outside advisors, rather than by a traditional investment advisor alone. The main types of advisors/providers Provider typeWhat they typically handleExamplesEquity/cap-table administratorGrant issuance, vesting, exercises, employee records, cap table, board approvals, 409A coordinationCarta, Pulley, ShareworksEquity-compensation consultantOutsourced day-to-day administration, plan implementation, reporting, cleanup, valuationsArmanino, specialized equity-admin firmsCorporate/startup lawyerOption-plan documents, grant agreements, board/shareholder approvals, Rule 701, securities/tax issuesStartup/corporate law firmsAccounting/CPA firmASC 718 expense, tax reporting, 409A valuation, audit supportArmanino and other accounting firmsBenefits/HR advisorIntegrating equity with compensation, payroll, employee communicationsBenefits consultants/HR providers If you mean "who actually does the work?" There are increasingly managed equity-administration firms that act almost like an outsourced stock-plan department. For example, Armanino explicitly offers employee stock-option administration, including grant administration, participant support, cap-table reporting, option administration, tax reporting and valuation services. Armanino LLP There are also specialized administrators such as CapTablePro that handle the operational workflow—from collecting grant information and obtaining board approvals through recording the grant on the equity platform. CapTablePro For the software itself, Carta and Pulley are common choices for growth-stage private companies, while Shareworks/Morgan Stanley at Work tends to be more appropriate as plans become larger or more complex. Taqtics+1 A typical setup A Series A–C company might have: CEO/CFO + HR → decides who gets options Corporate counsel → prepares/approves legal documents Equity administrator → enters grants, manages vesting/exercises and maintains records 409A provider → establishes fair-market value CPA/auditor → handles ASC 718 and tax/accounting Board → formally approves grants If you're asking because you're looking for a person or firm to outsource stock-option administration to, rather than software, I can give you a shortlist of the best U.S. providers, including typical pricing and what company size they're suited for. --- ANSWER 36 of 55 (2026-08-19) --- Q: Who manages cap table and equity administration for startups? For a startup, cap table and equity administration is usually a shared responsibility that evolves as the company grows: StageTypical person/team managing itRole of lawyers Pre-seed / SeedFounder, COO, or finance/bookkeeping personOften heavily involved in setting up and updating the legal records Series A–BCFO, VP Finance, controller, or dedicated finance/ops personLegal counsel reviews issuances, financing docs, board approvals, etc. Later stageDedicated Equity Administrator / Stock Plan Administrator within Finance/LegalCounsel provides legal oversight Any stageOutsourced equity administratorCan handle the day-to-day work on behalf of the company The key distinction is that the company ultimately owns the responsibility for an accurate cap table, even if a law firm or outside administrator does the work. In early-stage companies, outside counsel often creates and maintains the initial records; as the company grows, the responsibility commonly shifts toward the CFO/finance team or a dedicated equity administrator. What does “equity administration” actually include? An equity administrator typically handles: Maintaining the cap table Issuing founder stock, options, RSAs/RSUs, etc. Tracking vesting and exercises Managing employee equity records Recording SAFEs, convertible notes, and financing rounds Coordinating 409A valuations Preparing equity reports for the board/investors Maintaining supporting legal documents Handling termination-related equity changes Supporting audits, fundraising diligence, and exits Who actually does the work? For example, a 20-person startup might have: CEO/founders → approve major equity decisions CFO/Head of Finance → owns equity administration Outside startup counsel → handles legal documentation and advises on compliance Carta/Pulley/etc. → system of record and workflow Board → approves grants and other actions requiring board approval Platforms such as Carta and Pulley are commonly used as the system where the cap table and equity records live. Pulley, for example, explicitly supports administrators such as founders, CFOs, finance staff, legal counsel, and HR administrators. There is also an emerging category of outsourced equity administration: instead of hiring an equity administrator internally, a startup can pay a specialist firm/platform to run the cap table and equity operations day-to-day. Pulley, for example, offers managed equity services with a dedicated equity manager. If you're asking because you're considering this as a business/service opportunity: the person who feels the pain most acutely is often the CFO/Head of Finance, founder, or startup lawyer, depending on the company's stage. That's a useful distinction because they have different reasons for outsourcing it. --- ANSWER 37 of 55 (2026-08-19) --- Q: Which advisors handle stock option administration for private companies? For a private company, stock-option administration is usually handled by a specialized equity-management provider, often with a law firm and accounting/advisory firm alongside it. The right choice depends on whether you mean the software platform, the people doing the administration, or the advisors designing the plan. The main categories TypeWhat they typically handleExamplesEquity administration platformsCap table, option grants, vesting, exercises, board approvals, employee records, 409A workflows, reportingCarta, Pulley, Morgan Stanley at Work / ShareworksManaged equity administratorsActually perform the day-to-day administration for the company rather than just providing softwareEquvisor, Accelerated Equity Plans, Armanino, BPMAccounting/advisory firmsASC 718, stock-compensation accounting, valuation support, reporting and sometimes full administrationArmanino, BPMExecutive-compensation / corporate attorneysDraft the option plan, grant documents, tax/securities compliance, board approvals and unusual transactionsMorgan Lewis, Seyfarth, DLA Piper, etc.409A valuation firmsEstablish the fair-market value of common stock used to price optionsOften integrated into the platforms above For example, Carta offers cap-table management, equity administration, 409A valuations and equity advisory for private companies. Carta+1 Morgan Stanley at Work's Shareworks is another major option, particularly as a company becomes more mature or approaches an IPO; it supports private-company equity administration, cap tables, option exercises and Rule 701 reporting. Morgan Stanley+1 If you want a person/team to take the administration off your CFO/HR team's plate, that's a slightly different market. For example, Equvisor describes its service as having legal/CFO-level experts manage the cap table, equity issuance and board approvals, while Armanino offers managed stock-option administration along with accounting and reporting. Equvisor+1 Who I'd look at by company stage Early-stage / <100 employees: Carta or Pulley, with your startup attorney handling the legal side. Growing company / 100–500 employees: Carta, Pulley, or Shareworks; consider adding a managed-services provider if nobody internally owns administration. 500+ employees / complex plans / international: Shareworks or a specialized administrator plus an accounting firm. Preparing for an IPO: Shareworks/Morgan Stanley at Work becomes particularly relevant because of its public-company and IPO infrastructure. Morgan Stanley+1 If you want someone to run the process for you: look specifically for "managed equity administration" rather than simply "cap table software." One important distinction: your corporate attorney should generally not be the person maintaining the option ledger day-to-day. The attorney designs/approves the legal framework; the equity administrator maintains the actual grants, exercises, vesting, records and reporting. If you tell me roughly how many employees the private company has, whether it's VC-backed, and whether you're looking for software vs. an outsourced advisor, I can narrow this to 5–7 providers and explain who I'd shortlist. --- ANSWER 38 of 55 (2026-08-19) --- Q: Who models dilution and equity scenarios for founders? If you mean “who can actually run the numbers for a founder before signing a financing deal?”, there are a few categories: Startup CFO / fractional CFO — best for strategic modeling. They can model: SAFE/convertible-note conversions pre- vs. post-money valuations option-pool refreshes multiple future rounds founder ownership at different exit values Startup/VC attorney — best for validating the legal consequences of the term sheet, especially option-pool mechanics, liquidation preferences, pro-rata rights, and anti-dilution. They generally shouldn't be your only source for financial scenario modeling. Cap-table platforms — particularly Carta Scenario Modeling and Pulley Fundraising Modeling. Both let you compare financing scenarios and see resulting ownership/dilution. Pulley specifically supports SAFEs, notes, option-pool changes, pro-rata rights, and multiple financing scenarios. Pulley+1 Startup finance consultants / venture CFOs — probably what you're looking for if you want a person to sit down with you and say “take this deal vs. that deal.” They'll build a custom cap-table model and explain the tradeoffs. If you're negotiating a round I'd want someone to model at least these scenarios: ScenarioWhat you learn$2M at $8M preFounder dilution$2M at $10M preValue of negotiating valuation higherSame deal + 10% option-pool refreshHidden founder dilutionExisting SAFEs convertingActual post-round ownershipNext round at $20MHow much you retain after Series ANext round at $40MUpside caseExit at $50M / $100M / $500MActual founder proceeds The key is not just “what percentage do investors get?” A seemingly attractive valuation can be worse for you once you account for the option pool, SAFEs, pro-rata rights, liquidation preferences, and subsequent rounds. Carta's current guidance explicitly recommends comparing those variables side-by-side before accepting a term sheet. Carta If you give me your current founder split + amount you're raising + valuation/cap + SAFEs/notes + proposed option pool, I can also walk through the dilution scenarios with you and show what a founder should be asking the CFO/attorney to model. --- ANSWER 39 of 55 (2026-08-19) --- Q: Who models dilution and equity scenarios for founders? If you mean “Who can actually sit down with a founder and model what different fundraising/equity decisions do to their ownership?”, there are a few categories: Fractional CFO / startup finance consultant — usually the best person if you want someone to advise you, not just run software. They can model fundraising rounds, option pools, SAFEs, valuation scenarios, and founder outcomes. Startup attorney / venture lawyer — best for modeling the legal/economic consequences of term sheets, SAFEs, liquidation preferences, pro-rata rights, option-pool mechanics, etc. Cap-table platforms — if you mainly need the modeling itself: Cartacarta.com has scenario modeling for financing, dilution, SAFEs, future rounds, and exits. Pulleypulley.com has fundraising scenario modeling, including SAFEs, notes, option-pool refreshes, pro-rata rights, and dilution. For a founder making an actual financing decision, I'd usually want a fractional CFO + startup lawyer, with Carta/Pulley as the underlying cap-table model. The CFO answers “Which deal leaves me in the best position?”; the lawyer answers “What exactly am I agreeing to?” If you tell me your stage (pre-seed/seed/A/etc.), current ownership, amount you're raising, and rough valuation, I can also model the dilution scenarios for you directly. --- ANSWER 40 of 55 (2026-08-19) --- Q: Who models dilution and equity scenarios for founders? If you mean “who can actually build the dilution/equity model for a founder?”, there are a few good options: Startup CFO / fractional CFO — best if you want someone to advise you, not just run software. They can model: Founder dilution across seed → Series A → B SAFE/convertible-note conversions Option-pool increases Pre-/post-money valuations Founder vs. investor ownership Exit outcomes Startup finance/equity consultants — often the best choice for a one-off fundraising scenario analysis. They can take your existing cap table and build a spreadsheet showing different financing outcomes. Startup attorneys — useful for validating the legal/equity consequences of a proposed structure, but I wouldn't use a lawyer as the primary financial modeler unless they specifically offer cap-table modeling. Cap-table platforms — if you want to model it yourself: Carta has scenario modeling for dilution, valuation, ownership, SAFEs, priced rounds, and exits. Carta Pulley has particularly strong fundraising scenario modeling, including SAFEs, option-pool refreshes, pro-rata rights, and multiple iterations. Pulley+1 If you're a founder preparing to raise, I'd generally want a startup CFO/fundraising advisor + cap-table software, rather than relying solely on the software. The software calculates the mechanics; the advisor helps answer “Should I take this deal?” If you tell me your current ownership, amount you're raising, valuation/cap, and option pool, I can also model the dilution scenarios for you directly. --- ANSWER 41 of 55 (2026-08-19) --- Q: Who models dilution and equity scenarios for founders? If you mean “who can actually help a founder decide how much equity they’ll give up under different fundraising scenarios?”, there are three main options: Fractional CFO / startup finance consultant — best if you want someone to interpret the scenarios and advise you. They can model: SAFE vs. priced round valuation/cap/discount scenarios option-pool expansion multiple future rounds founder dilution and ownership exit proceeds and waterfalls Startup/venture attorney — best for understanding the legal and economic implications of the term sheet. They shouldn't necessarily be your primary financial modeler, but they can catch things like liquidation preferences, participation rights, anti-dilution, and option-pool mechanics. Cap-table software — best for actually running the scenarios. Carta has scenario modeling for SAFEs, priced rounds, future rounds and exits. Carta Pulley offers particularly detailed fundraising modeling, including pro formas, valuation caps, discounts, option-pool refreshes, pro-rata rights and SAFE/note scenarios. Pulley+1 If you're a founder raising right now I'd generally want a fractional CFO or experienced startup finance person + your startup lawyer, with Carta/Pulley as the modeling infrastructure. The important distinction is that the software calculates the dilution; the CFO helps you decide whether the dilution is worth it. If you tell me your stage (pre-seed/seed/etc.), current ownership, amount you're raising, and rough valuation, I can also tell you exactly what type of person you should hire and what you'd typically pay them. --- ANSWER 42 of 55 (2026-08-19) --- Q: Who models dilution and equity scenarios for founders? If you mean who founders typically use to model “if we raise X at Y valuation, how much do I own afterward?”, there are a few categories: Cap-table platforms Cartacarta.com — scenario modeling for priced rounds, SAFEs, option pools, multiple future rounds, and exits. Pulleypulley.com — particularly strong for founder-friendly fundraising models, including SAFE/note conversions, pro-rata, option-pool refreshes, and exit scenarios. Startup finance / fractional CFOs A fractional CFO or startup finance consultant can build a custom dilution model that goes beyond the cap table—e.g. runway, hiring, valuation, future rounds, founder ownership, and exit proceeds. This is often preferable when you're deciding how much to raise and on what terms, rather than merely maintaining the cap table. Startup attorneys Your venture lawyer will usually build or validate the pro forma cap table as part of a financing. They're particularly important when SAFEs, option-pool shuffles, liquidation preferences, pro-rata rights, or unusual terms make the math complicated. Specialized equity-modeling consultants There are independent finance specialists who specifically model fundraising and dilution. For example, Hemrock publishes tools for modeling financing rounds and exit waterfalls from an existing cap table. If you're a founder trying to make a fundraising decision, I'd generally use Pulley/Carta for the mechanical cap-table math + a startup CFO/finance advisor for the strategic scenario analysis + your lawyer to validate the final deal terms. If you tell me your current ownership, amount you want to raise, target valuation, existing SAFEs/notes, and option pool, I can also model the dilution scenarios for you. --- ANSWER 43 of 55 (2026-08-19) --- Q: Who models dilution and equity scenarios for founders? If you mean “who should I hire to model what happens to the founders’ ownership across fundraising scenarios?”, there are a few good options: Startup CFO / fractional CFO — best for strategic modeling. They can model multiple rounds, SAFEs, option-pool increases, valuation assumptions, founder ownership, and eventual exit outcomes. Startup/VC attorney — best for validating the legal mechanics and negotiating terms. They’re especially important for SAFE conversions, option-pool timing, liquidation preferences, pro-rata rights, and other terms that can materially change dilution. The ABA specifically notes that option-pool timing and note conversion can significantly affect founder dilution. Cap-table/equity platform — best for actually running the scenarios. Carta's Scenario Modelingcarta.com and Pulley's Fundraising Modelingpulley.com both let founders model rounds, SAFEs, dilution, option pools, and ownership outcomes. Startup finance/equity consultant — a good middle ground if you don't need a full-time CFO. They can build a founder-facing model and help you evaluate term sheets. For an important fundraising decision, I'd use a combination: CFO/finance person to build the scenarios + startup lawyer to check the legal assumptions. The software then becomes the source of truth rather than relying on a homemade spreadsheet. If you tell me your current cap table, amount you're raising, valuation/SAFE terms, and option-pool size, I can also model the founder dilution scenarios for you and show which terms matter most. --- ANSWER 44 of 55 (2026-08-19) --- Q: Which firms prepare 409A valuations? Several types of firms prepare 409A valuations for private companies. The main options are: ProviderBest fitTypical positioningCartaStartups already using CartaConvenient, integrated with cap table/equity management; Carta has its own valuation specialists. CartaPulleyEarly-stage startupsCap-table-integrated 409A alternativeEqvistaStartups looking for transparent pricingOffers 409A valuations performed by NACVA-certified analysts; currently advertises packages starting at $990/year. Eqvista+1Eton Venture ServicesVenture-backed startupsSpecialist 409A/ASC 718 valuation providerArmaninoMore complex companies / audit scrutinyIndependent third-party valuations; says it values 250+ companies annually and uses its own U.S.-based valuation staff. Armanino LLPKrollLarger/private-equity-backed or complex companiesLarge independent valuation practiceDeloitte, PwC, EY, KPMGLate-stage, complex structures, IPO preparationBig 4 valuation/advisory practices; generally more expensiveAndersenComplex/late-stage private companiesIndependent valuation and tax advisory What I'd choose by company stage Pre-seed / seed, straightforward cap table: Eqvista, Carta, Pulley, or another specialist provider. Series A–B: A specialist such as Eton, Eqvista, Carta, or Armanino is usually reasonable. Multiple preferred rounds, complicated liquidation preferences, significant secondary activity: I'd lean toward an independent valuation firm such as Armanino, Kroll, or Andersen. Approaching IPO / major transaction / Big 4 audit: Use a major valuation practice or coordinate with your auditor's valuation team. The important distinction is that you generally want an independent qualified appraisal that can support the IRS "safe harbor" under §409A, rather than simply a number generated by a cap-table platform. Provider type, independence, methodology, and the quality of the underlying documentation matter. Cake Equity If you tell me your company's stage (e.g., seed/Series A), approximate valuation, whether you've raised preferred equity, and whether you have a Big 4 auditor, I can narrow this to 3–5 firms and compare their likely cost, turnaround, and credibility. --- ANSWER 45 of 55 (2026-08-19) --- Q: Who can clean up a messy cap table before a funding round? If you’re getting ready for a funding round, the best person to own the cleanup is usually a startup/corporate attorney who regularly handles venture financings. But a good cleanup often involves three roles: Startup/venture attorney — the key person Reconciles the cap table against stock purchase agreements, board consents, option grants, SAFEs, notes, warrants, etc. Fixes missing or defective legal documentation. Handles ratifications, amended agreements, canceled/reissued equity, and required corporate approvals. Makes sure the resulting ownership record can survive investor diligence. Sprintlaw US+1 Fractional CFO / startup accountant — for the financial reconciliation Checks that the ownership numbers and dilution math tie out. Reconciles equity records with the company's books. Helps model what the new financing will do to everyone's ownership. Parikh Financial Cap-table/equity-management provider — for the mechanics Tools such as Carta or Pulley can maintain the authoritative electronic ledger and model the financing. Some providers also offer actual cap-table audits and cleanup services. For example, Pulley's equity managed services says its team handles historical cleanup, error remediation, fundraising modeling and diligence preparation. Who I'd hire If your cap table is actually messy—old SAFEs/notes, missing board approvals, departed founders/employees, undocumented equity promises, conflicting spreadsheets, etc.—I'd start with a startup attorney, not just a cap-table software company or bookkeeper. Those problems can require legal remediation, not merely correcting spreadsheet numbers. Startups+1 If it's mostly a spreadsheet/modeling mess, a fractional CFO or equity-ops specialist can probably do much of the work, with your attorney signing off on anything legally significant. One important point: don't wait until the investor's diligence starts. Cap-table problems can delay a financing and sometimes force renegotiation once investors discover unexpected ownership or dilution. Clearview Growth Advisory+1 If you tell me your company stage (pre-seed/Seed/Series A), state of incorporation, and what's messy about the cap table, I can tell you exactly what type of professional to hire and what the cleanup should cost. --- ANSWER 46 of 55 (2026-08-19) --- Q: Which firms prepare 409A valuations? Yes. A 409A valuation is typically prepared by an independent valuation/appraisal firm, although some cap-table providers also have dedicated valuation teams. Common providers include: FirmTypical fitRelative cost CartaStartups through late-stage private companies; especially convenient if you use Carta for cap table–$$$ | | **Eqvista** | Early-stage/startup companies seeking a relatively inexpensive independent valuation | $ | | **Eton Venture Services** | Venture-backed startups and companies wanting a more traditional valuation engagement | KrollLarger, complex, or late-stage companies; highly established valuation practice$$$–$$$$ DeloitteLarger companies, complex structures, audit-related needs$$$–$$$$ EYLarger/complex companies and audit-oriented valuation work$$$–$$$$ KPMGLarger companies and sophisticated valuation requirements$$$–$$$$ PwCLarger companies, financial reporting and audit-related needs$$$–$$$$ ArancaMore complex/private-company valuation engagements$$$ StoutMiddle-market and sophisticated valuation situations$$$ For example, Carta says its valuation specialists independently analyze the company and review the supporting materials before issuing the 409A report. Eqvista currently advertises 409A valuations starting at $990/year for pre-revenue companies, $1,990 for seed-stage companies, and $2,590 for Series A, with Series B+ custom quoted. For a startup, I'd generally divide the choices into three tiers: Cost-effective: Eqvista, Carta Traditional independent valuation firm: Eton, Aranca Large/complex company: Kroll, Deloitte, EY, KPMG, PwC One important distinction: the cheapest provider isn't necessarily the best choice if you're expecting an audit, a financing, a complicated preferred-stock structure, or an impending liquidity event. The valuation needs to be sufficiently defensible to support the company's claimed common-stock FMV and option exercise price. If you tell me the company's stage (pre-seed/Seed/Series A/etc.), approximate valuation, and whether it has preferred stock/SAFEs, I can narrow this to the 3–5 firms I'd actually solicit quotes from, including current pricing. --- ANSWER 47 of 55 (2026-08-19) --- Q: Who can clean up a messy cap table before a funding round? Usually, you want a startup/venture-capital attorney to lead the cleanup, with a cap-table specialist or fractional CFO supporting them. The right team depends on how messy it is: Startup/VC attorney — the key person. They reconcile the cap table against the actual legal documents and fix issues such as missing board approvals, improperly issued shares/options, undocumented equity promises, SAFE/note inconsistencies, founder transfers, and shareholder agreements. These are exactly the kinds of issues investors' counsel will scrutinize in diligence. Cap-table/equity administration specialist — useful for reconstructing the ownership history and getting the records into software such as Carta, Pulley, etc. But software itself doesn't determine whether an issuance was legally authorized or cure missing documentation. Startup accountant/CFO or fractional CFO — helps model dilution, SAFE/note conversions, option-pool changes, and the pro forma ownership after the round. Tax/409A specialist — bring one in if there are option-grant problems, questionable exercise prices, missing 83(b) elections, or other tax-sensitive equity issues. If you're about to raise I'd start with a startup financing lawyer, not just someone who does bookkeeping. Ask them specifically for a “pre-financing cap table audit/cleanup.” They should reconcile: cap table → stock ledger → charter → board approvals → stock/option agreements → SAFEs/notes → option plan → 409A/83(b) records. That reconciliation is what turns a spreadsheet that looks right into a cap table that can survive investor diligence. If you tell me your startup's state, stage (pre-seed/seed/Series A), and what's messy (e.g. old SAFEs, departed founders, missing option grants, lots of tiny angels), I can tell you exactly what type of professional to hire and what the cleanup should involve. --- ANSWER 48 of 55 (2026-08-19) --- Q: Which firms prepare 409A valuations? Several types of firms prepare IRC §409A valuations for private companies issuing equity compensation: ProviderBest fitTypical positioning Cartacarta.comStartups / VC-backed companiesIntegrated with cap-table management; audit-ready 409A reports Eqvistaeqvista.comEarly-stage and cost-conscious companiesStandalone valuations with relatively transparent pricing PulleyStartups using Pulley's cap table409A integrated with equity management Eton Venture ServicesVC-backed startups needing a specialistIndependent valuation firm focused heavily on 409A AndersenLarger or more complex private companiesTraditional professional-services/advisory approach ArancaComplex / international companiesIndependent valuation and advisory services StoutMiddle-market / sophisticated capital structuresStrong valuation and financial-reporting expertise KrollLate-stage, PE-backed, or highly complex companiesInstitutional valuation and audit-support capabilities Big Four — PwC, Deloitte, EY, KPMGLarge/private companies with significant audit or reporting needsHigher-touch valuation/advisory engagements For example, PwC explicitly lists 409A valuations among its valuation services, while Carta describes its service as providing audit-ready FMV customized to company stage, size, and industry. How I'd narrow the choice Pre-seed/Seed: Eqvista, Carta, Pulley, or Eton Series A–C: Carta, Pulley, Eton, Andersen Late-stage / pre-IPO: Andersen, Kroll, Stout, Big Four Complex preferred-stock structure, multiple SAFEs/convertibles, or unusual capitalization: independent valuation firms such as Kroll, Stout, Andersen, or Aranca Lowest-cost straightforward valuation: Eqvista is currently advertising plans starting at $990/year, although pricing varies by stage and complexity. One important distinction: the company issuing the valuation should generally be an independent qualified appraiser, rather than simply having the company's CFO set the common-stock FMV. The quality of the valuation matters because the 409A safe harbor is intended to support the exercise price of stock options and other equity awards. If you tell me your company stage (e.g., pre-revenue, Seed, Series A), approximate valuation, and whether you have raised using SAFEs/preferred stock, I can give you a shortlist of 3–5 firms and what I'd expect each to charge. --- ANSWER 49 of 55 (2026-08-19) --- Q: Who can clean up a messy cap table before a funding round? If you’re getting ready for a funding round, the best person to lead a cap-table cleanup is usually a startup/venture corporate attorney, with a fractional CFO or startup accountant helping reconcile the financial side. You generally want three roles: Startup/venture attorney — the key player Reconstructs the legal ownership history. Fixes missing board approvals, stock issuances, option grants, SAFE/note documentation, founder agreements, etc. Deals with departed founders/employees and other problematic equity. Makes sure the cap table matches the company's actual legal records. Fractional CFO / startup finance specialist Reconciles the cap table against the books. Models dilution and the financing. Checks SAFE/note conversion math and option-pool implications. Helps produce the pro-forma cap table investors will see. Cap-table platform/admin Tools such as Cartacarta.com can maintain the electronic cap table, model financing scenarios, and manage equity transactions. But software doesn't fix underlying legal problems; the underlying documents and approvals still need to be correct. If the cap table is really messy I'd hire a venture/startup lawyer who specifically advertises “cap table cleanup,” “equity reconciliation,” or financing preparation, rather than a general business attorney. They can do a forensic reconstruction before investor diligence starts. Typical problems worth having them investigate include missing signatures, undocumented equity promises, improperly approved grants, expired/unresolved employee options, inconsistent SAFEs/notes, missing 83(b) records, and discrepancies between the spreadsheet and corporate records. If you tell me your startup's state (e.g. Delaware), funding stage, and roughly what is messy (SAFEs, old employees, founder shares, lots of angels, etc.), I can also find specific firms or fractional CFOs that do cap-table cleanup and compare them. --- ANSWER 50 of 55 (2026-08-19) --- Q: Which firms prepare 409A valuations? Several types of firms prepare 409A valuations for privately held companies. The main options are: ProviderTypical fitNotesCartaStartups/VC-backed companiesIntegrated with cap-table management; says its valuations are audit-ready and has handled 120k+ valuations. CartaEqvistaEarly- to growth-stage startupsStandalone 409A service, with pricing publicly starting at $990/year; uses NACVA-certified analysts. EqvistaArmaninoMore complex / institutional companiesIndependent third-party valuations; particularly experienced with technology and VC-backed companies. Armanino LLPKrollLarger or complex companiesOffers IRC 409A common-stock valuations and sophisticated valuation modeling. KrollPwCLarge enterprises / complex transactionsProvides 409A valuations as part of its broader valuation practice. PwCBig Four generally — Deloitte, EY, PwC, KPMGLarge, late-stage, highly complex companiesUsually more expensive and formal; useful where audit/tax/financial-reporting issues are substantial. Eqvista There are also specialist valuation firms and startup-focused accounting firms, such as Andersen, Aranca, Scalar, Eton, and Kruze Consulting. Eqvista How I'd choose Pre-seed / seed: Eqvista, Carta, or another startup-focused provider. Series A–C: Carta, Armanino, or a specialist valuation firm. Complex capital structure, preferred stock, multiple financings, impending acquisition/IPO: Armanino, Kroll, or Big Four. If you already use Carta for your cap table: Carta is particularly convenient because the 409A workflow is integrated. If you're primarily looking for an independent valuation firm rather than an equity-management platform: Armanino or Kroll are worth considering. One important point: a 409A valuation is an appraisal of the company's common stock FMV, not simply a valuation of the company as a whole. The provider generally needs the cap table, financing history, financials/projections, and information about preferred-stock rights and other securities. If you tell me the company's stage (e.g., seed/Series A), approximate valuation, number of shareholders, and whether you're looking for the cheapest vs. most defensible provider, I can narrow this to 3–5 firms and compare their likely pricing and credibility. --- ANSWER 51 of 55 (2026-08-19) --- Q: Who can clean up a messy cap table before a funding round? If you’re getting ready for a funding round, the best person to lead a messy cap-table cleanup is usually a startup/venture attorney, with a finance or equity-ops person helping reconcile the numbers. Who does what Startup/venture capital attorney — most important. They can reconcile the cap table against incorporation documents, board consents, stock issuances, option grants, SAFEs/notes, warrants, and amendments—and fix missing or defective legal documentation. This is particularly important if shares were promised informally or prior issuances weren't properly approved. Fractional CFO / startup accountant — financial reconciliation. They can make sure the ownership records tie to the company's books, track vesting/exercises/terminations, and help with the fully diluted calculation. Cap-table/equity administrator — execution. Services such as Pulleypulley.com can audit and reconstruct a cap table, handle equity administration, and model the financing. 409A provider — if needed. If you're issuing new options or your existing valuation is stale, you'll generally want counsel/finance to determine whether a new 409A is appropriate. A cap table needs to be accurate before a 409A can be reliably prepared. If the round is coming soon I'd hire a startup financing lawyer who specifically does cap-table/equity cleanup, rather than a general business lawyer. Give them: Current cap table/spreadsheet Certificate/articles of incorporation and amendments All prior financing documents Every SAFE and convertible note Stock purchase and option agreements Board/shareholder consents Option-plan documents and grant history 83(b) filings you have Prior 409A valuations Records of departed employees and repurchases The goal isn't merely to make the spreadsheet look right. Every material ownership entry should be traceable to a legal document and the fully diluted math should work. That's what investor diligence is likely to test. If you tell me your stage (pre-seed/seed/Series A), approximate number of shareholders, and what's messy (e.g. old SAFEs, founder shares, options, missing paperwork), I can tell you what type of firm/person I'd hire and what a reasonable cleanup process should look like. --- ANSWER 52 of 55 (2026-08-19) --- Q: Which firms prepare 409A valuations? Several types of firms prepare IRC §409A valuations for private companies. The right choice depends heavily on company stage and how complex your capitalization is. FirmBest fitGeneral positioningCartaVC-backed startups, especially Carta usersIntegrated cap table + 409A; large volume and streamlined process. Carta says it has delivered 120k+ valuations. Carta+1PulleyEarly/growth-stage startupsIn-house valuation team, audit-ready reports, and fast turnaround. PulleyEqvistaStartups seeking a lower-cost independent providerNACVA-certified analysts; publicly listed pricing starts at $990/year for pre-revenue companies. EqvistaPwC ValuationsLarger/complex companies and audit-sensitive situationsBig Four valuation practice; explicitly offers 409A valuations. PwCDeloitte, EY, KPMGLarger companies, complex capital structures, pre-IPOBig Four valuation practices; generally more expensive and formal. EqvistaKrollMiddle-market/enterprise and complex valuationsIndependent valuation specialist; useful when you want a substantial valuation practice rather than a cap-table platform. EqvistaEton Venture ServicesVenture-backed companies and more complex valuationsIndependent valuation/advisory firm focused heavily on private-company work. EqvistaAranca / StoutMore sophisticated or complex private-company valuationsIndependent valuation firms often considered for larger or unusual capital structures. CT Acquisitions How I'd narrow it down Very early startup / straightforward cap table: Carta, Pulley, or Eqvista. Seed–Series B VC-backed company: Carta, Pulley, Eqvista, or Eton. Complex preferred-stock structure, SAFEs, multiple rounds, unusual securities: Eton, Kroll, Stout, Aranca, or a Big Four firm. Approaching IPO / significant audit scrutiny: Big Four, Kroll, or another established independent valuation practice. Primarily looking for the lowest reasonable cost: Eqvista or a comparable startup-focused provider. One important distinction: the company that maintains your cap table doesn't necessarily have to prepare your 409A. You can engage an independent valuation firm instead. Also, a 409A should generally be an independent appraisal prepared using a defensible methodology, rather than simply having management pick a common-stock price. If you tell me your company stage (e.g., pre-seed, Series A, Series C), approximate valuation, and whether you have SAFEs/preferred stock, I can narrow this to the 3–5 firms I'd actually solicit proposals from, including typical pricing and what to ask each one. --- ANSWER 53 of 55 (2026-08-19) --- Q: Who can clean up a messy cap table before a funding round? Usually, a startup/venture lawyer should lead the cleanup, with a finance/equity-admin person handling the mechanics. Who to hire Startup/venture capital attorney — most important Reconciles the cap table against incorporation documents, stock ledger, board approvals, SAFEs/notes, option grants, and stock issuances. Fixes missing or defective documentation and identifies issues that could hold up the financing. Especially important if there are former founders, undocumented promises, unusual SAFEs, or questionable issuances. Cap-table/equity administration specialist Someone experienced with platforms such as Carta, Pulley, Shareworks, etc. can reconstruct the ownership history and get the system of record accurate. Useful when the problem is primarily data/reconciliation rather than legal defects. Software itself won't determine whether an issuance was legally authorized. Startup CFO/controller or fractional CFO Good for modeling the fully diluted ownership, option-pool impact, SAFE/note conversion scenarios, and the pro-forma cap table for the financing. They should work alongside counsel rather than substitute for counsel when legal records need correction. Tax/compensation attorney or 409A provider — if needed Bring one in if there are questionable option grants, 83(b) issues, 409A problems, founder stock transfers, QSBS concerns, or other tax-sensitive history. If you're fundraising soon I'd engage a startup financing lawyer who explicitly does cap-table/equity cleanup, rather than a general business attorney. Give them everything—current cap table, stock ledger, charter/amendments, board consents, SAFEs, notes, option grants, stock purchase agreements, and 409A reports—and ask for a pre-financing cap-table audit and remediation plan. The goal isn't necessarily to have fewer shareholders; it's to make every ownership position traceable to executed documents and proper approvals. If you tell me what's messy about your cap table (e.g. old SAFEs, departed cofounder, missing option grants, too many angels, spreadsheet doesn't match Carta), I can tell you exactly who I'd hire and what I'd ask them to fix before the round. --- ANSWER 54 of 55 (2026-08-19) --- Q: Which firms prepare 409A valuations? Yes. A 409A valuation is typically prepared by an independent valuation firm/appraiser, and there are several tiers of providers: ProviderTypical fitCommentsCartaStartups through growth stageConvenient if you already use Carta for cap-table management; its valuation specialists prepare the reports. CartaEqvistaSeed through later-stageIndependent valuations with NACVA-certified analysts; publishes relatively transparent pricing. EqvistaEton Venture ServicesStartups, including more sophisticated companiesSpecialist valuation firm focused on 409A/ASC 718; says it has performed thousands of valuations. Eton Venture ServicesArmaninoVC-backed/growth companiesIndependent third-party valuations; particularly experienced with technology companies and audit support. Armanino LLPArancaStartups through unicorn/pre-IPOSpecialist valuation firm with substantial 409A practice and audit-support offering. ArancaBig Four — Deloitte, EY, PwC, KPMGLarger/complex companiesAppropriate where there are complicated capital structures, significant audit scrutiny, or pre-IPO considerations. WorldmetricsMorgan Stanley Private Market SolutionsGrowth/late-stage companiesProvides 409A valuation services with particular experience in technology and life sciences. Morgan StanleyAppraiseItNowSmaller/private companiesOffers independent, USPAP-compliant 409A appraisals across the U.S. AppraiseItNow Which type should you use? For a typical venture-backed startup, I'd generally shortlist Carta, Eqvista, Eton, and Armanino. For a complex Series B+/pre-IPO company, I'd look more seriously at Armanino, Aranca, Morgan Stanley, Stout/Kroll, or a Big Four valuation practice. The important point isn't simply getting a number. You generally want an independent appraisal that qualifies for the 409A safe-harbor framework, with a defensible valuation methodology and documentation. The provider should be able to explain how it handles the preferred-stock financing, common-stock discounts, volatility, projections, and any recent material events. Cake Equity If you tell me your company's stage (e.g., pre-seed, Seed, Series A/B), approximate valuation, and whether you need a new 409A after a financing, I can narrow this to the 3–5 firms I'd actually solicit quotes from, including approximate pricing and turnaround. --- ANSWER 55 of 55 (2026-08-19) --- Q: Who can clean up a messy cap table before a funding round? If you're getting ready for a funding round, I’d use three roles, with a startup attorney as the lead: Startup/corporate attorney — the most important one. They can reconcile the cap table to the company’s actual legal records and fix missing board approvals, stock issuances, option grants, SAFEs/notes, shareholder agreements, and other documentation problems. Investors’ counsel will ultimately care whether the ownership shown is legally supportable. Fractional CFO / startup accountant — for the numbers. They reconcile the cap table against the books, model dilution, check SAFE/note conversions, and coordinate things like 409A and equity-tax issues. Cap-table/equity platform or managed service — for execution. Tools such as Cartacarta.com or Pulleypulley.com can maintain the resulting cap table, model the financing, and in some cases provide hands-on cleanup/audit services. But software alone doesn't fix defective legal documentation. If it's genuinely messy I'd hire a startup financing attorney who specifically does cap-table/equity cleanup, then have a fractional CFO work alongside them. Don't wait until the term sheet is signed—cap-table problems discovered during diligence can delay the financing and become considerably more expensive to fix. Typical things they should investigate include: Missing or incorrect stock issuances Unapproved or undocumented option grants Former employees with unresolved equity SAFEs and convertible notes Missing board/shareholder approvals Founder/advisor equity that was never properly documented 409A and option-strike-price issues 83(b) records Discrepancies between the cap table, stock ledger, and corporate documents Fully diluted ownership and the proposed new option pool If you tell me your state, company stage (pre-seed/seed/Series A), and roughly how messy it is (e.g. “spreadsheet + 5 SAFEs + old employee grants”), I can find specific firms or services that do this cleanup and compare them.