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04 · Waterfall rollbacks and versions

Every version kept. The one you closed on, locked.

Deals change between the letter of intent and the wire. When someone asks what the numbers were last week, or which version the board approved, the answer should take one click.

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Every run is a kept version

Each run freezes the deal as it stood and the result the engine produced from it. Label the runs as the deal moves, then lock the one you close on as the closing snapshot.

  • Inputs and results are stored together, with the engine version
  • A locked closing snapshot cannot be changed or removed
  • One closing snapshot per deal
Distribution · Runs
The Runs list in Studio with three versions: 'LOI — $14.0M offer' at $10.85M, 'Signing draft — $15.0M' at $11.85M, and 'Closing' at $11.85M marked as a locked closing snapshot.

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Go back to any earlier version

Open an earlier run and it reads exactly as it did the day it was computed, whatever has changed since. Present it, share it, or export its workbook.

  • The LOI run still shows the $14.0M offer and its $10.85M of net proceeds
  • Later edits to the deal do not reach back into earlier runs
  • Any version can be exported or shared on its own
Distribution · an earlier run, reopened
The earlier 'LOI — $14.0M offer' run reopened in Studio: $14.0M total consideration, $10.8M net equity proceeds and its own waterfall chart.

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Know when the terms have moved on

Change a term after a run and Deal Terms says so, with a count of what changed. Nobody circulates a spreadsheet that no longer matches the deal.

  • "Terms changed since" appears beside the latest run
  • The locked snapshot keeps its own numbers
  • Run again to produce the next version
Deal Terms · status line
Deal Terms after the tax holdback was raised to $500K: the status line shows the latest run is the locked Closing snapshot and a badge reads 'Terms changed since (1 change)'.

What it doesn’t do yet

Going back means reopening the earlier run, with its inputs and results intact. Restoring an earlier run's terms into the working deal in one step is not in Studio yet.

About these screens

Every image on this page is a capture of Merger Waterfall Studio running one example deal: Northwind Logistics acquired by Atlas Freight Group for $15.00M. The company, the people and the documents are fictional. The screens are not mock-ups.

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Consistently created from source documents

Terms come out of the charter and the cap table export, each one citing its clause.

See it in the product

Try it on your next deal.

Bring the cap table export and the charter. Leave with a distribution spreadsheet you can hand to the board, the buyer and the auditor.

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