Dividir o Bolo: Passo a Passo

by Mike Moyer, Felipe Schumaher (Translator)

Nós vivemos em um mundo onde empreendedores e participantes de startups, infelizmente tiram vantagem com mais frequência que ouvimos. Uma má divisão das cotas é a regra, e não a exceção.
Dividir o Bolo - Passo a Passo descreve como dividir as participações de startups de maneira perfeitamente justa. Com base no modelo de divisão dinâmica popularizada pelo livro Slicing Pie, este é também o guia complementar para a aplicação on-line do Pie Slicer na SlicingPie.com.
Dividir o Bolo - Passo a Passo irá ajudá-lo a determinar a justa participação das pessoas que contribuirão com coisas que você precisava para abrir sua empresa, incluindo ajuda, equipamentos, aluguéis e até crédito. Você irá aprender a dividir as participações de acordo com a contribuição e como recuperar de forma justa as participações quando as pessoas deixarem a empresa.

Genres: Business, Entrepreneurship, Nonfiction, Startup

90 pages, Kindle Edition

Published April 1, 2016

About the author

Mike Moyer is a career entrepreneur, author, investor, and educator best known as the creator of Slicing Pie, a model for dividing startup equity fairly among founders and early contributors.

Drawing on decades of experience launching and growing companies, Mike writes practical books that turn complicated business subjects into clear, usable systems. His books include The Slicing Pie Handbook, Slicing Pie, Will Work for Pie, Pitch Ninja, Trade Show Samurai, and Bird’s Eye Business.

Mike teaches entrepreneurship at Northwestern University and has held faculty appointments at the University of Chicago Booth School of Business and MIT. He holds an MBA from the University of Chicago and a master’s degree in integrated marketing communications from Northwestern University.

He lives in Lake Forest, Illinois, with his wife and three children.

Reviews

[Etiene Dalcol]

Extremely useful book that could have been written in 5 pages tops.

Here's a summary: Count peoples hours into the project, multiply by what would be their hourly salary and some risk multiplier (2x). Count people's financial investment and multiply by 4. Sum everything and get the resulting % from there.

[Victor]

Could have been a blog post. Or the documentation of the Slicing Pie app. The author spends more time selling the benefits of his method than delivering it.

Some takeaways:
- equity is proportional to risk
- milestone-based vesting rather than time-based vesting to keep people motivated while obtaining results
- “slices” as a function of the fair market value of contributions (cash x4 and non-cash x2)
- the fair market value of time is equal to the opportunity cost of salary

I really wonder whether some startups have implemented this fully? And with what results?

[Filip Huysmans]

Good book on how to divide equity not on guessing the future but at how much a person actually puts at risk for the startup. Reading this made me realise that we were already adopting this in some form in our own startup so for me it was easy to accept the authors model. I can see why some people would hesitate to use this but then again might be purely out of selfinterest.

Very interesting topic on how to minimize absentee owners and to recover parts of the pie.

Easy to read, good examples and not too long, this books covers a good portion of knowledge on how to divide equity in your own startup inc some tuts of its own software package (we don't use this ourselves so no opinion on that)

[Kianoosh]

Zero Star

[Saied]

کتاب برای شخص من تو جایی که ایستادم، یعنی شرکتی که مراحل ابتدایی شزوع به کارش رو پشت سر گذاشته خیلی کارا نبود. ولی تصور می‌کنم اگر شخصی تصمیم داشته باشه کسب و کارش رو شروع کنه و تصمیم به داشتن شریک داشته باشه و دست بر قضا پول زیادی هم برای شروع نداشته باشه این کتاب می‌تونه براش واقعا مفید باشه مخصوصا با ابزارهایی که استفاده ازشون رو یاد می‌ده

[Toby]

Pros:
- Sensible general model to calculate risk vs reward with an eye to fairness for unfunded early companies.

Cons:
- A lot of content is a direct advertisement for the author’s legal service and online service, so heavy on the sales pitch that the advice starts to feel like a health supplement scam.
- Makes wildly broad claims that “every” company can “always” benefit from this approach. That’s obviously not true. The simplest counter-example is the claim that all at-risk value is knowable, and therefore you can count slices “perfectly” based on risk. Maybe fair for cash salary, but not when considering common opportunity costs like illiquid equity. If you could perfectly value that, you should start an investment fund ASAP, because you’d have perfect knowledge of risks and rewards and therefore be a wildly successful investor!

Questions:
- There are definitely some unanswered tax implications that come along with this approach. What are they?

Summary:
This is a good baseline model for new traditional small businesses. For bootstrapped and not-yet-funded startups (defined by going for high growth), I agree it’s better than arbitrarily assigning ownership. For a great many startups, this overlooks complexities and realities of the market.

[Paul Dlugosch]

The author presents a compelling case to solve an age-old problem. I am at the critical juncture where the pie must be sliced and allocated to founding members of a new start-up company. I was conteplating the 'fix and fight' method but am now reconsidering that decision. It is so important to get this allocation done correctly and the author has presented a method that should be agreeable to all. The model is build on a foundation of fairness and also on the premise of decent moral behavior. It is not certain that all parties affected will act morally but if not, this method will help identify those who are driven by different motivations.

I'm not sure I agree with every aspect of the model, but it is one of the better methods I have seen and the 'Slicing Pie' method should be given serious consideration a the method to share equity/profits in your bootstrapped startup.

[Shilpam]

Overtly hyped book full of promotions

Initially i thought that we will have some understanding of the topic in a lucid way that's why the author have maintained a slow pace on topics but seems like he was always on the head of the topic and never reached to the tail. The topics were just very top level. Maybe this is a book for someone who does not know about the funding jargons as it is full of it but if you want to know more, you have to search yourself as mentioned by author multiple times.
There is lot of repeated stuff and even if you skim certain pages, you won't miss anything. Later chapters were overtly promoting his own sites and links and anyone can lose track. The only gist of the book was at the end as a table and that too was not comprehended properly. So AVOID reading it if you want to know deeper on this concept.

[Jacek Królikowski]

Similar content-wise to the "main" Slicing Pie book, with a bit more stress on the bootstrapping situation and a small attempt on describing how one could try to make the Grunt Fund a legal thing.

It's missing the "Summary Calculations" table from the main book, but it works all the same.

I have similar complaints as with the main book (see my other review for those), but reading this one second somehow helped me believe I can retrofit the models into an existing enterprise. I appreciated the description of when the "pie" gets "frozen" too.

I don't love it, but it's still the best book I read on the topic, soo... 4 stars ;)

[Michael Hernandez]

Excellent and timely information

I recently started a company and was talking to a friend about loaning/investing some cash. He was interested in a percentage. When I asked how much, he replied whatever is fair. I told him it would be tough because I didn't have revenue and probably wouldn't for a while. Then, I remembered this book. Glad I did. Great read! I meet with him in 2 days and I think he will find this more than fair. Thanks!

[Pascal Wagner]

This book has good ideas in “theory” but in practice if you’re building a VC backed company it feels as though you need to recreate the wheel, it’s impractical and there is a lot of room for error.

I’d rather put effort into making the business work and copying the existing and proven models everywhere else.

[Milton Galvis]

Propuesta alternativa para dividir de manera equitativa los rendimientos de un emprendimiento teninendo en cuenta el aporte de cada persona (capital, tiempo, insumos, etc).

"A basic rule about investing is not to invest any more than you can afford to lose. If you can't tolerate the risk, don't contribute the cash!"

[Andrzej]

The core idea is sound, a great approach to thinking about early stage companies equity. However, I feel these ideas could be condensed into a much shorter book, or an online cheatsheet. There's plenty of repetition.

It lacked real world examples – I'm understading that the "non-handbook" version of this book has more of those (I haven't read it).

[Gustavo Steinmetz]

Interesting equity slipt approach. The content is good. But the author spends too much time selling the method, instead of showing it.

The immersion reading (🎧📖) isn't good for this book either. The audiobook and the ebook have a lot of differences, even being for the same version of the book. Making the immersive reading almost impossible.

[Jesse Young]

Interesting concept. It focuses highly on fair equity split in a bootstrap startup, which is great to see.
While the book could be reduced in size it is an easy read and the repetition helps explain the mechanics of Slicing Pie.
Unfortunately I won’t be able to use myself at this time but I look forward to trying it out in the future.

[Omar El-Mohri]

That's what you need to read and apply if you are in business with partner, want to be, or has been. This solved the equity problem most co-founders face. The solution is, a dynamic allocation of equity that changes with the risk and investment levels

[Domas Gerta]

Good book and ideas on how to track contributions of people working on a startup and how to split equity in a fair manner. Could have been shorter, some things are repeated many times over different chapters.

[Rik Van Bruggen]

The core points (slices in function of the risks taken, dynamic valuation instead of fixed...) are great. But the book very quickly gets lost in details that are probably only really helpful to very specific circumstances.

Still happy I read it.

[Jayson Sarino]

Slicing Pie is a great resource for anyone starting a business with partners. I really liked the idea of dividing equity based on actual contributions rather than guessing percentages upfront. The examples made the concept easy to understand and apply.

[Ahmad Mhaish]

Its somehow repeating ideas but includes key concepts to fair equity sharing

[József Szalay]

Love the concept. Will read it again before I start another company.

[Chase]

Content and ideas were very interesting, but the writing was poor. This book should have been run by a more thorough editor.

[Ian Carswell]

If you plan on starting, funding, or joining a startup, this is a must read. Super quick read and easy to understand. Slightly repetitive, but top rating for the value.

[Parker Lee]

A handy guide to ownership options when starting a company

[Manoj]

I am using Mr. Mike Moyer's model, so far it's working well for my startup.

[Joseph Hargreaves]

Great concept. Book needs editing though, goes round the houses too much. Felt like I read the introduction 5 times.

[Madeline Lucas]

Really helpful for navigating startup equity/profit share splits and provides an easy to understand framework for creating a fair cap table.

[Pedro Henriques]

Not a relevant book for everyone, but if you are building a startup, you should read this in the first week. Presents a fair, valid, independent approach to manage equity.

[Greg Loughnane]

The book in 3 sentences:
Moyer provides a practical approach for splitting equity in early-stage startups that is aimed at radical openness, honesty, and fairness. The overall frameworks, designed to align people's "intent of being fair with their ability to actually pull it off," is made up of two sub-frameworks - allocation, and recovery - both of which can be calculated based on cash and non-cash contributions over time. The companion tool set - including the free slicing pie excel spreadsheet -can be downloaded at slicingpie.com, along with many other resources to help you implement Moyer's ideas in your company.

My personal commentary in 3 sentences:
I love this book as a guide to keep close at hand for those days that you find yourself in one of many "founder's dilemmas" that require you to answer equity questions. When reviewed at a high-level so you know when you might need it in the future, it will sit until the day that you really need it, at which point you'll agree that it was a 5-star read that was worth it's weight in gold. This book must be used tactically, and to truly read the book you probably need to (at least once) create your own slicing-pie equity projection spreadsheet, for a real-life company, that you're actually talking to about equity splits.

[Segovia Smith]

Entrepreneurship That Just Tastes Great - As a cereal entrepreneur having started, closed and sold many businesses over the past 20+ years, I thought I had seen it all. When I was first introduced to the concepts Mike puts out on slicing pie, it was as if I had been attempting to navigate the wide world of start-ups and entrepreneuring with one arm tied behind my back.

Mike Moyer breaks down the concepts of "Fair and Square" in such simple terms that it's hard to think that people would ever go for the traditional 50/50 or equal thirds splits after reading this book. The ideas presented in this book are so profound it's taken the world by surprise. And it's no wonder this book as become such a bestseller. Once upon a time the world was believed to be flat. This book will change the way humans look at treating each other with respect when it comes to dividing up equity in a business.

This "Handbook" is the perfect condensed version to hand off to your would-be business partners before you settle in for the long journey together. It's got just enough to cover the basics, but it's under 4 hours which makes it something people can get through and complete in an afternoon.