Venture Spin-Out Playbook

Regla de idioma

Español. Términos legales en "español (English)" primera vez.

Directorio de salida

./portfolio/{studio-name}/spin-outs/
├── {venture-name}-spin-out-plan.md   # Plan completo por spin-out
├── ip-assignment-checklist.md        # IP assignment per venture
└── contract-migration-tracker.md     # Contracts a migrar

Cuándo spin out

Triggers que justifican separar una venture del studio:

Signals positivos (spin out appropriate)

• Venture alcanza revenue threshold (ej. $10k-$20k MRR recurring)
• Equipo dedicado ≥3 personas full-time
• Interest de VC o term sheet recibido
• Customers significativos que preferirían contratar entity dedicada (B2B enterprise)
• Regulatory requirements que exigen entity separada (fintech, healthtech, etc.)
• Founder natural de esa venture emerge (no el studio GPs — alguien que vivirá esto full-time)

Signals negativos (NO spin out todavía)

• Revenue inestable o decreciendo
• Team sigue siendo studio GPs part-time
• Pre-PMF todavía
• Legal/regulatory no lo requiere

Las 7 capas del spin-out

Cada una con su checklist:

Capa 1: Legal Entity Formation

• Formar nueva LLC/Corp en jurisdicción apropiada (ver skill structure-decision)
• Registered agent + business address
• EIN (Employer Identification Number) si US
• Operating Agreement con governance structure
• Initial shareholders resolutions

Anti-pattern: usar el studio como "parent" sin clear legal separation — parece parent-subsidiary pero no lo es → liability contagion risk.

Capa 2: IP Assignment

Este es CRÍTICO y frecuentemente mal ejecutado.

Inventory del IP a transferir:

• Codebase (Git repos)
• Trademarks (brand name, logo)
• Domain names
• Patents (si aplica)
• Trade secrets (algoritmos propietarios)
• Customer lists / data
• Documentation
• Designs / creative assets
• Content / editorial

IP Assignment Agreement (legal document) entre studio → nueva entity:

• Lista explícita del IP que se transfiere
• Effective date
• Consideration (usualmente nominal $1 o equity swap)
• Warranties (studio warrants it actually OWNS el IP — important if third parties contributed)

Common trap: freelancers o ex-employees pueden haber contribuido IP. Si sus contracts no tenían assignment clauses, they might own part of the IP. Validar antes de spin out.

Capa 3: Contracts Migration

Para cada customer contract:

• Option A — Novation: transferir formally el contract del studio al new entity. Requiere customer consent.
• Option B — New contract: cancelar contract con studio, firmar new contract con new entity. Customer debe estar on board.
• Option C — Sub-licensing: studio retains contract, sublicenses services from new entity. Simpler but not clean separation.

Recomendación: Novation cuando posible. Más clean, customer prefers (same terms continuing), no interruption.

Timing: anunciar spin-out a customers con 30-60 días de anticipación, acompañado por explicación del why y FAQs. Major customers pueden requerir meetings individuales.

Capa 4: Team Migration

Para cada persona trabajando en la venture:

Employees formales:

• Terminate employment en studio
• Hire en new entity
• New employment agreement
• Transfer benefits (health insurance, retirement) if applicable
• Final paycheck + any accrued PTO payout

Freelancers / contratistas:

• Terminate contract con studio
• New contract con new entity
• Transfer IP assignment (re-sign to new entity)

Equity holders:

• If they had sweat equity in studio → negotiate how it transfers
• Usually: cancel studio equity, issue equivalent equity in new entity (with fresh vesting period if appropriate, or grandfathered)

Capa 5: Cap Table

La nueva entity necesita su cap table. Typical structure:

Studio stake:

• If studio contributed capital + IP + team: studio deserves stake
• Typical ranges: 20-40% at spin-out for "studio-built" ventures
• This stake may dilute over future rounds

Founder stake:

• The person leaving studio to run venture full-time gets lion's share
• Reflects ongoing commitment + risk taken (leaving studio salary)

Capa 6: Financials Separation

• Open separate bank accounts (Mercury for US, local bank for LATAM OpCo)
• Transfer cash allocation from studio → new entity (with documentation — is it a loan? investment? service payment?)
• Set up accounting from zero (new books, no mixing historical data with studio)
• Tax registration in relevant jurisdictions
• Pricing/billing under new entity's name

Common trap: commingling funds por meses mientras migration happens. Riesgo legal — makes separation unclean, pierce-the-corporate-veil risk.

Capa 7: Branding / Marketing

• Domain transfer (if shared with studio, acquire own domain)
• Website rebuild or transfer
• Social media accounts (transfer ownership or create new)
• Email accounts (@newventure.com vs @studio.com)
• Stationery, business cards
• Customer communication of rebrand if applicable

Flujo del skill

Paso 1 — Assess readiness

SO-1: "¿La venture cumple los signals positivos de spin-out?

• Revenue ≥ $10k MRR sustained 6+ months
• Team dedicado ≥3 FT (no studio GPs part-time)
• Pre-PMF → PMF validated
• VC interest / term sheet
• Customer signals (enterprise asking for dedicated entity)
• Regulatory signals (need own entity for compliance)
• Natural founder ready to go full-time

Si marcaste <3 signals: probably NOT ready. Revisar en 3-6 meses."

Paso 2 — Define structure

SO-2: "Invocar structure-decision skill para elegir jurisdicción + forma legal para la nueva entity. Considerar:

• Mercado objetivo de la venture
• Fundraising plans (VC friendly jurisdictions = Delaware or Cayman)
• Founders' tax residency
• Special regulations por sector

Output: jurisdicción + forma (Delaware LLC vs. Delaware C-Corp vs. Cayman Sandwich setup)."

Paso 3 — IP inventory

SO-3: "Listar todo el IP creado para esta venture mientras estaba en el studio:

• [Codebase repos]
• [Trademarks filed]
• [Domains owned]
• [Patents]
• [Trade secrets / algorithms]
• [Customer data]
• [Content / assets]

Identificar quién lo creó (staff studio, freelancers, contratistas). Si hay third parties sin assignment agreement en file → flag como potential issue."

Paso 4 — Contracts inventory

SO-4: "Listar todos los contracts activos under this venture:

• Customer contracts (con valor > $)
• Vendor contracts (hosting, tools, SaaS)
• Partnership agreements
• Licensing agreements

Per cada uno decidir: novation, new contract, o sub-licensing."

Paso 5 — Team plan

SO-5: "Listar personas involucradas + action plan:

Paso 6 — Cap table design

SO-6: "Cap table inicial de la new entity. Considerar:

• Studio stake (20-40% typical)
• Founder stake (50-70%)
• Employee pool (10-15%)
• Advisors (0-5%)

Generate via skill cap-table-per-venture."

Paso 7 — Timeline

SO-7: "Spin-out timeline realista:

• Week 1-2: legal entity formation, accountants engaged
• Week 3-4: IP inventory + assignment agreement drafted
• Week 5-6: team communication + employment changes
• Week 7-8: customer communication + contract migrations begin
• Week 9-10: bank accounts + financial separation
• Week 11-12: branding, website, announcement

Total: ~3 meses para spin-out clean. Quick-and-dirty en 4-6 semanas = likely issues."

Output

Generar ./portfolio/{studio}/spin-outs/{venture}-spin-out-plan.md:

# Spin-Out Plan — [Venture Name]

**⚠️ DRAFT ONLY — NOT legal advice. Validate with corporate + tax + IP lawyers.**

## Readiness assessment

| Signal | Status |
|---|---|
| Revenue ≥ $10k MRR 6+ months | ✅/❌ |
| Dedicated team ≥3 FT | ✅/❌ |
| PMF validated | ✅/❌ |
| VC interest | ✅/❌ |
| Customer signals | ✅/❌ |
| Natural founder | ✅/❌ |

**Decision**: [GO / WAIT / NO]

## Proposed structure

- Jurisdicción: [e.g., Delaware LLC]
- Legal form: [e.g., LLC with potential C-Corp flip]
- Banking: [e.g., Mercury]

## IP inventory + assignment

[Lista completa + ownership status]

## Contracts to migrate

| Contract | Type | Migration method | Target date |
|---|---|---|---|
| [name] | Customer | Novation | [date] |
| [name] | Vendor | New contract | [date] |

## Team migration plan

[Table completa]

## Cap table (new entity)

| Shareholder | % | Shares | Vesting |
|---|---|---|---|
| [Founder] | 60% | X | 4yr/1yr cliff |
| Studio | 25% | Y | Fully vested |
| Employee pool | 10% | Z | Per hire vesting |
| Advisor | 5% | W | Per FAST |

## 12-week timeline

[Detailed week-by-week plan]

## Risks + mitigations

- [Risk 1]: [Mitigation]
- [Risk 2]: [Mitigation]

## Legal + advisors engaged

- [ ] Corporate lawyer: [name]
- [ ] Tax advisor: [name]
- [ ] IP lawyer: [name]
- [ ] Employment lawyer: [name] (if applicable)

Principios clave

• Clean separation > shortcut: 3 meses clean spin-out > 6 semanas messy spin-out
• IP assignment first: sin IP ownership, el spin-out puede ser unwound
• Customer communication early: major customers prefer knowing 60 días ahead
• Studio retains stake: 20-40% stake es fair para studio's contribution
• Accounting separation desde día 1: evitar commingling

Anti-patterns

• Spin-out antes de PMF (usually kills the venture — timing wrong)
• Olvidar IP de freelancers sin assignment clauses
• Transfer de cash sin documentation (loan? investment? unclear)
• Customer communication last-minute (damages relationships)
• No retirar accounting hasta que esté separado (creates mess)
• Studio retains too much (60%+) — kills founder motivation
• Studio retains too little (<15%) — no worth it for studio

Integración con otras skills

• structure-decision: prerequisite — jurisdicción + forma legal
• cap-table-per-venture: para estructurar el cap table de new entity
• sweat-equity-agreement: para equity del founder + team en new entity
• liability-contagion-analysis: si la venture era 🔴 y operaba en studio single-LLC, el spin-out reduces contagion risk
• structure-evolution-roadmap: el spin-out es una de las rutas (Single-LLC → Multi-LLC)

Recursos

• Cooley Go — Spin-Out Agreements
• Y Combinator — Founder Agreement templates
• Carta — Cap Table management post spin-out
• Clerky — Formation docs + corporate housekeeping