Are you issuing a convertible note? Are you doing it to avoid the headaches of setting a valuation on your startup? Well.. think again! Convertible notes bring their own set of calculations and negotiation and for the sake of yourself and your startup, you should pay as much attention to them as to any valuation negotiation.
A lot has been said about the pros and cons of convertibles. One pro is the fact that no valuation needs to be calculated, when we all know that everybody makes their own valuation assessment to determine the percentage of ownership upon conversion.