Debt is priced in percentages and equity in ownership, and most founders compare the two badly. A practical framework for when leverage lifts returns, and when it quietly becomes the most expensive ca
Founders negotiate hard on pricing and sign the rest of the sanction letter unread. Covenants, security and the personal guarantee decide what happens in a bad year, and they are more negotiable at sa
Most working capital problems are structural, not sanction problems. How to size the real gap, split it into permanent, seasonal and transaction layers, and match each to the right instrument.
