How LPs Actually Evaluate Fund Commitments — The Lens to Borrow
Limited Partners use a structured framework when evaluating funds. The same framework helps any investor evaluate any sponsor.
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Venture Debt Term Sheets — What to Negotiate
Venture debt looks like cheap capital next to equity. The terms hide most of the cost. What to read carefully.
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Reading a Covenant Compliance Certificate — What the Bank Is Actually Checking
The quarterly certificate is more than paperwork. It’s the bank’s early-warning system — and yours, if you know how to read it.
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Working Capital Lines vs. Term Debt — When to Use Each
Both are bank debt. They behave fundamentally differently. Choosing the wrong one is one of the most expensive errors small businesses make.
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Why Recurring Revenue Changes How Your Business Is Valued
Two businesses with identical EBITDA can sell for very different multiples. Recurring revenue is the most common explanation.
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The Quarterly Business Review (QBR) That Actually Moves Things
Most QBRs are slide marathons that change nothing. A structure that turns the QBR into the most important meeting of the quarter.
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KPIs That Actually Predict Growth (And Vanity Metrics to Stop Tracking)
Most small business dashboards track lagging indicators. The KPIs that matter are leading indicators most owners don’t measure.
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Customer Concentration: When to Worry, When Not To
A customer at 30% of revenue isn’t automatically a problem. Three questions that separate workable concentration from fragility.
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The Seven Questions Every Small Business Board Meeting Should Answer
Most small business board meetings drift into update-and-comment theater. Seven questions that turn the meeting into a working session.
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Operating Leverage — The Concept That Explains Why Some Businesses Scale
Operating leverage is why software businesses are valued differently from contractors. The concept that shapes valuation, strategy, and capital decisions.