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Articles

Articles

Shorter than the guides and narrower in scope. One question, answered properly, by someone who has watched the answer matter.

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Article Accreditation risk on a change of control Why certification does not simply follow the business, how to establish the position in diligence, and what belongs in the agreement.
Article Asset finance, and the equipment already sitting in the business you are buying Funding tied to a specific asset. The three forms, what makes an asset fundable, and the agreements in the...
Article Bolt-on acquisitions, and why the buying business is the constraint The strongest position in the market to buy from, and the one where your own existing debt decides how far...
Article Bridging finance, and why the exit is the whole product Short-dated money to hold a position while something else completes. What it costs in structure, and why a...
Article Buying a pest control round What actually transfers in a round purchase, how to test the schedule, and how the money should be staged.
Article Buying an M&E contractor Reviewing the order book, why contracts resist novation, bonds and approvals, and how the deal gets...
Article Completion, conditions precedent and where the money actually goes The day the business changes hands, the list that has to be cleared first, and the money that leaves before...
Article Equity and private equity, and the exit you are agreeing to Money for a shareholding rather than a loan. What an investor is really buying, what you give up alongside...
Article Heads of terms, and the funding points that belong in them Mostly not binding, and it still decides the deal. What to settle in it, and what to leave for the lawyers.
Article How lenders assess customer concentration How concentration is measured, why gross profit matters more than revenue, and what it changes in the...
Article Invoice finance, and the facility the target already has Money advanced against invoices already raised. What counts as an eligible invoice, how the two charges work...
Article Margin and mobilisation cost Why thin margins change how debt is sized, what mobilisation really costs, and why winning work makes cash...
Article Mezzanine finance, and the cost that only appears at the exit Funding that sits between senior debt and equity. Why it is priced the way it is, what the intercreditor deed...
Article Mezzanine in an SME context, and when the gap means something else Filling a funding gap with subordinated debt is possible at this size. It is usually not the best available...
Article Refinance, and the year after the acquisition when the terms stop fitting Replacing facilities that were priced for a risk that has since gone. The triggers worth acting on, and the...
Article Service contracts and lender comfort The clauses a lender reads in a service contract, why a purchase order is not a contract, and what weak...
Article Timelines, and what actually sets the critical path Honest durations for each stage, the dependencies that cannot be compressed, and the delays that are...
Article Vendor and seller finance, and whether your lender counts it as equity Part of the price left in by the seller. The three forms, and the drafting question that decides how much you...
Article What a lender does with your management accounts The reconciliation, the rebuild of profit, the balance sheet checks, and what makes a set of management...
Article What a lender wants to see in the first meeting What the first conversation is really assessing, the questions that always come, and what to ask them in...
Article Working capital, and the month three problem after an acquisition The most under-funded part of a business purchase. What covers the gap, what each facility costs, and the...

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