For business owners
Resources
Practical guides to capital, ownership and liquidity.
Start with preparation, explore capital and ownership options, then evaluate offers and understand the deal economics that shape what owners receive.
Planning and preparation
Start here
Preparing for a Capital Raise or Sale
A practical readiness checklist: align the owners, organize financial evidence and prepare for diligence while running the business.
Getting ready for diligence
Organize your financial records, prepare for buyer questions and build a secure data room.
Typical Pitfalls in a Sale/Acquisition Process
Twelve issues that can disrupt a deal, and practical steps to address them before they become surprises.
Capital and ownership options
Strategic alternatives
Compare retaining ownership, bringing in a minority or majority partner, and pursuing a strategic sale.
Equity capital sources
Understand how private equity firms, family offices and individual investors can differ in capital, involvement and investment priorities.
Debt structure primer
A practical overview of revolvers, senior secured loans, venture debt and other financing structures.
Dividend recapitalizations
Explore how additional borrowing can provide shareholder liquidity while owners retain equity, and what that means for the business afterward.
Independent sponsors: a guide for business owners
How independent sponsors structure acquisitions and the questions owners should ask about funding, governance and life after closing.
Evaluating an offer
IOI vs LOI
Understand the difference between early interest and a developed proposal, then compare price, funding, exclusivity and the path to closing.
Evaluating an Indication of Interest
A practical checklist for assessing an early offer and deciding which buyers should advance.
Evaluating a Letter of Intent
Compare price terms, expected closing cash, retained risks and the buyer’s ability to complete a transaction.
Understanding deal economics
Understanding Liquidation Preferences
Who gets paid first and what remains for founders when a business is sold.
Understanding Rollover Equity
Evaluate the investment retained after a sale: ownership, priority, governance, dilution and the path to liquidity.
Understanding Earn Outs
Understand contingent sale proceeds, payout calculations and the operating and collection risks behind a potential later payment.
For information only. This material is not an offer or solicitation, or legal, tax or investment advice. Structures and terms depend on the business, counterparties and definitive documentation.