The thesis
Most of the value in a transaction is created before it begins. What is done in the preceding two years is worth more than what is negotiated at the table
What the study establishes
1
Documenting add-backs, organising contracts and cleaning up the balance sheet are two-year tasks, not two-month ones
2
The migration from personally guaranteed debt to secured debt should start early
3
Founder dependence is the item that takes the longest to reduce
Contents
- Why two years
- The numbers
- The contracts
- Governance
- Personal guarantees
- The team
- The timetable
- The mandate