Learning Path 09
Capital and Financing
Bootstrapping to venture capital — where business money comes from and what each source costs.
- Intermediate
- ~9h estimated
- 13 modules
- 79 topics
Why this path matters
Every source of money has a price. Knowing the menu keeps you from taking capital that traps you.
What you will understand
- Every source of money — and what each one costs you.
- Price is one variable. Terms are where deals are won.
Modules in this path
Self-Funding and Debt · Capital & Financing
- Bootstrapping
- Debt Financing
- Equity Financing
- Revenue-based Financing
- Asset-backed Lending
- Purchase-order Financing
- Invoice Factoring
Financing Against Assets · Capital & Financing
- Inventory Financing
- Equipment Financing
- Merchant Cash Advances
- Lines of Credit
- SBA Loans
- Seller Financing
- Earnouts
Loans, Credit, and Guarantees · Capital & Financing
- Business Credit
- Personal Guarantees
- Collateral
- Debt Service Coverage
- Interest-rate Risk
- Refinancing Risk
- Capital Stacking
Investors and Outside Money · Capital & Financing
- Friends and Family Capital
- Angel Investors
- Venture Capital
- Family Offices
- Strategic Investors
- Corporate Partnerships
- Grants
Capital Strategy · Capital & Financing
- Non-dilutive Capital
- Capital That Does not Trap You
- When not to Raise
- Fundable versus Profitable
- How the Stock Market Works
- Public versus Private Markets
- Going Public
Instruments the Pros Use · Capital & Financing
- Venture Debt
- Mezzanine Financing
- Securitization
- Letters of Credit
- Treasury and Cash Management
- Intercreditor Agreements and Subordination
- First-lien and Second-lien Structures
Credit Documents and Covenants · Capital & Financing
- Unitranche Facilities
- Payment-in-kind and Toggle Notes
- Incurrence versus Maintenance Covenants
- Baskets, Carve-outs, and Restricted Payments
- Springing Covenants and the Leverage Grid
- Make-whole Provisions and Call Protection
- The Credit Agreement Clause by Clause
When the Documents Get Tested · Capital & Financing
Terms Beat Price · Negotiation & Deals
- Price versus Terms
- Why the Cheapest Deal Is not the Best
- Payment Terms
- net-30 net-60 net-90
- Deposits
- Milestone Payments
Payment Structures · Negotiation & Deals
Rights and Restrictions · Negotiation & Deals
- Right of First Offer
- Most-favored-nation Clauses
- Revenue Share Agreements
- Licensing Deals
- Distribution Agreements
- Territory Rights
Deal Instruments · Negotiation & Deals
- Joint Ventures
- Earnout Structures
- Seller Financing Terms
- Option Agreements
- Contract Renewal Leverage
- Renegotiation Triggers