Raising the first serious round of external capital is a milestone. It is also the moment a private company stops being run purely on trust between founders and starts being run on a written constitution. That constitution is the shareholders’ agreement. Most founders spend months negotiating valuation and only days negotiating the agreement that will […]
Why Selling Private Company Shares Is Nothing Like Selling Listed Shares Selling shares in a listed company takes seconds. There is a market, a live price, and a buyer who never needs to know your name. Selling shares in a private company is the opposite of all three. There is no market, so the price […]
Going global is rarely a single decision. It is a series of smaller ones — where to go, what to sell, who to hire, and, most importantly, what legal form the overseas presence should take. For many growing companies, the branch office looks like the easiest answer. It is quicker to open than a subsidiary, […]
Surplus cash is one of the most misread signals on a balance sheet. Owners see it as proof that the business is doing well. Lenders see it as comfort. Investors, however, ask a sharper question: why is this money sitting idle, and what is it earning? A growing cash balance is not a strategy. It […]
Joint ventures have become one of the fastest ways for businesses to enter new markets, share the cost of large projects and access capabilities they do not have in-house. A joint venture (JV) lets two or more parties pool money, technology, licences, land, brand or people into a shared business, while keeping their own companies […]
Preference share capital sits in an unusual place on the balance sheet. It is called share capital, it is issued like share capital, and it is recorded in the register of members like share capital — yet in almost every commercial sense it behaves like a loan with better manners. That in-between quality is exactly […]
1,493 words, 8 minutes read time.
Investing in a friend’s business is one of the most common ways private capital is deployed, and one of the least examined. The pitch happens over dinner, the money moves on trust, and the paperwork, if it exists at all, is a confirmation of receipt. Two years later the investor discovers that they have no […]
What founders should actually understand before taking outside money When a private company raises money from an investor, it does not borrow — it sells new ownership. The company issues fresh shares, the investor pays cash for them, and everyone who owned shares before now owns a smaller share of a bigger company. Three things […]
Airport acquisitions sit at the intersection of infrastructure investing, aviation strategy, and public policy. With global air passenger traffic projected to double by 2040, airports have become one of the most sought-after hard assets in the world — attracting sovereign wealth funds, pension funds, private equity, and strategic operators alike. Understanding how these transactions work, […]