Some of the best founders we fund at Costella Kirsch come through a referral from a CFO or outside counsel who saw a client bracing for dilution from another priced round and thought of us instead. That's the referral I want more of. We've been writing venture debt checks since 1986 and we're still here because of how we structure a deal: — No financial covenants — No MAC clause — No personal guarantee — No board seat We underwrite the business, not the cap table, so your client doesn't need a recent priced round to qualify. If you're a CFO or an attorney with a client weighing growth capital right now, send them my way.
Costella Kirsch Venture Debt for CFOs and Attorneys
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Why he requires the founder to roll equity | Michael Sarner, Capital Southwest If the seller keeps meaningful equity in the business, the lender knows the person who built it still believes in it. Sarner explains why a founder refusing to roll anything is a signal worth walking away from. Watch more: https://lnkd.in/gFa2XnEN #PrivateEquity #PrivateCredit #Founders
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Ryan Deiss has built a $200M portfolio partnering with businesses and taking equity instead of charging fees… He's watched a ton of people try that same model and get wrecked by the same handful of mistakes. He also put one thing in place that made him way more selective about who he takes on in the first place. He breaks it all down in this clip 👇
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You sold your company. So why are you still an investor in it? That is the position most founders find themselves in after a private equity sale. The buyer requires a meaningful portion of the proceeds to be rolled back into the new holding company — and in that moment, the founder stops being a seller and becomes a minority investor in a business someone else controls. Justin T. Banford makes a point worth sitting with: rollover equity deserves its own diligence and its own negotiation. It is not a line item in the purchase price. It is a separate, consequential investment decision. His new article walks through the four questions every founder should be able to answer before signing. Read it here: https://bit.ly/4g9ZblJ #PrivateEquity #MergersAndAcquisitions #Founders #BusinessLaw #ExitPlanning
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You sold your company. So why are you still an investor in it? That is the position most founders find themselves in after a private equity sale. The buyer requires a meaningful portion of the proceeds to be rolled back into the new holding company — and in that moment, the founder stops being a seller and becomes a minority investor in a business someone else controls. Justin T. Banford makes a point worth sitting with: rollover equity deserves its own diligence and its own negotiation. It is not a line item in the purchase price. It is a separate, consequential investment decision. His new article walks through the four questions every founder should be able to answer before signing. Read it here: https://bit.ly/4g9ZblJ #PrivateEquity #MergersAndAcquisitions #Founders #BusinessLaw #ExitPlanning
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You sold your company. So why are you still an investor in it? That is the position most founders find themselves in after a private equity sale. The buyer requires a meaningful portion of the proceeds to be rolled back into the new holding company — and in that moment, the founder stops being a seller and becomes a minority investor in a business someone else controls. Justin T. Banford makes a point worth sitting with: rollover equity deserves its own diligence and its own negotiation. It is not a line item in the purchase price. It is a separate, consequential investment decision. His new article walks through the four questions every founder should be able to answer before signing. Read it here: https://bit.ly/4g9ZblJ #PrivateEquity #MergersAndAcquisitions #Founders #BusinessLaw #ExitPlanning
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Travis Morrison is an experienced Canadian investor who invests in Michigan and Pennsylvania. He's eager to close more deals using private capital, so he recently sent over a draft of his Operator Profile. So, exactly what modifications did I suggest to make it more IMPRESSIVE and IRRESISTIBLE? Watch the video to find out! Want YOUR Operator Profile to get reviewed next? DM me and let's chat! Questions or Comments? Post them below. #YouShouldBeInvestingUsingOtherPeoplesMoney #PrivateLending #PrivateCredit
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The last question is the one founders ask first and get answered least clearly: when do I actually get my money out? Rollover equity comes with no guaranteed timeline. There is no secondary market for it. Liquidity arrives when the sponsor decides to sell — which means the protections in your documents are the whole story. What to look for: - Tag-along rights, so you participate proportionally when the sponsor sells - Equal economic treatment for securities of the same class in any transaction - Limits on sponsor transfers to affiliates that would leave you behind - Protection against being forced into a subsequent recapitalization - An outside date requiring a liquidity event, if you can get one Most deals have no mandatory exit date. So the scenario to plan around is not the tidy three-to-five-year hold. It is the one where the sponsor holds considerably longer. One more thing from Justin T. Banford's article that is easy to overlook: company counsel represents the company, not you. On rollover terms, employment agreements, restrictive covenants, repurchase provisions, and post-closing governance, your interests and the company's are not identical. Bean Kinney regularly serves as separate founder counsel alongside sophisticated M&A firms — focused solely on the founder's personal economics. If these four questions cannot be answered clearly, they deserve attention before closing, not after. Read the full article: https://lnkd.in/e-qGheSv #PrivateEquity #Founders #ExitPlanning #MergersAndAcquisitions #BusinessLaw
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