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There is a year in most companies when revenue grows properly for the first time, and everybody ends it more tired than they started it. Nothing went wrong. The orders came in, the work got done, the numbers were good. It simply took more of everything to produce them. More people, more hours, more of the owner. That year feels like success and prices like risk. Scalability is one of six areas that decide what a company is worth, and it is the one most often confused with gro

Most owners find out what their company is worth at the worst possible moment. A buyer sends an indication. A bank asks for a valuation before extending the facility. A co-shareholder wants out and needs a number. Suddenly the number exists, and it is rarely the number the owner had in his head. The gap between those two numbers is almost never a matter of opinion. It is the accumulated result of decisions taken over ten or fifteen years. Most of them were sensible at the tim

As a start-up founder, you will sooner or later come to a point where you need to consider acquiring external funds to take your business to the next stage. Nowadays, there are plenty of financing opportunities a business can benefit from depending on its development stage, especially considering that there seem to be many more capital-givers interested to invest in start-ups than entrepreneurs ready to take the risk of founding their own business. Despite their readiness to