Notes from the work.
Writing from the partners on capital, operating and long-term ownership.
Writing
First position is an order of payment
Borrowers hear lien position as paperwork. It is the one term that decides who gets paid when a sale goes badly, and it is the reason a lender can look at the building and the operator instead of a credit box.
Brandon Arner · Capital & finance · 3 min read
The mistake was made three years earlier
Five turnarounds, and in every one the decision that killed the company had already been taken long before anyone was worried — almost always about how the thing was financed.
Brandon Arner · Operating · 4 min read